Back to top

A.C. & T. Co., Inc. 401k Profit Sharing Plan


Plan Information

  • Plan Year07/01/2016 — 06/30/2017
  • Date of Plan07/01/1974
  • Net Assets as of 06/30/2017 $12,720,317
  • 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 Arrangement Trust
  • Plan Benefit Arrangement Trust

Participant Information as of 06/30/2017

  • Active (Eligible) Participants591
  • Retired or separated participants receiving benefits7
  • Other retired or separated participants entitled to future benefits47
  • Subtotal645
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits1
  • Total646
  • Total number of participants as of 07/01/2016600
  • Number of participants with account balances471
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested11


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

Sponsor Information

  • Address11535 Hopewell Road
  • CityHagerstown
  • StateMD
  • Zip21740
  • Telephone(301) 582-2700
  • EIN52-0715156
  • Industry Code447100
  • Named AdministratorEdward B. Penn

Audit Information

  • Audit StatusAudited
  • AuditorSmith Elliott Kearns & Company, LLC
  • Auditor EIN52-0783935
  • 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.
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.
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 $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 $2,376,167
Contributions $1,003,947
Cash Contributions $1,003,947
Cash from Employers $470,912
Cash from Participants $533,035
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $1,370,865
Total Interest $44,637
Interest-Bearing Cash $502
U.S. Government Securities $3,187
Corporate Debt Instruments $32,739
Loans (other than to participants) $0
Participant Loans $8,209
Interest from Other Investments $0
Total Dividends $293,924
Preferred Stock $0
Common Stock $54,655
Rents $0
Net gain (loss) on sale of assets $153,245
Aggregate Proceeds $3,735,227
Aggregate Carrying Amount $3,581,982
Total Unrealized Appreciation (depreciation) of assets $162,301
Real Estate $0
Other $162,301
Net investment gain (loss) from common/collective trusts $7,806
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 $708,952
Other Income $1,355
Expenses $926,633
Total Benefit Payments $830,946
Directly to participants or beneficiaries, including direct rollovers $830,946
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 $95,687
Professional Fees $35,081
Contract Administrator Fees $0
Investment Advisory and management fees $60,517
Other Administrative Fees $89
Net Income $1,449,534
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

06/30/2017 06/30/2016 Change YOY
Total Assets $12,752,925 $11,272,844 13.13%
Total noninterest-bearing cash $3,312 $2,192 51.09%
Receivables $193,703 $149,216 29.81%
Employer Contributions $162,272 $135,263 19.97%
Participant Contributions $17,777 $0 0.0%
Other Contributions $13,654 $13,953 -2.14%
General Investments $139,395 $296,377 -52.97%
Interest-bearing cash $62,868 $216,878 -71.01%
U.S. Government Securities $76,527 $79,499 -3.74%
Corporate Debt Instruments $1,041,708 $1,192,532 -12.65%
Preferred $0 $0 0.0%
All Other $1,041,708 $1,192,532 -12.65%
Corporate Stocks $1,830,829 $1,953,611 -6.28%
Preferred $0 $0 0.0%
Common $1,830,829 $1,953,611 -6.28%
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 $180,545 $180,632 -0.05%
Value of interest in common/collective trusts $344,488 $309,759 11.21%
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 $9,018,945 $7,188,525 25.46%
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 $0 $0 0.0%
Total Liabilities $32,608 $2,061 1482.14%
Benefit Claims Payable (1) $219 $0 0.0%
Operating Payables (1) $0 $0 0.0%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $32,389 $2,061 1471.52%
Net Assets $12,720,317 $11,270,783 12.86%

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
Cbiz Benefits and Insurance Serives Contract Administrator, Participant loan processing, Recordkeeping and information management (computing, tabulating, data processing, etc.), Direct payment from the plan Contract Administrator $34,006 $0 $34,006
Alerus Financial, N.A. Recordkeeping and information management (computing, tabulating, data processing, etc.), Trustee (bank, trust company, or similar financial institution), Custodial (securities), Direct payment from the plan, Investment advisory (participants) Custodian $23,656 $0 $23,656
Bb&T Retirement and Instl Services Trustee (discretionary), Direct payment from the plan Trustee $19,368 $0 $19,368
Cbiz Financial Solutions, Inc Investment advisory (plan), Direct payment from the plan Investment Advisor $14,169 $0 $14,169
Flurie & Slick, CPA Accounting (including auditing), Direct payment from the plan Auditor $4,400 $0 $4,400
Total $95,599 $0 $95,599

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

There is no termination information for this plan.



Name of Investment Investment Manager Type of Investment Dollar Value
Metlife Gac Series 25053 Cl III Alerus Financial DFE: Common/Collective Trust $344,488
Total $344,488

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.