2024-11-15T15:11:01-06:00 2023-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2023-01-01 990345010 YOUNG BROTHERS LIMITED VEBA TRUST FOR BARGAINING UNIT EMPLOYEES YOUN 8085439311 PO BOX 3288 HONOLULU HI 968013288 CHRIS EDWARDS DIRECTOR OF FINANCE & TREASURER 8085439483 2024-11-13 1 0 EMINA O CRESSWELL CPA P01217304 4252597227 2024-11-11 2023 2024-10-15 13:58:12Z CHRIS EDWARDS PO BOX 3288 HONOLULU HI 968013288 79482 0 X N/A X 1999 HI PROVIDE POSTRETIREMENT BENEFITS TO ELIGIBLE BARGAINING UNIT EMPLOYEES OF YOUNG BROTHERS, LTD. 5 5 0 4 0 0 918588 77750 0 0 -142154 211 0 1521 776434 79482 0 0 658742 577398 0 0 0 0 0 186957 180882 845699 758280 -69265 -678798 17083144 18990369 0 0 17083144 18990369 X VOLUNTARY EMPLOYEES' BENEFICIARY ASSOCIATION TRUST FOR BARGAINING UNIT EMPLOYEES IS TO PROVIDE POSTRETIREMENT HEALTH AND GROUP LIFE INSURANCE BENEFITS TO ELIGIBLE BARGAINING UNIT EMPLOYEES OF YOUNG BROTHERS, LIMITED. AN ACTIVE BARGAINING UNIT EMPLOYEE OF YOUNG BROTHERS, LIMITED WHO RETIRES AFTER QUALIFYING FOR A PENSION BENEFIT ON THE DATE OF TERMINATION UNDER THE YOUNG BROTHERS, LIMITED PENSION PLAN IS ELIGIBLE FOR POSTRETIREMENT BENEFITS FROM THIS TRUST. 0 0 GROUP LIFE INSURANCE AND HEALTH PLAN - TO PROVIDE GROUP LIFE, MEDICAL COVERAGE, PRESCRIPTION DRUG COVERAGE AND VISION BENEFITS TO ELIGIBLE BARGAINING UNIT RETIREES OF YOUNG BROTHERS, LIMITED. 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 X 5 5 0 1 0 0 0 1 1 1 1 0 0 0 1 0 0 1 0 0 0 0 X CHRIS EDWARDS 8085439483 PIER 40 1331 N NIMITZ HWY HONOLULU HI 96817 CHRIS EDWARDS COMMITTEE MEMBER 0.25 X 0 0 0 KRIS NAKAGAWA COMMITTEE MEMBER 0.25 X 0 0 0 ALAIN DURAND COMMITTEE MEMBER 0.25 X 0 0 0 STEVE HAFT COMMITTEE MEMBER 0.25 X 0 0 0 THE BANK OF NEW YORK MELLON COMPANY TRUSTEE 1.00 X 29826 0 0 29826 0 0 0 0 0 0 0 77750 77750 211 211 OTHER INCOME 900099 1521 1521 1521 79482 0 0 1732 X 577398 29826 43505 30991 76560 758280 16 17 106190 393 16976938 18989959 17083144 18990369 0 0 X 0 0 0 0 17083144 18990369 17083144 18990369 17083144 18990369 -678798 2586023 0 X 0 1 X 0 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 X 2634514 2586023 2586023 48491 30991 30991 79482 727289 0 727289 30991 30991 758280 PART X, LINE 2: ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE THE PLAN ADMINISTRATOR TO EVALUATE TAX POSITIONS TAKEN BY THE PLAN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE PLAN HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. THE PLAN ADMINISTRATOR HAS ANALYZED THE TAX POSITIONS TAKEN BY THE PLAN, AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2023 AND 2022, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE PLAN IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. FORM 990, PART VI, SECTION A, LINE 3 THE YOUNG BROTHERS LIMITED VEBA TRUST FOR BARGAINING UNIT EMPLOYEES ("TRUST") WAS ESTABLISHED BY YOUNG BROTHERS, LIMITED. YOUNG BROTHERS, LIMITED IS AN INDEPENDENT SUBSIDIARY OF FOSS MARITIME COMPANY (FMC). FMC HAS AUTHORITY TO APPOINT NEW INSTITUTIONAL TRUSTEES. THE FMC RETIREMENT COMMITTEE ALSO HAS AUTHORITY TO MAKE INVESTMENT DECISIONS FOR THE ORGANIZATION. THE BANK OF NEW YORK MELLON IS A TRUSTEE AND CUSTODIAN OF INVESTMENTS FOR THE TRUST. FORM 990, PART VI, SECTION A, LINE 7A FMC HAS AUTHORITY TO APPOINT NEW INSTITUTIONAL TRUSTEES. FORM 990, PART VI, SECTION A, LINE 7B THE PRESIDENT OF FMC AND THE PRESIDENT OF YOUNG BROTHERS, LIMITED, HAVE AUTHORITY TO APPROVE OR REJECT DECISIONS MADE BY THE INSTITUTIONAL TRUSTEE, MATRIX TRUST COMPANY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED, APPROVED, AND SIGNED BY THE VICE PRESIDENT OF YOUNG BROTHERS, LIMITED, THE EMPLOYER WHO ESTABLISHED THE TRUST. FORM 990, PART VI, SECTION B, LINE 12 THE TRUST, AS WELL AS YOUNG BROTHERS, LIMITED, IS COVERED BY FMC POLICIES WHICH INCLUDE A CONFLICTS OF INTEREST POLICY AS WELL AS A WHISTLEBLOWER POLICY. SINCE THE TRUST DOES NOT HAVE ANY EMPLOYEES, NO ANNUAL CONFIRMATION PROCESS IS EXECUTED AT THE TRUST LEVEL. THE TRUSTEE IS SUBJECT TO ERISA FIDUCIARY RESPONSIBILITY REQUIREMENTS WHICH INCLUDE RULES REGARDING PROHIBITED TRANSACTIONS AND CONFLICTS OF INTERESTS. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART IX, LINE 11G ADMINISTRATIVE EXPENSES 76,560. YOUNG BROTHERS LLC PO BOX 3288 HONOLULU HI 96801 990105204 EMPLOYER THAT ESTABLISHED THE TRUST HI S 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 YOUNG BROTHERS LLC C 77750 FMV YOUNG BROTHERS LLC P 548332 CASH DISBURSEMENTS