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July 2016.Indd Volume 80, No.7 The Voice of Port Industries July 2016 FIRST NEO-PANAMAX VESSEL CALLS ON PORT OF VIRGINIA The Port of Virginia was privileged to welcome the Gonzalez-Revilla remarked, “Today, largest containership to transit the east coast. The MOL we are witnessing the results that the BENEFACTOR, a 10,000 TEU Neo-Panamax containership expanded canal is going to have on world was the fi rst of her kind to call on the Port of Virginia after commerce and especially the benefi ts it also transiting through the newly expanded Panama Canal. will bring to the East Coast ports.” He stated that 13,000 vessels transit the The mammoth 1105’ MOL BENEFACTOR came to the canal every year serving more than 144 Norfolk International Terminal’s (NIT) north berth to unload maritime routes and connecting 166 and load cargo on July 10th. Captain Bill Cofer, President countries. He also noted that 67 percent of the Virginia Pilot Association, noted that the ship’s TEU Panamanian Ambassador of the cargo that transits the canal comes Emanuel Gonzalez-Revilla capacity is listed as 10,100, almost 6000 more TEUs than from or is destined for the United States. previous ships transiting the Panama Canal. This larger That number could increase to approximately 80 percent capacity is due to the increased width of these vessels, from once the canal is fully matured. 106 feet to 158 feet. The BENEFACTOR’s gross tonnage is 113,000 and this class of ship displaces 152,000 metric tons Captain Cofer, also a Virginia Maritime Association Board of water. Member and Virginia Port Authority Commissioner, had the great pleasure of boarding the BENEFACTOR upon its arrival. Cofer said the Captain of the ship pointed out the diffi cult challenges of navigating this vessel in such confi ned waters. The Virginia State Pilots have been gearing up for these ships for several years and have completed advanced simulation training of this class of vessel to determine guidelines for safe transits. Captain Cofer said the ship handled as anticipated John Reinhart (VPA CEO) and John Milliken (VPA Commissioner) present an based on simulation and that special considerations in safely Inaugural Call plaque to Ted Holt (MOL) moving these ships will be implemented. Currently, the ship holds the title of the largest vessel to Most importantly, “The port, led by the visionary and strong ever berth at Virginia’s NIT, and while that title will be leadership of the Virginia Maritime Association and the bestowed to other vessels in the coming months, the MOL Virginia Port Authority, have been working tirelessly to BENEFACTOR will always hold the title of the fi rst Neo- make Hampton Roads the most prepared port on the east Panamax Vessel to come to Virginia. coast to accept these ultra large container vessels,” said Cofer. “Virginia is in the best shape for hosting these vessels During a ceremony at NIT Tower celebrating her arrival, but will still need to improve our channels, especially in Panama’s ambassador to the United States, Emanuel width.” Photo courtesy of The Manning Studio 1 VIRGINIA MARITIME ASSOCIATION MULTIPLE EMPLOYER 401(K) PLAN Defi ned Contribution plans (DC plans), such as 401(k) plans, are the most popular employer-sponsored retirement plans in the United States. Currently, OFFICERS approximately 80% of full-time workers have access to employer-sponsored 401(k) Chairman of the Board plans with over 80% of those workers choosing to participate. Shirley G. Roebuck In recent years, the Department of Labor (DOL) has focused their attention on President these DC retirement plans with regards to how the plan is operated, discriminatory Raymond A. Newlon plan provisions, fi duciary responsibilities and all fees associated with the plan. Vice Presidents High plan fees and undisclosed fees are a signifi cant concern and the DOL’s Joseph A. Dorto defi nition of “reasonable” plan fees does not provide clear guidance. What fees Michael W. Coleman are considered “reasonable” can depend on the plan’s provisions, investment Scott Wheeler alternatives and the services that are provided to the plan. Executive Vice President Deloitte Consulting performed a study that outlines the average all-in fees & Secretary Arthur W. Moye, Jr. for 401(k) plans with varying totals of assets under management (AUM) and Treasurer Judy M. Barrett demonstrates that plans with greater AUM will generally have lower fees. The illustration shows that plans with $1M to $10M in AUM will have an average Assistant Treasurer Keith Helton all-in fee of 1.27% as compared to the plans with $10M to $100M having average all-in fees of .82%. Another study determined that plan participants pick up STAFF approximately 87% of retirement plan costs. For the majority of small to medium Vice President David C. White size businesses having plans with AUM in the $1M - $50M range, the fees paid by participants is not insignifi cant. Even a 15% variance in plan fees can make Controller Sam Davis a difference in the total amount of funds accumulated by the participant for their Communications/ “Retirement Readiness,” thereby making it the fi duciary duty of the plan sponsor Membership Director Ashley McLeod to be sensitive to the fees and services associated with their plan. Executive Assistant Janice S. Klasek As a VMA member fi rm, your business is eligible to participate in the VMA’s Events Coordinator/ Multiple Employer 401(k) Plan with a signifi cant reduction in plan cost for Accounting Assistant Jennifer N. Parham most small to mid-size 401(k) plans. After performing due diligence on various options, the VMA Board has determined that AXA’s Retirement Gateway 401(K) Shipdesk Clerk Lynne H. Stonum plan provides signifi cantly lower fees, saving the average plan and participants Membership/Publication thousands of dollars annually, while enhancing investment options and providing Coordinator & Editor Susan N. Wisniewski additional fi duciary services to plan sponsors and trustees. VMA member fi rms desiring The MARITIME BULLETIN is provided through to save money and enhance membership. Those interested in advertising, their 401(k) benefi ts should please email: [email protected]. contact our representative, Jim Blassingham, at Follow us on: 757-461-2210 or e-mail Jim at jim.blassingham@ facebook.com/VAmaritime capitalfinancialgrp.com for a plan benchmark twitter.com/VAmaritime comparison to your current plan. linkedin.com/company/ virginia-maritime-association 2 MARITIME NEWS USCG SECTOR HAMPTON ROADS CHANGES HANDS AT THE HELM Rear Adm. Meredith L. Austin, Commander roles will also include Captain of the Port, of the Coast Guard 5th District, presided Offi cer in Charge of Marine Inspection, over the June 22, 2016 Change of Command Federal Maritime Security Coordinator, Ceremony, transferring all command Search and Rescue Mission Coordinator, responsibilities for the U.S. Coast Guard and Federal On-Scene Coordinator. Sector Hampton Roads from Captain Christopher Keane to Captain Richard J. “Today I am humbled by the opportunity to Wester. begin serving as Sector Commander,” said Wester. “Keeping the port safe and secure Captain Wester has been serving as Deputy is an immense responsibility, and one that I Commander, Sector Hampton Roads, since certainly won’t be doing alone.” June 2014, after serving two years as Press Assistant to the 24th Commandant of the Captain Wester holds an upper-level United States Coast Guard, Admiral Robert unlimited merchant mariner license and J. Papp. He earned a National Security and has served on fi ve cutters, ESCAPE , ABLE Strategic Studies Master of Arts degree from MANNER, ABLE VIGIL, NEAH BAY, and the Naval War College’s College of Naval WALNUT. Warfare, a Master of Mass Communication from the University of Georgia and holds a Captain Keane was the 2015 recipient Bachelor of Science degree in Marine Science Captain Richard J. Wester of Virginia Maritime Association’s Port from the U.S. Coast Guard Academy. Champion Award, we wish him “fair winds and following seas.” The Association looks forward As commanding offi cer of Sector Hampton Roads, Wester will to continuing our partnership with Sector Hampton Roads oversee operations in navigable waters from the Virginia/ under the leadership of Captain Wester. Maryland border to the Virginia/North Carolina border. His GOVERNOR SIGNS VIRGINIA INTERNATIONAL TRADE CORPORATION INTO LAW Governor Terry McAuliffe signed House Bill 858, sponsored by Del. R. Steven Landes, R-Weyers Cave, at the World Art Group in Richmond on June 22nd. This legislation establishes the Virginia International Trade Corporation in the executive branch of the state government to promote international trade in the Commonwealth. “I’m excited to see Governor McAuliffe sign this signifi cant economic development legislation today. Creation of the Virginia International Trade Corporation will generate opportunities for small and mid-sized businesses to expand to new markets, increase international sales, and most importantly, create new jobs here in the Commonwealth,” said Landes. “The Corporation will promote international trade in the Commonwealth by coordinating private and public efforts to stimulate the international trade segment of the Commonwealth’s economy, and promote the marketing of products and services, thus ensuring Virginia’s status as one of the best states for business.” “I want to thank Delegate Landes and the General Assembly, as well as the business community and advocates who worked so hard to make this signifi cant legislation a reality. I look forward to building on the progress we have made establishing Virginia as a global leader in international trade,” said Governor McAuliffe. HB 858 passed with bipartisan support of the General Assembly and extensive support from Virginia’s business community. The Virginia Chamber of Commerce, the Virginia Manufacturers Association, and Lonnie Lemco (World Art Group), Art Moye Jr.
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