AMO Vacation Plan summary annual report: fiscal year 2003

AMO Vacation Plan summary annual report: fiscal year 2003

      This is a summary of the annual report of the American Maritime Officers Vacation Plan, EIN 11-1929852, Plan No. 501, for the period October 1, 2002 through September 30, 2003. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Basic Financial Statement
     The value of plan assets, after subtracting liabilities of the plan, was $9,460,716 as of September 30, 2003, compared to $8,653,929 as of October 1, 2002. During the plan year the plan experienced an increase in its net assets of $806,787. This increase includes unrealized appreciation and depreciation in the value of plan assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. During the plan year, the plan had total income of $76,201,194 including employer contributions of $75,503,351, earnings from investments of $267,646, and other income of $430,197.
     Plan expenses were $75,394,407. These expenses included $1,955,144 in administrative expenses and $73,439,263 in benefits paid to participants and beneficiaries.

Your Rights To Additional Information
     You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:

an accountant's report;
financial information and information on payments to service providers; and
assets held for investment.

     To obtain a copy of the full annual report, or any part thereof, write Board of Trustees American Maritime Officers Vacation Plan, 2 West Dixie Highway, Dania Beach, FL 33004, (954) 920-4247.
     You also have the right to receive from the plan administrator a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs will be $2.30 for the full annual report or 10 cents per page for any part thereof.
     You also have the legally protected right to examine the annual report at the main office of the plan (Board of Trustees American Maritime Officers Vacation Plan, 2 West Dixie Highway, Dania Beach, FL 33004) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

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