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IBEW Local No. 347 & Iowa Chapter of NECA, Joint Board of Trustees

Plan Rating
FORM 5500 DATA

IBEW Local 347 Retirement and 401k Plan

Overview

Plan Information

  • Plan Year06/01/2017 — 05/31/2018
  • Date of Plan05/01/1974
  • Net Assets as of 05/31/2018 $228,797,420
  • Plan Number1
  • Plan Type Multi-Employer
  • Is the plan collectively bargained?Yes
  • Did the plan file for an extension of time or the DFVC Program? No
  • Plan Funding ArrangementInsurance Trust
  • Plan Benefit ArrangementInsurance Trust

Participant Information as of 05/31/2018

  • Active (Eligible) Participants1,958
  • Retired or separated participants receiving benefits7
  • Other retired or separated participants entitled to future benefits50
  • Subtotal2,015
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits4
  • Total2,019
  • Total number of participants as of 06/01/20171,888
  • Number of participants with account balances1,841
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested0

Expenses

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

Sponsor Information

  • Address2156 West 2200 South
  • CitySalt Lake City
  • StateUT
  • Zip84119
  • Telephone(844) 347-4239
  • EIN45-4356227
  • Industry Code238210
  • Named AdministratorPatrick Wells
  • Named Plan SponsorAngela Bowersox

Audit Information

  • Audit StatusAudited
  • AuditorDeboer and Associates, Pc
  • Auditor EIN47-0836395
  • Audit OpinionUnqualified
  • Audit Type Full 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.

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? Yes $7,312
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 $500,000
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 $36,111,120
Contributions $13,356,791
Cash Contributions $13,356,791
Cash from Employers $11,464,555
Cash from Participants $1,202,545
Others (including rollovers) $689,691
Noncash Contributions $0
Total Earnings on Investments $22,753,018
Total Interest $0
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $0
Total Dividends $579,426
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 $0
Real Estate $0
Other $0
Net investment gain (loss) from common/collective trusts $46,302
Net investment gain (loss) from pooled separate accounts $17,780,178
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 $4,347,112
Other Income $1,311
Expenses $7,856,142
Total Benefit Payments $7,625,848
Directly to participants or beneficiaries, including direct rollovers $7,625,848
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 $230,294
Professional Fees $72,280
Contract Administrator Fees $45,807
Investment Advisory and management fees $48,208
Other Administrative Fees $63,999
Net Income $28,254,978
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

05/31/2018 05/31/2017 Change YOY
Total Assets $229,216,138 $200,842,911 14.13%
Total noninterest-bearing cash $60,582 $209,550 -71.09%
Receivables $1,459,262 $1,043,249 39.88%
Employer Contributions $1,340,991 $943,596 42.11%
Participant Contributions $40,139 $33,308 20.51%
Other Contributions $78,132 $66,345 17.77%
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 $0 $0 0.0%
Value of interest in common/collective trusts $16,281,656 $15,124,890 7.65%
Value of interest in pooled separate accounts $163,005,933 $148,284,340 9.93%
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 $48,403,795 $36,176,372 33.80%
Value of funds held in insurance co. general account $0 $0 0.0%
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 $4,910 $4,510 8.87%
Total Liabilities $418,718 $300,469 39.35%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $418,718 $300,469 39.35%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $228,797,420 $200,542,442 14.09%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

There is no information on eligible indirect compensation for this plan.

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
Dimeo Schneider & Associates, LLC Investment advisory (plan) $48,208 $0 $48,208
Compusys of Utah, Inc. Contract Administrator $45,807 $0 $45,807
Blake & Uhlig Legal $38,479 $0 $38,479
Deboer & Associates, Pc Accounting (including auditing) $33,801 $0 $33,801
Principal Life Insurance Company Direct payment from the plan $7,345 $0 $7,345
Total $173,640 $0 $173,640

Indirect Compensation

There are no service providers with indirect compensation listed for this plan.

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
Principal Large-Cap S&P 500 Index Principal Life Insurance Company DFE: Pooled Separate Account $31,198,296
Principal Lifetime 2040 Principal Life Insurance Company DFE: Pooled Separate Account $25,687,867
Principal Mid-Cap S&P 400 Index Principal Life Insurance Company DFE: Pooled Separate Account $20,366,011
Principal Lifetime 2030 Principal Life Insurance Company DFE: Pooled Separate Account $19,595,383
Principal Stable Value Inst Union Bond & Trust Company DFE: Common/Collective Trust $16,281,656
Principal Small-Cap S&P 600 Index Principal Life Insurance Company DFE: Pooled Separate Account $13,520,689
Principal Lifetime 2020 Principal Life Insurance Company DFE: Pooled Separate Account $12,830,387
Principal Lifetime 2050 Principal Life Insurance Company DFE: Pooled Separate Account $12,348,217
Principal U.S. Property Principal Life Insurance Company DFE: Pooled Separate Account $11,860,829
Principal Int'L Small Cap Principal Life Insurance Company DFE: Pooled Separate Account $7,697,915
Principal Lifetime 2010 Principal Life Insurance Company DFE: Pooled Separate Account $2,649,837
Principal Financial Group Inc. Stk Principal Life Insurance Company DFE: Pooled Separate Account $2,398,166
Principal Lifetime Strategic Income Principal Life Insurance Company DFE: Pooled Separate Account $1,672,870
Principal Lifetime 2060 Principal Life Insurance Company DFE: Pooled Separate Account $1,179,467
Total $179,287,590

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Principal Life Insurance Company 2,019
EIN 42-0127290
Industry Code 61271
Contract Number 431329
Contract Year 06/01/2017 — 05/31/2018
Value in General Account at Year End $0
Value in Separate Accounts at Year End $163,005,933
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 $0
Additions $0
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $0
Transferred from separate account $0
Other $0
Total of Balance and Additions $0
Deductions $0
Disbursed from fund to pay benefits or purchase annuities during the year $0
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $0