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FORM 5500 DATA

Zippo Manufacturing Company and W.R. Case & Sons Cutlery 401k Plan

Overview

Plan Information

  • Plan Year01/01/2018 — 12/31/2018
  • Date of Plan01/01/1988
  • Net Assets as of 12/31/2018 $68,278,368
  • Plan Number2
  • Plan Type Single Employer
  • Is the plan collectively bargained? No
  • Did the plan file for an extension of time or the DFVC Program?Yes
  • Plan Funding ArrangementInsurance Trust
  • Plan Benefit ArrangementInsurance Trust

Participant Information as of 12/31/2018

  • Active (Eligible) Participants731
  • Retired or separated participants receiving benefits2
  • Other retired or separated participants entitled to future benefits130
  • Subtotal863
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits3
  • Total866
  • Total number of participants as of 01/01/2018881
  • Number of participants with account balances862
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested8

Expenses

  • Total Benefit Payments$0
  • Corrective Distributions$0
  • Administrative Service Providers$0
  • Other Expenses$0
  • Total Expenses$0
  • Total Transfers$0

Sponsor Information

  • Address33 Barbour Street
  • CityBradford
  • StatePA
  • Zip16701
  • Telephone(814) 368-2700
  • EIN25-0920247
  • Industry Code332900
  • Named AdministratorDonald Hall
  • Named Plan SponsorDonald Hall

Audit Information

  • Audit StatusAudited
  • AuditorSchneider Downs & Co., Inc
  • Auditor EIN25-1408703
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope Audit

Benefits Provided Under the Plan

Code Benefit Description
2E Profit-sharing A defined contribution plan that allows employer discretionary contributions. These plans often contain a 401(k) feature.
2F ERISA section 404(c) Plan This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
2G Total participant-directed account plan Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J Code section 401(k) feature A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
2K Code section 401(m) arrangement Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contributions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
2S Automatic Enrollment Plan provides for automatic enrollment in plan that has employee contributions deducted from payroll.
2T Participant-directed Account Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.
3D Master plan A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium (for example, a trust or custodial account) is established for the joint use of all adopting employers.
3H Controlled Group Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).

Questions and Answers

Question Answer Amount
During the plan year did the employer fail to transmit to the plan any participant contributions within the time period described in 29 CFT 2510.3-102? No
Were any loans by the plan or fixed income obligations due the plan in default as of the close of plan year or classified during the year as uncollectible? Disregard participant loans secured by participant's account balance. No
Were any leases to which the plan was a party in default or classified during the year as uncollectible? No
Were there any nonexempt transactions with any party-in-interest? No
Was this plan covered by a fidelity bond? Yes $5,000,000
Did the plan have a loss, whether or not reimbursed by the plan's fidelity bond, that was caused by fraud or dishonesty? No
Did the plan hold any assets whose current value was neither readily determinable on an established market nor set by an independent third party appraiser? No
Did the plan receive any noncash contributions whose value was neither readily determinable on an established market nor set by an independent third party appraiser? No
Did the plan have assets held for investment? Yes
Were any plan transactions or series of transactions in excess of 5% of the current value of plan assets? No
Were all the plan assets either distributed to participants or beneficiaries, transferred to another plan, or brought under the control of the PBGC? No
Has the plan failed to provide any benefit when due under the plan? No
If this is an individual account plan, was there a blackout period? No
If there was a blackout period, have you either provided the required notice or one of the exceptions to providing the notice applied under 29 CFR 2520.101-3? No

Financials

Income and Expense Statement

Income $2,647,131
Contributions $5,952,482
Cash Contributions $5,952,482
Cash from Employers $2,696,014
Cash from Participants $3,001,313
Others (including rollovers) $255,155
Noncash Contributions $0
Total Earnings on Investments $-3,305,351
Total Interest $114,807
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $8,472
Interest from Other Investments $106,335
Total Dividends $679,594
Preferred Stock $0
Common Stock $0
Rents $0
Net gain (loss) on sale of assets $0
Aggregate Proceeds $0
Aggregate Carrying Amount $0
Total Unrealized Appreciation (depreciation) of assets $112,019
Real Estate $0
Other $112,019
Net investment gain (loss) from common/collective trusts $-8,202
Net investment gain (loss) from pooled separate accounts $-3,044,331
Net investment gain (loss) from master trust investment accounts $0
Net investment gain (loss) from 103-12 investment entities $0
Net investment gain (loss) from registered investment companies $-1,159,238
Other Income $0
Expenses $9,647,315
Total Benefit Payments $9,472,161
Directly to participants or beneficiaries, including direct rollovers $9,472,161
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $175,154
Professional Fees $0
Contract Administrator Fees $175,154
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $-7,000,184
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2018 12/31/2017 Change YOY
Total Assets $68,278,368 $75,278,552 -9.30%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $1,312,012 $1,335,202 -1.74%
Employer Contributions $1,312,012 $1,335,202 -1.74%
Participant Contributions $0 $0 0.0%
Other Contributions $0 $0 0.0%
General Investments $0 $0 0.0%
Interest-bearing cash $0 $0 0.0%
U.S. Government Securities $0 $0 0.0%
Corporate Debt Instruments $0 $0 0.0%
Preferred $0 $0 0.0%
All Other $0 $0 0.0%
Corporate Stocks $0 $0 0.0%
Preferred $0 $0 0.0%
Common $0 $0 0.0%
Partnership/joint venture interests $0 $0 0.0%
Real estate (other than employer real property) $0 $0 0.0%
Loans (other than to participants) $0 $0 0.0%
Participants Loans $212,844 $261,290 -18.54%
Value of interest in common/collective trusts $3,006,228 $0 0.0%
Value of interest in pooled separate accounts $44,989,456 $53,422,442 -15.79%
Value of interest in master trust investment accounts $0 $0 0.0%
Value of interest in 103-12 investment entities $0 $0 0.0%
Value of interest in registered investment companies $8,120,213 $8,978,841 -9.56%
Value of funds held in insurance co. general account $10,637,615 $11,280,777 -5.70%
Other Investments $0 $0 0.0%
Employer-related Investments $0 $0 0.0%
Employer Securities $0 $0 0.0%
Employer Real Property $0 $0 0.0%
Buildings and other property used in plan operation $0 $0 0.0%
Total Liabilities $0 $0 0.0%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $0 $0 0.0%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $68,278,368 $75,278,552 -9.30%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Principal Life Insurance Company

Other Service Providers Receiving Direct or Indirect Compensation

Name Nature of Service Relationship to Plan Sponsor Direct Compensation Paid by Plan Indirect Compensation Paid by Plan Total Compensation
Principal Life Insurance Company Contract Administrator, Participant loan processing, Direct payment from the plan, Recordkeeping fees Contract Administrator $175,154 $10,000 $185,154
Wilshire Associates Incorporated Investment advisory (plan), Other investment fees and expenses Investment Advisor $0 $0 $0
Total $175,154 $10,000 $185,154

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Wilshire Associates Incorporated Principal Life Insurance Co. Investment advisory (plan), Other investment fees and expenses 1 Basis Point Annually On Total Plan Assets In Wilshire's 3(21) Investment Fiduciary Service Per Client's Signed Agreement With Wilshire. $0
Principal Life Insurance Company Principal Life Insurance Co. Contract Administrator, Participant loan processing, Direct payment from the plan, Recordkeeping fees Contract Administrator $10,000
*As outlined by the Form 5500 Instructions for service providers with indirect compensation.

Service Providers Who Fail or Refuse to Provide Information

There are no service providers who failed or refused to provide information.

Termination Information on Accountants and Enrolled Actuaries

There is no termination information for this plan.

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Large Cap Stock Index Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $4,874,339
Lifetime 2030 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $4,586,256
Small Cap S&P 600 Index Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $4,205,080
Mid Cap S&P 400 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $4,051,174
Lifetime 2020 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $3,900,125
Large Cap Growth I Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $3,894,020
Lifetime 2025 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $3,205,425
Principal Stable Value Z Fund Principal Global Investors Trust Co DFE: Common/Collective Trust $3,006,228
Core Plus Bond Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $2,252,241
Diversified Intl Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $2,188,572
Lifetime 2040 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $1,875,082
Lifetime Str Income Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $1,819,957
Lifetime 2035 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $1,785,197
Equity Income Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $1,289,483
Lifetime 2050 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $1,207,226
Lifetime 2045 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $1,132,537
Lifetime 2015 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $968,018
Lifetime 2055 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $878,685
Lifetime 2010 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $369,249
Small Cap Growth Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $317,561
Lifetime 2060 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $121,630
Income Stock Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $66,664
Lifetime 2065 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $935
Liquid Asset Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $0
Total $47,995,684

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Principal Life Insurance Company 866
EIN 42-0127290
Industry Code 61271
Contract Number 378776
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $9,006,878
Value in Separate Accounts at Year End $44,989,456
Insurance Fees and Commissions $0
Persons Receiving Commissions and Fees There are no brokers listed for this plan.
Allocated Funds
Type of Contract Unspecified
Basis of premium rates
Premiums paid to carrier $0
Premiums due but unpaid at the end of the year $0
If the carrier, service, or other organization incurred any specific costs in connection with the acquisition or retention of the contract or policy, enter amount $0
Specify the nature of the costs
Unallocated Funds
Type of Contract FLEXIBLE INVESTMENT ANNUITY
Balance at the end of the previous year $10,077,317
Additions $605,857
Contributions Deposited during the year $344,117
Dividends and credits $0
Interest credited during the year $106,335
Transferred from separate account $147,972
Other $7,433
Total of Balance and Additions $10,683,174
Deductions $1,335,967
Disbursed from fund to pay benefits or purchase annuities during the year $786,950
Administration charge made by carrier $56,434
Transferred to Separate Account $471,543
Other $21,040
Balance at the end of the current year $9,347,207
Massachusetts Mutual Life Insurance Company 125
EIN 04-1590850
Industry Code 65935
Contract Number 007400096
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $1,290,408
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $207
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
F. James Ginnane 300 Corporate Parkway, Suite 210N Amherst, NY 14226 Insurance Agent or Broker $181 $0
Joseph P. Michael 100 Corporate Pkwy, Suite 3 Amherst, NY 14226 Insurance Agent or Broker $22 $0
Thomas R. Zugger 37 Franklin Street, Suite 600 Buffalo, NY 14202 Insurance Agent or Broker $4 $0
Allocated Funds
Type of Contract Unspecified
Basis of premium rates
Premiums paid to carrier $0
Premiums due but unpaid at the end of the year $0
If the carrier, service, or other organization incurred any specific costs in connection with the acquisition or retention of the contract or policy, enter amount $0
Specify the nature of the costs
Unallocated Funds
Type of Contract WHOLE LIFE INSURANCE
Balance at the end of the previous year $1,203,460
Additions $143,888
Contributions Deposited during the year $31,869
Dividends and credits $0
Interest credited during the year $0
Transferred from separate account $0
Other $112,019
Total of Balance and Additions $1,347,348
Deductions $56,940
Disbursed from fund to pay benefits or purchase annuities during the year $56,940
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $1,290,408