OE News Special Edition June 2014
OE News Special Edition June 2014 OE News Special Edition June 2014
Administrator’s ReportActuarial Report (Executive Summary)Operating Engineers’ Pension PlanThe following tables are from Plan’s Actuarial Report as at April 30, 2013, prepared by Ellement& Ellement. They summarize the results of the going concern valuation, solvency valuation,and the normal actuarial cost calculation made. As the tables confirm the Board is proud toverify your Pension Plan continues to satisfy the going concern and solvency funding requirementsdespite the global economic situation we are currently living through.GOING CONCERN VALUATION 30-Apr-13 30-Apr-12Invested Assets at market value $1,057,885,340 $1,013,752,735Liabilities -1,040,326,700 -964,630,000Going Concern Excess/(Unfunded Liability) $17,558,640 $49,122,735Funded Ratio 101.70% 105.10%SOLVENCY VALUATION 30-Apr-13 30-Apr-12Invested Assets at market value less expenses $1,056,585,340 $1,012,452,735Liabilities -1,043,623,800 -991,836,800Solvency Excess/(Deficiency) before allowance for the excess of expectedcontributions over the normal cost $12,961,540 $20,615,935Present value of the excess of expected contributions over the normalcost - next 5 years -12,650,546 -11,300,486Solvency Excess/(Deficiency) after allowance for the excess of expectedcontributions over the normal cost $310,994 $9,315,449Solvency Ratio 101.20% 102.10%CONTRIBUTION REQUIREMENTS 30-Apr-13 30-Apr-12Annual Amount Amount Per Hour Annual Amount Amount Per Hour2014 Plan Year 2013 Plan YearNormal Cost * $23,874,000 $3.46 $23,667,000 $3.43Going Concern minimum payment - - - -Additional amount to satisfy funding of solvency deficiency - - - -Total Required Contributions $23,874,000 $3.46 $23,667,000 $3.43Expected Contributions 20,700,000 3.00 20,700,000 3.00Excess/(Shortfall) of expected contributions over totalrequired contributions ($3,174,000) ($0.46) ($2,967,000) ($0.43)12 News Special Edition Fall 2014
Administrator’s ReportGOING CONCERN VALUATION BALANCE SHEET30-Apr-1330-Apr-12ASSETSInvested Assets at market value (Appendix I) $1,057,885,340 $1,013,752,735LIABILITIESValue of future benefits accrued to date(a) pensioners (2013: 4,667 / 2012: 4,585)- healthy & disabled $445,228,500 $418,301,700- survivors 46,568,200 42,783,000(b) present members (2013: 6,480 / 2012: 6,383)$491,796,700 $461,084,700- retirement pensions $444,077,700 $404,521,300- disability pensions 29,800 34,500- termination benefits 42,767,000 38,560,300- death benefits 10,551,600 11,265,800$497,426,100 $454,381,900(c) paid-up pensions / transfers to another union (2013: 2431 / 2012: 2,555) 51,103,900 49,163,400TOTAL LIABILITIES $1,040,326,700 $964,630,000GOING CONCERN EXCESS/(UNFUNDED LIABILITY) $17,558,640 $49,122,735FUNDED RATIO 101.70% 105.10%Special Edition Fall 2014 News 13
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Administrator’s ReportActuarial Report (Executive Summary)Operating Engineers’ Pension PlanThe following tables are from Plan’s Actuarial Report as at April 30, 2013, prepared by Ellement& Ellement. They summarize the results of the going concern valuation, solvency valuation,and the normal actuarial cost calculation made. As the tables confirm the Board is proud toverify your Pension Plan continues to satisfy the going concern and solvency funding requirementsdespite the global economic situation we are currently living through.GOING CONCERN VALUATION 30-Apr-13 30-Apr-12Invested Assets at market value $1,057,885,340 $1,013,752,735Liabilities -1,040,326,700 -964,630,000Going Concern Excess/(Unfunded Liability) $17,558,640 $49,122,735Funded Ratio 101.70% 105.10%SOLVENCY VALUATION 30-Apr-13 30-Apr-12Invested Assets at market value less expenses $1,056,585,340 $1,012,452,735Liabilities -1,043,623,800 -991,836,800Solvency Excess/(Deficiency) before allowance for the excess of expectedcontributions over the normal cost $12,961,540 $20,615,935Present value of the excess of expected contributions over the normalcost - next 5 years -12,650,546 -11,300,486Solvency Excess/(Deficiency) after allowance for the excess of expectedcontributions over the normal cost $310,994 $9,315,449Solvency Ratio 101.20% 102.10%CONTRIBUTION REQUIREMENTS 30-Apr-13 30-Apr-12Annual Amount Amount Per Hour Annual Amount Amount Per Hour<strong>2014</strong> Plan Year 2013 Plan YearNormal Cost * $23,874,000 $3.46 $23,667,000 $3.43Going Concern minimum payment - - - -Additional amount to satisfy funding of solvency deficiency - - - -Total Required Contributions $23,874,000 $3.46 $23,667,000 $3.43Expected Contributions 20,700,000 3.00 20,700,000 3.00Excess/(Shortfall) of expected contributions over totalrequired contributions ($3,174,000) ($0.46) ($2,967,000) ($0.43)12 <strong>News</strong> <strong>Special</strong> <strong>Edition</strong> Fall <strong>2014</strong>
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