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Trustees of Sheet Metal Workers Local Union No. 80 Annuity Fund

Plan Rating

Sheet Metal Workers Local Union No. 80 Annuity Fund


Plan Information

  • Plan Year06/01/2017 — 05/31/2018
  • Date of Plan06/01/1990
  • Net Assets as of 05/31/2018 $84,512,522
  • Plan Number2
  • Plan Type Multi-Employer
  • Is the plan collectively bargained?Yes
  • Did the plan file for an extension of time or the DFVC Program?Yes
  • Plan Funding Arrangement Trust
  • Plan Benefit Arrangement Trust

Participant Information as of 05/31/2018

  • Active (Eligible) Participants1,511
  • Retired or separated participants receiving benefits5
  • Other retired or separated participants entitled to future benefits215
  • Subtotal1,731
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits10
  • Total1,741
  • Total number of participants as of 06/01/20171,498
  • Number of participants with account balances1,741
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested0


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

Sponsor Information

  • Address700 Tower Drive, Suite 300
  • CityTROY
  • StateMI
  • Zip48098-2808
  • Telephone(248) 813-9800
  • EIN38-2941426
  • Industry Code238220
  • Named AdministratorTimothy J. Mulligan
  • Named Plan SponsorPhil Mcshane

Audit Information

  • Audit StatusAudited
  • AuditorBenda, Grace, Stulz & Company, P.C.
  • Auditor EIN38-2284921
  • 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.
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.

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 $53,791
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


Income and Expense Statement

Income $12,214,420
Contributions $2,240,676
Cash Contributions $2,240,676
Cash from Employers $1,320,478
Cash from Participants $920,198
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $9,766,871
Total Interest $45,234
Interest-Bearing Cash $24
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $45,210
Interest from Other Investments $0
Total Dividends $1,318,904
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 $95,562
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 $8,307,171
Other Income $206,873
Expenses $3,715,178
Total Benefit Payments $3,417,874
Directly to participants or beneficiaries, including direct rollovers $3,417,874
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 $297,304
Professional Fees $36,816
Contract Administrator Fees $14,364
Investment Advisory and management fees $196,438
Other Administrative Fees $49,686
Net Income $8,499,242
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

05/31/2018 05/31/2017 Change YOY
Total Assets $84,645,546 $76,072,916 11.27%
Total noninterest-bearing cash $49,364 $38,438 28.42%
Receivables $193,555 $181,232 6.80%
Employer Contributions $105,557 $99,613 5.97%
Participant Contributions $72,100 $63,276 13.95%
Other Contributions $15,898 $18,343 -13.33%
General Investments $60,355 $24,258 148.80%
Interest-bearing cash $60,355 $24,258 148.80%
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 $1,498,909 $1,383,022 8.38%
Value of interest in common/collective trusts $7,647,226 $7,620,735 0.35%
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 $75,184,913 $66,825,231 12.51%
Value of funds held in insurance co. general account $0 $0 0.0%
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 $11,224 $0 0.0%
Total Liabilities $133,024 $59,636 123.06%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $51,958 $23,060 125.32%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $81,066 $36,576 121.64%
Net Assets $84,512,522 $76,013,280 11.18%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • American Century Investments
  • American Funds
  • T. Rowe Price
  • Janus
  • Metwest Funds
  • JPMorgan Asset Management
  • Pioneer Investment Management Inc
  • Blackrock Funds
  • Reliance Trust Company
  • Massachusetts Financial Services Co
  • Legg Mason

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
Benesys, Inc. Contract Administrator NONE $124,456 $0 $124,456
Morgan Stanley Investment advisory (plan) NONE $66,250 $0 $66,250
American Graphics Printing Co. Copying and duplicating NONE $25,669 $0 $25,669
Fidelity Investments Consulting (general) NONE $25,562 $0 $25,562
Plante & Moran, PLLC Accounting (including auditing) NONE $21,650 $0 $21,650
Sachs Waldman, P.C. Legal NONE $12,736 $0 $12,736
The Pnc Financial Services Group Custodial (other than securities) NONE $7,405 $0 $7,405
Total $283,728 $0 $283,728

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

Name Position Explanation
Plante & Moran, PLLC Accountant Trustees Put Audit Out for Bid and Selected Another Firm.



Name of Investment Investment Manager Type of Investment Dollar Value
Reliance Trust Co. Stable Value Reliance Trust Company DFE: Common/Collective Trust $7,647,226
Total $7,647,226

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.