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FORM 5500 DATA

The AERC 401k Savings Plan and Trust

Overview

Plan Information

  • Plan Year01/01/2008 — 12/31/2008
  • Date of Plan04/01/1990
  • Net Assets as of 12/31/2008 $5,789,146
  • Plan Number1
  • 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 12/31/2008

  • Active (Eligible) Participants308
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits269
  • Subtotal577
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total577
  • Total number of participants as of 01/01/2008640
  • Number of participants with account balances560
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested49
  • Number of participants required to be reported on Schedule SSA140

Expenses

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

Sponsor Information

  • Address1 Aec Parkway
  • CityRichmond Heights
  • StateOH
  • Zip44143-1500
  • Telephone(216) 261-5000
  • EIN34-1747603
  • Industry Code531390
  • Named Plan SponsorFahlq1Id'4

Plan Administrator Information

  • Administrator NameSAME
  • Administrator EIN

Audit Information

  • Audit StatusAudited
  • AuditorReznick Group P.C.
  • Auditor EIN52-1088612
  • 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.
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.
3E Prototype plan A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion or notification letter; and under which a separate funding medium (for example, a separate trust or custodial account) is established for the use of each adopting employer.
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 $100,000,000
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

Financials

Income and Expense Statement

Income $-1,007,159
Contributions $808,133
Cash Contributions $808,133
Cash from Employers $106,660
Cash from Participants $701,473
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $-1,816,556
Total Interest $57,900
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $13,877
Interest from Other Investments $44,023
Total Dividends $27,700
Preferred Stock $0
Common Stock $27,700
Rents $0
Net gain (loss) on sale of assets $-176
Aggregate Proceeds $132,913
Aggregate Carrying Amount $133,089
Total Unrealized Appreciation (depreciation) of assets $-7,413
Real Estate $0
Other $-7,413
Net investment gain (loss) from common/collective trusts $0
Net investment gain (loss) from pooled separate accounts $-1,894,430
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 $-137
Other Income $1,264
Expenses $1,312,689
Total Benefit Payments $1,128,522
Directly to participants or beneficiaries, including direct rollovers $1,128,522
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $32,657
Certain deemed distributions of participant loans $139,522
Interest expense $0
Total Administrative Expenses $11,988
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $11,988
Net Income $-2,319,848
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2008 12/31/2007 Change YOY
Total Assets $5,789,146 $8,108,994 -28.61%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $0 $0 0.0%
Employer Contributions $0 $0 0.0%
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 $200,563 $295,787 -32.19%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $3,574,200 $5,669,923 -36.96%
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 $192 $0 0.0%
Value of funds held in insurance co. general account $1,630,488 $1,741,984 -6.40%
Other Investments $0 $0 0.0%
Employer-related Investments $383,703 $401,300 -4.38%
Employer Securities $383,703 $401,300 -4.38%
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 $5,789,146 $8,108,994 -28.61%

Service Providers

Service Providers

Name Nature of Service Relationship to Plan Sponsor Gross Salary or Allowances Paid by Plan Fees and Commissions Paid by Plan Total Salary/Fees
Prudential Retirement Ins. Recordkeeping $0 $11,987 $11,987
Total $0 $11,987 $11,987

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Dryden S&P 500 Index Fund Prudential Retirement Ins. DFE: Pooled Separate Account $1,066,405
Lcv/Wellington Mgmt Prudential Retirement Ins. DFE: Pooled Separate Account $815,778
Lifetime Balanced Fd Prudential Retirement Ins. DFE: Pooled Separate Account $699,502
Core Bond Fund Prudential Retirement Ins. DFE: Pooled Separate Account $371,307
Internl Growth/Artisan Prudential Retirement Ins. DFE: Pooled Separate Account $201,469
Ivy Sm Cap Grth Y Shares Prudential Retirement Ins. DFE: Pooled Separate Account $101,641
Mid Cap Value/Cooke & Bie Prudential Retirement Ins. DFE: Pooled Separate Account $76,675
T Rowe Price Gr Stk R Shr Prudential Retirement Ins. DFE: Pooled Separate Account $56,843
Hi Yield/Caywood-Scholl Prudential Retirement Ins. DFE: Pooled Separate Account $52,343
Lifetime Growth Fd Prudential Retirement Ins. DFE: Pooled Separate Account $49,830
Lord Abbett Affiliated P Prudential Retirement Ins. DFE: Pooled Separate Account $40,745
Lifetime Aggressive Prudential Retirement Ins. DFE: Pooled Separate Account $21,827
Am Century Real Estate A Prudential Retirement Ins. DFE: Pooled Separate Account $12,809
Lifetime Conservative Prudential Retirement Ins. DFE: Pooled Separate Account $3,808
Lifetime Income&Equity Prudential Retirement Ins. DFE: Pooled Separate Account $3,218
Bal/Welling Mgmt Pim Fd Prudential Retirement Ins. DFE: Pooled Separate Account $0
Total $3,574,200

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Prudential Retirement Insurance and Annuity Company 577
EIN 06-1050034
Industry Code 93629
Contract Number 39225-001
Contract Year 01/01/2008 — 12/31/2008
Value in General Account at Year End $1,630,488
Value in Separate Accounts at Year End $3,574,200
Insurance Fees and Commissions $44,082
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
M Holdings Securities, Inc. 1125 NW Couch St Suite 900 Portland, OR 97209 Agent or Broker other than Insurance $0 $27,149 SERVICES TO INSURER OR PLAN
Employers Select Plan Agncy of Ohio 6480 Rockside Woods Blvd Cleveland, OH 44131 Agent or Broker other than Insurance $0 $16,933 SERVICES TO INSURER OR 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
Balance at the end of the previous year $1,741,984
Additions $436,903
Contributions Deposited during the year $146,536
Dividends and credits $0
Interest credited during the year $44,023
Transferred from separate account $206,761
Other $39,583
Total of Balance and Additions $2,178,887
Deductions $548,399
Disbursed from fund to pay benefits or purchase annuities during the year $380,304
Administration charge made by carrier $944
Transferred to Separate Account $91,926
Other $75,225
Balance at the end of the current year $1,630,488