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Plan Information

  • Plan Year05/01/2016 — 04/30/2017
  • Date of Plan05/01/1994
  • Net Assets as of 04/30/2017 $18,977,047
  • 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 04/30/2017

  • Active (Eligible) Participants691
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits59
  • Subtotal750
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total750
  • Total number of participants as of 05/01/2016577
  • Number of participants with account balances715
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested53


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

Sponsor Information

  • Address2655 International Parkway
  • CityVirginia Beach
  • StateVA
  • Zip23452
  • Telephone(757) 427-1900
  • EIN54-0852946
  • Industry Code541310
  • Named AdministratorMichael Garofalo

Audit Information

  • Audit StatusAudited
  • AuditorFeher, Hoover, & Feher CPAS, Pc
  • Auditor EIN54-1866871
  • 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.
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 $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 $5,242,543
Contributions $3,517,355
Cash Contributions $3,517,355
Cash from Employers $1,190,287
Cash from Participants $1,813,787
Others (including rollovers) $513,281
Noncash Contributions $0
Total Earnings on Investments $1,725,188
Total Interest $91,486
Interest-Bearing Cash $91,486
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $0
Total Dividends $353,355
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 $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 $1,280,347
Other Income $0
Expenses $1,059,800
Total Benefit Payments $1,057,243
Directly to participants or beneficiaries, including direct rollovers $1,057,243
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 $2,557
Professional Fees $0
Contract Administrator Fees $2,557
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $4,182,743
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

04/30/2017 04/30/2016 Change YOY
Total Assets $18,977,047 $14,794,304 28.27%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $776,072 $180,064 331.00%
Employer Contributions $693,716 $126,585 448.02%
Participant Contributions $82,356 $53,479 54.00%
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 $0 $0 0.0%
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 $14,953,500 $11,535,167 29.63%
Value of funds held in insurance co. general account $3,247,126 $2,981,386 8.91%
Other Investments $349 $97,687 -99.64%
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 $18,977,047 $14,794,304 28.27%

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
Mass Mutual Life Insurance Company Recordkeeping and information management (computing, tabulating, data processing, etc.), Insurance services, Participant loan processing, Participant communication, Direct payment from the plan, Sales loads (front end and deferred), Other commissions, Shareholder servicing fees, Sub-transfer agency fees, Float revenue, Distribution (12b-1) fees, Recordkeeping fees, Account maintenance fees, Insurance mortality and expense charge, Other fees NONE $2,557 $356 $2,913
Mesirow Financial Investment Investment advisory (plan) NONE $0 $0 $0
Envestnet Retirement Solutions, LLC Investment advisory (plan) NONE $0 $0 $0
Total $2,557 $356 $2,913

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Mesirow Financial Investment Manage Massachusetts Mutual Life Insurance Investment advisory (plan) Tiered Percentage of Assets In Total Equal To 1.44 Bps of The Aggregate Assets of All participating Plans In The Fiduciary Assure Program With Respect To Mesirow's Investment Advisory Services $0
Envestnet Retirement Solutions, LLC Massachusetts Mutual Life Insurance Investment advisory (plan) Tiered Percentage of Assets Equal To 0.69 Bps of The Aggregate Assets of All participating Plans In The Fiduciary Assure Program With Respect To Ers's Investment Advisory Services $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.



Name of Investment Investment Manager Type of Investment Dollar Value
Seperate Account 401 Hartford Life Insurance Company DFE: Pooled Separate Account $14,953,568
Total $14,953,568

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Hartford Life Insurance Company 715
EIN 06-0974148
Industry Code 88072
Contract Number 826772
Contract Year 05/01/2016 — 04/30/2017
Value in General Account at Year End $3,247,126
Value in Separate Accounts at Year End $14,953,568
Insurance Fees and Commissions $48,292
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Ubs Financial Services 610 S Bryant Sant Angelo, TX 76904 Insurance Agent or Broker $40,243 $0
Dixon Hughes Goodman LLP 440 Monticello Avenue Norfolk, VA 23510 -2575 Third Party Administrator $0 $8,049 ADMINISTRATIVE ALLOWANCE
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 Investment
Balance at the end of the previous year $2,981,386
Additions $674,883
Contributions Deposited during the year $-4,108
Dividends and credits $0
Interest credited during the year $91,486
Transferred from separate account $387,505
Other $200,000
Total of Balance and Additions $3,656,269
Deductions $409,145
Disbursed from fund to pay benefits or purchase annuities during the year $408,976
Administration charge made by carrier $169
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $3,247,124