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The AERC 401k Savings Plan and Trust


Plan Information

  • Plan Year01/01/2013 — 12/31/2013
  • Date of Plan04/01/1990
  • Net Assets as of 12/31/2013 $11,584,757
  • 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 12/31/2013

  • Active (Eligible) Participants318
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits106
  • Subtotal424
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total424
  • Total number of participants as of 01/01/2013446
  • Number of participants with account balances420
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested25


  • 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
  • Zip44143-1467
  • Telephone(216) 797-8705
  • EIN34-1747603
  • Industry Code531390
  • Named AdministratorDaniel E Gold
  • Named Plan SponsorDaniel E Gold

Plan Administrator Information

  • Administrator NameAssociated Estates Realty
  • Address1 Aec Parkway
  • CityRichmond Heights
  • StateOH
  • Zip44143-1467
  • Telephone(216) 797-8705
  • Administrator EIN34-1747603

Audit Information

  • Audit StatusAudited
  • AuditorCohnreznick LLP
  • Auditor EIN22-1478099
  • 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.
2R Brokerage Window Participant-directed brokerage accounts provided as an investment option under the plan.
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


Income and Expense Statement

Income $3,055,222
Contributions $1,122,534
Cash Contributions $1,122,534
Cash from Employers $154,080
Cash from Participants $914,473
Others (including rollovers) $53,981
Noncash Contributions $0
Total Earnings on Investments $1,898,916
Total Interest $26,764
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $9,348
Interest from Other Investments $17,416
Total Dividends $157,504
Preferred Stock $0
Common Stock $37,496
Rents $0
Net gain (loss) on sale of assets $36,252
Aggregate Proceeds $252,635
Aggregate Carrying Amount $216,383
Total Unrealized Appreciation (depreciation) of assets $-39,307
Real Estate $0
Other $-39,307
Net investment gain (loss) from common/collective trusts $0
Net investment gain (loss) from pooled separate accounts $7,246
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 $1,710,457
Other Income $33,772
Expenses $782,483
Total Benefit Payments $673,830
Directly to participants or beneficiaries, including direct rollovers $673,830
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $13,638
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $95,015
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $95,015
Net Income $2,272,739
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2013 12/31/2012 Change YOY
Total Assets $11,584,757 $9,312,018 24.41%
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 $298,068 $173,684 71.62%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $117,553 $0 0.0%
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 $8,840,261 $7,009,453 26.12%
Value of funds held in insurance co. general account $1,618,033 $1,239,415 30.55%
Other Investments $0 $0 0.0%
Employer-related Investments $710,842 $889,466 -20.08%
Employer Securities $710,842 $889,466 -20.08%
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 $11,584,757 $9,312,018 24.41%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Prudential Retirement Insurance and

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
Prudential Retirement Insurance and Contract Administrator, Recordkeeping and information management (computing, tabulating, data processing, etc.), Participant loan processing, Direct payment from the plan, Sub-transfer agency fees, Recordkeeping fees, Account maintenance fees NONE $60,761 $0 $60,761
M Holdings Securities, Inc. Investment advisory (plan) NONE $18,767 $0 $18,767
Ubs Financial Services, Inc. Investment advisory (plan) NONE $15,000 $0 $15,000
Total $94,528 $0 $94,528

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Prudential Retirement Insurance and Prudential Retirement Insurance and Recordkeeping and information management (computing, tabulating, data processing, etc.), Recordkeeping fees 160.000 Bps and $0.00 Per Participant Invested In The Fund From 1/1/2013 To 5/31/2013 Guaranteed Income Fund $0
Prudential Retirement Insurance and Prudential Retirement Insurance and Recordkeeping and information management (computing, tabulating, data processing, etc.), Recordkeeping fees 68.000 Bps and $0.00 Per Participant Invested In The Fund From 6/1/2013 To 12/31/2013 Guaranteed Income Fund $0
*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.



Name of Investment Investment Manager Type of Investment Dollar Value
Pru Day One Ifx Targ Bal Prudential Retirement Ins. DFE: Pooled Separate Account $117,553
Total $117,553

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Prudential Retirement Insurance and Annuity Company 424
EIN 06-1050034
Industry Code 93629
Contract Number 39225-001
Contract Year 01/01/2013 — 12/31/2013
Value in General Account at Year End $1,618,033
Value in Separate Accounts at Year End $117,553
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
Balance at the end of the previous year $1,239,415
Additions $762,702
Contributions Deposited during the year $129,247
Dividends and credits $0
Interest credited during the year $17,416
Transferred from separate account $0
Other $616,039
Total of Balance and Additions $2,002,117
Deductions $384,084
Disbursed from fund to pay benefits or purchase annuities during the year $140,455
Administration charge made by carrier $201
Transferred to Separate Account $599
Other $242,829
Balance at the end of the current year $1,618,033