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FORM 5500 DATA

Steel Grip, Inc. Employees' Profit Sharing and Savings Plan

Overview

Plan Information

  • Plan Year01/01/2015 — 12/31/2015
  • Date of Plan01/01/1978
  • Net Assets as of 12/31/2015 $10,945,468
  • 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 Arrangement Trust

Participant Information as of 12/31/2015

  • Active (Eligible) Participants166
  • Retired or separated participants receiving benefits17
  • Other retired or separated participants entitled to future benefits0
  • Subtotal183
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total183
  • Total number of participants as of 01/01/2015201
  • Number of participants with account balances182
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested16

Expenses

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

Sponsor Information

  • Address1501 E Voorhees P.O. Box 747
  • CityDanville
  • StateIL
  • Zip61834-0747
  • Telephone(217) 442-6240
  • EIN37-1178946
  • Industry Code339900
  • Named AdministratorJeff Mason

Audit Information

  • Audit StatusAudited
  • AuditorCliftonlarsonallen
  • 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.
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 $30,042
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? Yes
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? Yes

Financials

Income and Expense Statement

Income $599,154
Contributions $615,740
Cash Contributions $615,740
Cash from Employers $259,136
Cash from Participants $356,604
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $-16,586
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 $0
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 $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 $-16,586
Other Income $0
Expenses $1,038,217
Total Benefit Payments $1,033,867
Directly to participants or beneficiaries, including direct rollovers $1,033,867
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 $4,350
Professional Fees $0
Contract Administrator Fees $4,350
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $-439,063
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2015 12/31/2014 Change YOY
Total Assets $10,945,468 $11,384,531 -3.86%
Total noninterest-bearing cash $9,281 $0 0.0%
Receivables $249,234 $332,851 -25.12%
Employer Contributions $249,234 $323,788 -23.03%
Participant Contributions $0 $9,063 -100.00%
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 $0 $0 0.0%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $10,686,953 $7,003,219 52.60%
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 $0 $0 0.0%
Value of funds held in insurance co. general account $0 $4,048,461 -100.00%
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 $10,945,468 $11,384,531 -3.86%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • John Hancock 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
Benefit Planning Consultants Inc Consulting (pension) NONE $6,290 $0 $6,290
Principal Life Insurance Company Contract Administrator, Direct payment from the plan, Recordkeeping fees Contract Administrator $400 $0 $400
Total $6,690 $0 $6,690

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
Jh Ls Bal Managed Portfolio John Hancock USA DFE: Pooled Separate Account $5,421,865
John Hancock Stable Val John Hancock USA DFE: Pooled Separate Account $4,025,704
Total Bond Market Fund John Hancock USA DFE: Pooled Separate Account $477,006
500 Index Fund John Hancock USA DFE: Pooled Separate Account $422,414
Dfa International Value John Hancock USA DFE: Pooled Separate Account $127,835
Jh Ls Mod Managed Portfolio John Hancock USA DFE: Pooled Separate Account $124,953
Vanguard Growth Index Fund John Hancock USA DFE: Pooled Separate Account $18,767
Vanguard Value Index Fund John Hancock USA DFE: Pooled Separate Account $18,174
Vanguard Mid-Cap Value Etf John Hancock USA DFE: Pooled Separate Account $8,976
Vanguard Small Cap Value Index John Hancock USA DFE: Pooled Separate Account $8,819
Vanguard Mid-Cap Growth Etf John Hancock USA DFE: Pooled Separate Account $8,634
Small Cap Index Fund John Hancock USA DFE: Pooled Separate Account $8,193
Vanguard Small Cap Grow Index John Hancock USA DFE: Pooled Separate Account $7,853
Jh Ls Con Managed Portfolio John Hancock USA DFE: Pooled Separate Account $6,015
Jh Ls Agg Managed Portfolio John Hancock USA DFE: Pooled Separate Account $1,398
Mid Cap Index Fund John Hancock USA DFE: Pooled Separate Account $206
New Perspective Fund John Hancock USA DFE: Pooled Separate Account $141
Total $10,686,953

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
John Hancock Life Insurance Company (U.S.A.) 184
EIN 01-0233346
Industry Code 65838
Contract Number 115266
Contract Year 01/01/2015 — 12/31/2015
Value in General Account at Year End $9,281
Value in Separate Accounts at Year End $10,686,952
Insurance Fees and Commissions $18,485
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Raymond James Insurance Group, Inc Po Box 14527 St Petersburg, FL 33733 -4527 Insurance Agent or Broker $17,321 $0
Benefit Planning Consultants, Inc. Po Box 7500 Champaign, IL 61826 Third Party Administrator $0 $1,164 TPA ALLOWANCE
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 Unspecified
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
Principal Life Insurance Company 0
EIN 42-0127290
Industry Code 61271
Contract Number 441462
Contract Year 01/01/2015 — 06/30/2015
Value in General Account at Year End $0
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $5,184
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Raymond James Insurance Group Inc Raymond James Ins Grp St Petersburg, FL 33716 Insurance Agent or Broker $5,184 $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 CUSTODIAL GUARANTEED FUND CONTRACT
Balance at the end of the previous year $4,048,461
Additions $38,617
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $38,617
Transferred from separate account $0
Other $0
Total of Balance and Additions $4,087,078
Deductions $4,087,078
Disbursed from fund to pay benefits or purchase annuities during the year $210,654
Administration charge made by carrier $400
Transferred to Separate Account $0
Other $3,876,024
Balance at the end of the current year $0