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FORM 5500 DATA

Harbor Group Incorporated Profit Sharing 401k Plan

Overview

Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan01/01/1992
  • Net Assets as of 12/31/2019 $19,860,632
  • 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 12/31/2019

  • Active (Eligible) Participants189
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits21
  • Subtotal210
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total210
  • Total number of participants as of 01/01/2019199
  • Number of participants with account balances207
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested10

Expenses

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

Sponsor Information

  • Address1115 E Broadway
  • CityMuskegon
  • StateMI
  • Zip49444
  • Telephone(231) 739-7152
  • EIN38-2497470
  • Industry Code423500
  • Named AdministratorAllen Thigpen

Audit Information

  • Audit StatusAudited
  • AuditorRehmann Robson LLC
  • Auditor EIN38-3635706
  • 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.
2R Brokerage Window Participant-directed brokerage accounts provided as an investment option under the plan.
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 $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? 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 $5,019,387
Contributions $1,570,217
Cash Contributions $1,570,217
Cash from Employers $805,952
Cash from Participants $752,890
Others (including rollovers) $11,375
Noncash Contributions $0
Total Earnings on Investments $3,449,170
Total Interest $35,988
Interest-Bearing Cash $4,702
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $28,161
Interest from Other Investments $3,125
Total Dividends $618,534
Preferred Stock $0
Common Stock $261
Rents $0
Net gain (loss) on sale of assets $2,034
Aggregate Proceeds $11,634
Aggregate Carrying Amount $9,600
Total Unrealized Appreciation (depreciation) of assets $4,291
Real Estate $0
Other $4,291
Net investment gain (loss) from common/collective trusts $257
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 $2,788,066
Other Income $0
Expenses $431,298
Total Benefit Payments $360,630
Directly to participants or beneficiaries, including direct rollovers $360,630
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 $70,668
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $2,557
Other Administrative Fees $68,111
Net Income $4,588,089
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2019 12/31/2018 Change YOY
Total Assets $19,860,632 $15,272,543 30.04%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $447,001 $969,978 -53.92%
Employer Contributions $447,001 $969,978 -53.92%
Participant Contributions $0 $0 0.0%
Other Contributions $0 $0 0.0%
General Investments $525,375 $59,986 775.83%
Interest-bearing cash $525,375 $59,986 775.83%
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 $34,467 $26,078 32.17%
Preferred $0 $0 0.0%
Common $34,467 $26,078 32.17%
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 $463,931 $415,080 11.77%
Value of interest in common/collective trusts $0 $149,816 -100.00%
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 $18,220,720 $13,651,124 33.47%
Value of funds held in insurance co. general account $169,138 $481 35063.83%
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 $19,860,632 $15,272,543 30.04%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Fidelity Investments Institutional

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 Participant loan processing, Sub-transfer agency fees, Recordkeeping fees, Account maintenance fees, Securities brokerage commissions and fees Recordkeeper $36,803 $0 $36,803
Cambridge Investment Research Investment advisory (plan) Advisor $31,580 $0 $31,580
Total $68,383 $0 $68,383

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Fidelity Investments Institutional Af Europac Grth R4 - American Fund Sub-transfer agency fees 0.35% $0
Fidelity Investments Institutional Baron Small Cap - Dst Systems Inc Sub-transfer agency fees 0.40% $0
Fidelity Investments Institutional Cb Small Cap A - Bny Mellon Invest Sub-transfer agency fees 0.50% $0
Fidelity Investments Institutional J H Enterprise T - Janus Services Sub-transfer agency fees 0.35% $0
Fidelity Investments Institutional Lincoln Stable Value Sub-transfer agency fees 0.20% $0
Fidelity Investments Institutional Northern Sm Cap Val - Northern Tru Sub-transfer agency fees 0.40% $0
Fidelity Investments Institutional Invesco Diversified Dividend Class Sub-transfer agency fees 0.40% $0
Fidelity Investments Institutional Invesco Oppenheimer Global Opport Sub-transfer agency fees 0.40% $0
Fidelity Investments Institutional Doubleline Shiller Enhanced Cap Cl Sub-transfer agency fees 0.40% $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
Mip Cl 1 Fidelity Management Trust Company DFE: Common/Collective Trust $0
Total $0

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Lincoln National Life Insurance Company 11
EIN 35-0472300
Industry Code 65676
Contract Number 895207087
Contract Year 01/01/2019 — 12/31/2019
Value in General Account at Year End $0
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 Investment
Balance at the end of the previous year $481
Additions $169,513
Contributions Deposited during the year $166,391
Dividends and credits $0
Interest credited during the year $3,122
Transferred from separate account $0
Other $0
Total of Balance and Additions $169,994
Deductions $856
Disbursed from fund to pay benefits or purchase annuities during the year $856
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $169,138