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FORM 5500 DATA

Paul Revere Transportation 401k Plan

Overview

Plan Information

  • Plan Year01/01/2018 — 12/31/2018
  • Date of Plan10/01/1995
  • Net Assets as of 12/31/2018 $4,723,882
  • 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 12/31/2018

  • Active (Eligible) Participants467
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits14
  • Subtotal481
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total481
  • Total number of participants as of 01/01/2018514
  • Number of participants with account balances119
  • 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

  • Address100 Eastern Avenue
  • CityChelsea
  • StateMA
  • Zip02150
  • Telephone(617) 889-5899
  • EIN04-3091595
  • Industry Code485990

Audit Information

  • Audit StatusAudited
  • AuditorDarmody, Merlino & Co.,LLP
  • Auditor EIN04-2273266
  • 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.
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.

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 $27,611
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 $497,086
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 $132,587
Contributions $380,518
Cash Contributions $380,518
Cash from Employers $0
Cash from Participants $380,518
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $-247,931
Total Interest $10,811
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $8,545
Interest from Other Investments $2,266
Total Dividends $390,037
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 $7,162
Net investment gain (loss) from pooled separate accounts $0
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 $-655,941
Other Income $0
Expenses $379,564
Total Benefit Payments $353,272
Directly to participants or beneficiaries, including direct rollovers $353,272
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $12,425
Interest expense $0
Total Administrative Expenses $13,867
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $13,867
Net Income $-246,977
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 $4,723,882 $4,970,859 -4.97%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $268 $0 0.0%
Employer Contributions $0 $0 0.0%
Participant Contributions $268 $0 0.0%
Other Contributions $0 $0 0.0%
General Investments $784 $659 18.97%
Interest-bearing cash $784 $659 18.97%
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 $212,438 $193,840 9.59%
Value of interest in common/collective trusts $430,488 $428,446 0.48%
Value of interest in pooled separate accounts $0 $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 $3,904,190 $4,235,446 -7.82%
Value of funds held in insurance co. general account $175,714 $112,468 56.23%
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 $4,723,882 $4,970,859 -4.97%

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
Morgan Stanley Ins Services Inc Insurance brokerage commissions and fees Shareholder Service Prov $0 $14,318 $14,318
Massachusetts Mutual Life Insurance Other services, Investment management fees paid indirectly by plan, Sub-transfer agency fees, Distribution (12b-1) fees, Recordkeeping fees, Soft dollars commissions, Other investment fees and expenses Contract Administrator $13,867 $0 $13,867
Total $13,867 $14,318 $28,185

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Morgan Stanley Ins Services Inc Massachusetts Mutual Life Ins Co Insurance brokerage commissions and fees Commissions and Fees $14,318
Invesco Invesco Comstock Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Columbia Columbia Mid Cap Index Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Columbia Columbia Small Cap Index Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds Amer Funds Balanced Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Oppenheimer Oppenheimer Real Estate Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds American Funds New World Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Franklin Templeton Templeton Global Bond Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Wells Fargo Wells Fargo Special Mid Cap Val Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Eaton Vance Eaton Vance Atlanta Cap Smid-Cap Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement Bal Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2005 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2010 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2015 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2020 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2025 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2030 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2035 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2040 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2045 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2050 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2055 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2060 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds American Funds Fndmntl Invstrs Fnd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds Amer Funds Europacific Growth Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Natixis Funds Loomis Sayles Strategic Income Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Mfs Investment Management Mfs International Value Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Wells Fargo Galliard Wells Fargo Stbl Rtn Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Premier Dvrsfd Bond Fd Investment management fees paid indirectly by plan, Other investment fees and expenses Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Wells Fargo Stbl Rtn Fd Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Sel Gr Opportunities Fd Other investment fees and expenses Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Mm S&P 500 Index Fd Investment management fees paid indirectly by plan, Other investment fees and expenses Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Prem U.S. Govt Mny Mkt Fd Investment management fees paid indirectly by plan, Other investment fees and expenses Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Sel Gr Opportunities Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Amer Funds Balanced Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Amer Funds Europacific Growth Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance American Funds Fndmntl Invstrs Fnd Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance American Funds New World Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Columbia Mid Cap Index Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Columbia Small Cap Index Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Eaton Vance Atlanta Cap Smid-Cap Fd Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Invesco Comstock Fund Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Loomis Sayles Strategic Income Fund Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Mfs International Value Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Oppenheimer Real Estate Fund Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance T. Rowe Price Retirement 2005 Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance T. Rowe Price Retirement 2010 Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance T. Rowe Price Retirement 2015 Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance T. Rowe Price Retirement 2020 Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance T. Rowe Price Retirement 2025 Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance T. Rowe Price Retirement 2030 Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance T. Rowe Price Retirement 2035 Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance T. Rowe Price Retirement 2040 Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance T. Rowe Price Retirement 2045 Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance T. Rowe Price Retirement 2050 Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance T. Rowe Price Retirement 2055 Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance T. Rowe Price Retirement 2060 Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance T. Rowe Price Retirement Bal Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Templeton Global Bond Fund Sub-transfer agency fees, Distribution (12b-1) fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Insurance Wells Fargo Special Mid Cap Val Fd Sub-transfer agency fees Basis Points * Plan Assets $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
Wells Fargo Stable Return Fund Galliard Capital Management DFE: Common/Collective Trust $430,488
Total $430,488

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Massachusetts Mutual Life Insurance Company 119
EIN 04-1590850
Industry Code 65935
Contract Number MR 61599 - 2
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $175,715
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $437
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Morgan Stanley Ins Services Inc 1 New York Plaza Floor 12 New York, NY 10004 Agent or Broker other than Insurance $437 $0
Allocated Funds
Type of Contract Unspecified
Basis of premium rates Group Annuity Contract
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 Unspecified
Balance at the end of the previous year $112,468
Additions $81,625
Contributions Deposited during the year $39,692
Dividends and credits $0
Interest credited during the year $2,266
Transferred from separate account $22,049
Other $17,618
Total of Balance and Additions $194,093
Deductions $18,378
Disbursed from fund to pay benefits or purchase annuities during the year $12,606
Administration charge made by carrier $485
Transferred to Separate Account $0
Other $5,287
Balance at the end of the current year $175,715