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Overview

Plan Information

  • Plan Year01/01/2018 — 12/31/2018
  • Date of Plan01/01/1989
  • Net Assets as of 12/31/2018 $1,803,425,708
  • Plan Number2
  • Plan Type Single 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 12/31/2018

  • Active (Eligible) Participants28,935
  • Retired or separated participants receiving benefits128
  • Other retired or separated participants entitled to future benefits4,493
  • Subtotal33,556
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits35
  • Total33,591
  • Total number of participants as of 01/01/201832,739
  • Number of participants with account balances31,099
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested101

Expenses

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

Sponsor Information

  • AddressPo Box 1469
  • CityMinneapolis
  • StateMN
  • Zip55440-1469
  • Telephone(612) 262-4688
  • EIN36-3261413
  • Industry Code622000
  • Named AdministratorRobert Brausen

Audit Information

  • Audit StatusAudited
  • AuditorCliftonlarsonallen LLP
  • Auditor EIN41-0746749
  • 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.
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 $10,000,000
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 $140,180,648
Contributions $241,185,433
Cash Contributions $241,185,433
Cash from Employers $73,844,163
Cash from Participants $148,495,971
Others (including rollovers) $18,845,299
Noncash Contributions $0
Total Earnings on Investments $-101,004,785
Total Interest $5,261,732
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $1,463,446
Interest from Other Investments $3,798,286
Total Dividends $50,775,009
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 $0
Net investment gain (loss) from pooled separate accounts $-121,568
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 $-156,919,958
Other Income $0
Expenses $118,461,035
Total Benefit Payments $116,269,845
Directly to participants or beneficiaries, including direct rollovers $116,269,845
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 $2,191,190
Professional Fees $0
Contract Administrator Fees $625
Investment Advisory and management fees $2,190,565
Other Administrative Fees $0
Net Income $21,719,613
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 $1,803,425,708 $1,781,706,095 1.22%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $46,725,366 $44,494,616 5.01%
Employer Contributions $46,725,366 $44,494,616 5.01%
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 $31,937,863 $27,384,102 16.63%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $1,108,826 $1,230,980 -9.92%
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 $1,308,127,010 $1,337,894,396 -2.22%
Value of funds held in insurance co. general account $241,081,620 $197,078,748 22.33%
Other Investments $174,445,023 $173,623,253 0.47%
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 $1,803,425,708 $1,781,706,095 1.22%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Lincoln National Corporation
  • Brighthouse 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
Fidelity Investments Institutional Recordkeeping and information management (computing, tabulating, data processing, etc.), Recordkeeping fees, Trustee (bank, trust company, or similar financial institution), Account maintenance fees, Participant loan processing, Securities brokerage commissions and fees Party-In- Interest $1,589,044 $0 $1,589,044
Promanage Investment advisory (participants) Party-In-Interest $532,334 $0 $532,334
Pavilion Advisory Group Inc. Investment advisory (plan) Party-In-Interest $69,188 $0 $69,188
Total $2,190,566 $0 $2,190,566

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Fidelity Investments Inst Oper Co Various See Attachment 1 Recordkeeping and information management (computing, tabulating, data processing, etc.), Securities brokerage commissions and fees, Trustee (bank, trust company, or similar financial institution), Participant loan processing, Recordkeeping fees, Account maintenance fees See Attachment 1 $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.

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Separate Accounts Lincoln National Life Insurance Co DFE: Pooled Separate Account $902,778
Separate Accounts Brighthouse Life Insurance Company DFE: Pooled Separate Account $206,048
Total $1,108,826

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Principal Life Insurance Company 28,997
EIN 42-0127290
Industry Code 61271
Contract Number 439663/522200
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $240,640,578
Value in Separate Accounts at Year End $0
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 GUARANTEED INTEREST BALANCE CONTRACT
Balance at the end of the previous year $196,414,973
Additions $88,684,772
Contributions Deposited during the year $27,128,293
Dividends and credits $0
Interest credited during the year $3,785,536
Transferred from separate account $0
Other $57,770,943
Total of Balance and Additions $285,099,745
Deductions $44,459,167
Disbursed from fund to pay benefits or purchase annuities during the year $26,950,799
Administration charge made by carrier $307,085
Transferred to Separate Account $0
Other $17,201,283
Balance at the end of the current year $240,640,578
The Lincoln National Life Insurance Company 36
EIN 35-0472300
Industry Code 65676
Contract Number PS42341
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $279,428
Value in Separate Accounts at Year End $902,778
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 GROUP ANNUITY CONTRACT
Balance at the end of the previous year $481,335
Additions $12,057
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $12,057
Transferred from separate account $0
Other $0
Total of Balance and Additions $493,392
Deductions $213,964
Disbursed from fund to pay benefits or purchase annuities during the year $213,926
Administration charge made by carrier $38
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $279,428
Brighthouse Life Inusrance Company 32
EIN 06-0566090
Industry Code 87726
Contract Number 910326
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $161,614
Value in Separate Accounts at Year End $206,048
Insurance Fees and Commissions $764
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Brighthouse Securities, LLC 1095 Avenues of The Americas New York, NY 10036 Agent or Broker other than Insurance $764 $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 GROUP ANNUITY CONTRACT
Balance at the end of the previous year $182,440
Additions $6,475
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $5,909
Transferred from separate account $566
Other $0
Total of Balance and Additions $188,915
Deductions $27,301
Disbursed from fund to pay benefits or purchase annuities during the year $26,662
Administration charge made by carrier $0
Transferred to Separate Account $639
Other $0
Balance at the end of the current year $161,614