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FORM 5500 DATA

Richards, Layton & Finger P.A. Profit Sharing Plan

Overview

Plan Information

  • Plan Year07/01/2017 — 06/30/2018
  • Date of Plan07/01/1978
  • Net Assets as of 06/30/2018 $173,423,068
  • Plan Number2
  • 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 06/30/2018

  • Active (Eligible) Participants307
  • Retired or separated participants receiving benefits3
  • Other retired or separated participants entitled to future benefits83
  • Subtotal393
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total393
  • Total number of participants as of 07/01/2017340
  • Number of participants with account balances366
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested6

Expenses

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

Sponsor Information

  • AddressOne Rodney Square 920 North King Street
  • CityWilmington
  • StateDE
  • Zip19801
  • Telephone(302) 651-7700
  • EIN51-0226371
  • Industry Code541110
  • Named AdministratorElizabeth Danforth
  • Named Plan SponsorElizabeth Danforth

Plan Administrator Information

  • Administrator NameRichards, Layton & Finger P.A.
  • AddressOne Rodney Square 920 North King Street
  • CityWilmington
  • StateDE
  • Zip19801
  • Telephone(302) 651-7700
  • Administrator EIN51-0226371

Audit Information

  • Audit StatusAudited
  • AuditorMazars USA LLP
  • Auditor EIN13-1459550
  • 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.
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? 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 $20,056,688
Contributions $7,389,722
Cash Contributions $7,389,722
Cash from Employers $4,317,148
Cash from Participants $3,016,398
Others (including rollovers) $56,176
Noncash Contributions $0
Total Earnings on Investments $12,125,529
Total Interest $330,774
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $7,783
Interest from Other Investments $322,991
Total Dividends $719,604
Preferred Stock $0
Common Stock $0
Rents $0
Net gain (loss) on sale of assets $179
Aggregate Proceeds $13,655
Aggregate Carrying Amount $13,476
Total Unrealized Appreciation (depreciation) of assets $4,791
Real Estate $0
Other $4,791
Net investment gain (loss) from common/collective trusts $0
Net investment gain (loss) from pooled separate accounts $9,503,082
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 $1,567,099
Other Income $541,437
Expenses $3,760,216
Total Benefit Payments $3,722,942
Directly to participants or beneficiaries, including direct rollovers $3,722,942
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 $37,274
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $37,274
Net Income $16,296,472
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

06/30/2018 06/30/2017 Change YOY
Total Assets $173,423,068 $157,126,596 10.37%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $4,419,755 $4,463,285 -0.98%
Employer Contributions $4,317,148 $4,463,285 -3.27%
Participant Contributions $102,607 $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 $148,964 $180,115 -17.30%
Real estate (other than employer real property) $0 $0 0.0%
Loans (other than to participants) $0 $0 0.0%
Participants Loans $155,368 $174,081 -10.75%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $97,341,012 $93,585,871 4.01%
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 $25,394,795 $19,579,444 29.70%
Value of funds held in insurance co. general account $19,267,006 $15,560,250 23.82%
Other Investments $26,696,168 $23,583,550 13.20%
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 $173,423,068 $157,126,596 10.37%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Prudential Retirement Insurance and

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
Donald W Nicholson & Associates, Lt Investment management fees paid directly by plan NONE $56,678 $0 $56,678
Prudential Retirement Insurance and Contract Administrator, Recordkeeping and information management (computing, tabulating, data processing, etc.), Participant loan processing, Direct payment from the plan, Recordkeeping fees NONE $33,594 $0 $33,594
Prudential Investment Management SE Distribution (12b-1) fees, Securities brokerage commissions and fees NONE $3,946 $9,519 $13,465
Tower Bridge Advisors Investment management fees paid directly by plan NONE $9,330 $0 $9,330
Total $103,548 $9,519 $113,067

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Prudential Retirement Insurance and Prudential Retirement Insurance and Recordkeeping and information management (computing, tabulating, data processing, etc.), Recordkeeping fees 15.000 Bps and $0.00 Per Participant Invested In The Fund From 1/1/2017 To 12/31/2017 Guaranteed Income Fund $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
Intl Bld/Wellington Prudential Retirement Ins. DFE: Pooled Separate Account $16,384,614
Trp Growth Stk Stgy Prudential Retirement Ins. DFE: Pooled Separate Account $14,949,598
Lcv/Wellington Prudential Retirement Ins. DFE: Pooled Separate Account $13,160,693
Core Bond / Pgim Fund Prudential Retirement Ins. DFE: Pooled Separate Account $8,926,391
Scv/Kennedy Capital Prudential Retirement Ins. DFE: Pooled Separate Account $7,343,635
Dryden S&P 500 Index Fund Prudential Retirement Ins. DFE: Pooled Separate Account $7,292,704
Scg/Timessquare Prudential Retirement Ins. DFE: Pooled Separate Account $6,994,092
Balanced I/Wellington Prudential Retirement Ins. DFE: Pooled Separate Account $6,757,908
Qma Midcap Quant Ce Prudential Retirement Ins. DFE: Pooled Separate Account $4,338,782
Mcg/Artisan Partner Prudential Retirement Ins. DFE: Pooled Separate Account $2,599,645
Corporate Bd / Pgim Fund Prudential Retirement Ins. DFE: Pooled Separate Account $2,284,072
Mcv/Robeco Fund Prudential Retirement Ins. DFE: Pooled Separate Account $2,168,252
Core Plus Bond / Pgim Fd Prudential Retirement Ins. DFE: Pooled Separate Account $1,308,493
Prudential Short-Term Prudential Retirement Ins. DFE: Pooled Separate Account $980,690
Real Estate/Am Century Fd Prudential Retirement Ins. DFE: Pooled Separate Account $980,338
Large Cap Blend / Ajo Prudential Retirement Ins. DFE: Pooled Separate Account $871,105
Total $97,341,012

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Prudential Retirement Insurance and Annuity Company 393
EIN 06-1050034
Industry Code 93629
Contract Number 038808
Contract Year 07/01/2017 — 06/30/2018
Value in General Account at Year End $19,267,006
Value in Separate Accounts at Year End $97,341,012
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 GENERAL ACCOUNT CONTRACT
Balance at the end of the previous year $15,560,250
Additions $6,436,244
Contributions Deposited during the year $789,600
Dividends and credits $0
Interest credited during the year $316,693
Transferred from separate account $4,189,233
Other $1,140,718
Total of Balance and Additions $21,996,494
Deductions $2,729,488
Disbursed from fund to pay benefits or purchase annuities during the year $859,861
Administration charge made by carrier $96
Transferred to Separate Account $1,146,658
Other $722,873
Balance at the end of the current year $19,267,006