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FORM 5500 DATA

I.C. System, Inc. Savings Plus Plan

Overview

Plan Information

  • Plan Year01/01/2017 — 12/31/2017
  • Date of Plan09/01/1969
  • Net Assets as of 12/31/2017 $24,997,966
  • 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 12/31/2017

  • Active (Eligible) Participants560
  • Retired or separated participants receiving benefits13
  • Other retired or separated participants entitled to future benefits103
  • Subtotal676
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total676
  • Total number of participants as of 01/01/2017701
  • Number of participants with account balances377
  • 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

  • Address444 East Highway 96
  • CitySt Paul
  • StateMN
  • Zip55127
  • Telephone(651) 481-6413
  • EIN41-0739183
  • Industry Code561440
  • Named AdministratorKurt Heinbigner
  • Named Plan SponsorKurt Heinbigner

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.
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? 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 $4,667,839
Contributions $1,103,230
Cash Contributions $1,103,230
Cash from Employers $155,765
Cash from Participants $947,465
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $3,564,609
Total Interest $217,017
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $15,851
Interest from Other Investments $201,166
Total Dividends $7,396
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 $3,336,529
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 $3,667
Other Income $0
Expenses $1,536,810
Total Benefit Payments $1,514,385
Directly to participants or beneficiaries, including direct rollovers $1,514,385
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 $22,425
Professional Fees $0
Contract Administrator Fees $22,425
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $3,131,029
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2017 12/31/2016 Change YOY
Total Assets $24,997,966 $21,866,937 14.32%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $0 $0 0.0%
Employer Contributions $0 $0 0.0%
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 $295,926 $273,639 8.14%
Value of interest in common/collective trusts $0 $0 0.0%
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 $17,633,562 $15,033,191 17.30%
Value of funds held in insurance co. general account $7,068,478 $6,560,107 7.75%
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 $24,997,966 $21,866,937 14.32%

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
Abg Investment Services Investment advisory (plan) Investment Advisor $0 $32,000 $32,000
Massachusetts Mutual Life Ins. Co. 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 $22,425 $0 $22,425
American Century Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
American Century Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
American Funds Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Dimensional Fund Advisors Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Dimensional Fund Advisors Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Fidelity Investments Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Jp Morgan Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Pgim Investments Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Pimco Funds Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
T. Rowe Price Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Vanguard Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Vanguard Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Total $22,425 $32,000 $54,425

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Abg Investment Services Massachusetts Mutual Life Ins. Co. Investment advisory (plan) Plan Related Expenses $32,000
Massachusetts Mutual Life Ins. Co. Mm Retiresmart Conservative Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Mm Retiresmart Growth Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Mm Retiresmart Moderate Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Mm Retiresmart Moderate Growth Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Premier Int'L Equity Ofi Inst Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Premier Balanced Barings Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Premier Diversified Bond Barings Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Select Trpls Blue Chip Growth Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Contrafund Fidelity Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Ultra American Century Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. New Horizons T. Rowe Price Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Equity Growth American Century Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Mid Cap Gr Prudential Jennison Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Mid Cap Value Jp Morgan Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. New World American Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Washington Mutual Invs American Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
American Century Equity Growth American Century Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Century Ultra American Century Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds New World American Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds Washington Mutual Invs American Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Dimensional Fund Advisors Dfa Us Small Cap Value Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Dimensional Fund Advisors Dfa Real Estate Sec Prtfl Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Dimensional Fund Advisors Inflation-Protected Secs Dfa Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Fidelity Investments Contrafund Fidelity Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Jp Morgan Mid Cap Value Jp Morgan Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Pgim Investments Mid Cap Gr Prudential Jennison Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Pimco Funds Pimco Global Bond Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price New Horizons T. Rowe Price Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard 500 Index Vanguard Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Mid Cap Index Vanguard Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Small Cap Index Vanguard Investment management fees paid indirectly by plan 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
Sia-Wg New Horizons Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $2,096,443
Sia-Wb Contrafund Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $1,863,530
Sia-Kt Washington Mutual Invs Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $1,616,662
Sia-Cnd 500 Index Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $1,463,778
Sia-Y1 Select Trp/Ls Blue Chip Grow Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $1,462,699
Sia-6I Mm Retiresmart Moderate Grow Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $1,453,517
Sia-I Premier Int'L Equity Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $1,395,355
Sia-Wl Ultra Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $1,151,529
Sia-5I Mm Retiresmart Moderate Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $818,882
Sia-Wj Equity Growth Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $722,952
Sia-M Premier Balanced Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $652,733
Sia-Cnj Small Cap Index Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $634,471
Sia-7I Mm Retiresmart Growth Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $501,952
Sia-P Premier Diversified Bond Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $442,061
Sia-4I Mm Retiresmart Conservative Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $388,947
Sia-Uj Mid Cap Value Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $281,064
Sia-Cnf Mid Cap Index Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $196,333
Sia-Px New World Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $78,636
Sia-T Mid Cap Gr Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $72,024
Sia-Cnb Inflation-Protected Secs Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $31,853
Total $17,325,421

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Massachusetts Mutual Life Insurance Company 676
EIN 04-1590850
Industry Code 65935
Contract Number SF 9929
Contract Year 01/01/2017 — 12/31/2017
Value in General Account at Year End $7,068,478
Value in Separate Accounts at Year End $17,325,422
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 $6,560,107
Additions $1,877,345
Contributions Deposited during the year $1,103,161
Dividends and credits $0
Interest credited during the year $201,166
Transferred from separate account $432,458
Other $140,560
Total of Balance and Additions $8,437,452
Deductions $1,368,973
Disbursed from fund to pay benefits or purchase annuities during the year $232,910
Administration charge made by carrier $4,331
Transferred to Separate Account $1,107,091
Other $24,641
Balance at the end of the current year $7,068,479