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Overview

Plan Information

  • Plan Year01/01/2017 — 12/31/2017
  • Date of Plan01/01/1986
  • Net Assets as of 12/31/2017 $198,327,831
  • 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 12/31/2017

  • Active (Eligible) Participants2,741
  • Retired or separated participants receiving benefits17
  • Other retired or separated participants entitled to future benefits975
  • Subtotal3,733
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total3,733
  • Total number of participants as of 01/01/20173,568
  • Number of participants with account balances3,733
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested65

Expenses

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

Sponsor Information

  • Address110 Royal Little Drive
  • CityProvidence
  • StateRI
  • Zip02904-1860
  • Telephone(401) 868-2040
  • EIN05-0102480
  • Industry Code541990
  • Named AdministratorDavid G. Himsey
  • Named Plan SponsorDavid G. Himsey

Audit Information

  • Audit StatusAudited
  • AuditorRsm Us LLP
  • Auditor EIN42-0714325
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope Audit

Benefits Provided Under the Plan

Code Benefit Description
2A Age/Service Weighted or New Comparability or Similar Plan Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New Comparability or Similar Plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the threshold or additional rate allowed under the permitted disparity rules of section 401(l)
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.
2H Partial participant-directed account plan Participants have the opportunity to direct the investment of a portion of 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 $427,533
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 $5,000,000
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 $31,825,664
Contributions $17,638,106
Cash Contributions $17,638,106
Cash from Employers $8,686,047
Cash from Participants $8,230,840
Others (including rollovers) $721,219
Noncash Contributions $0
Total Earnings on Investments $14,187,558
Total Interest $1,042,367
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $166,737
Interest from Other Investments $875,630
Total Dividends $1,275,090
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 $1,198,769
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 $10,671,332
Other Income $0
Expenses $13,755,554
Total Benefit Payments $13,755,554
Directly to participants or beneficiaries, including direct rollovers $13,755,554
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 $0
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $18,070,110
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 $198,327,831 $170,103,767 16.59%
Total noninterest-bearing cash $126 $100 26.00%
Receivables $4,750,531 $4,566,097 4.04%
Employer Contributions $4,750,531 $4,566,097 4.04%
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 $4,348,534 $3,518,046 23.61%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $7,520,584 $9,955,668 -24.46%
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 $139,178,459 $121,586,761 14.47%
Value of funds held in insurance co. general account $42,529,597 $0 0.0%
Other Investments $0 $30,477,095 -100.00%
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 $198,327,831 $170,103,767 16.59%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Prudential Retirement Ins & Annuity

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
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 $189,164 $0 $189,164
401K Advisors, Inc. Other services NONE $136,825 $0 $136,825
Total $325,989 $0 $325,989

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
The Prudential Insurance Company of Prudential Retirement Ins & Annuity Recordkeeping and information management (computing, tabulating, data processing, etc.), Sub-transfer agency fees, Recordkeeping fees 22.000 Bps and $0.00 Per Participant Invested In The Fund From 1/1/2017 To 12/31/2017 Pru Jenn Nat Resources A $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
Scv/Integrity Prudential Retirement Insurance DFE: Pooled Separate Account $7,520,584
Mcg/Artisan Partner Prudential Retirement Insurance DFE: Pooled Separate Account $0
Total $7,520,584

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Prudential Retirement Insurance & Annuity Company 3,733
EIN 06-1050034
Industry Code 93629
Contract Number 041181
Contract Year 01/01/2017 — 12/31/2017
Value in General Account at Year End $42,529,597
Value in Separate Accounts at Year End $7,520,584
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 $30,477,095
Additions $18,197,097
Contributions Deposited during the year $3,246,289
Dividends and credits $0
Interest credited during the year $875,629
Transferred from separate account $8,683,160
Other $5,392,019
Total of Balance and Additions $48,674,192
Deductions $6,144,595
Disbursed from fund to pay benefits or purchase annuities during the year $3,735,211
Administration charge made by carrier $1,841
Transferred to Separate Account $153,736
Other $2,253,807
Balance at the end of the current year $42,529,597