Back to top
FORM 5500 DATA

Madison Services Group, LLC 401k Plan

Overview

Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan01/01/2012
  • Net Assets as of 12/31/2019 $6,764,537
  • Plan Number101
  • 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 12/31/2019

  • Active (Eligible) Participants3,810
  • Retired or separated participants receiving benefits2
  • Other retired or separated participants entitled to future benefits83
  • Subtotal3,895
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total3,895
  • Total number of participants as of 01/01/20192,168
  • Number of participants with account balances571
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested12

Expenses

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

Sponsor Information

  • Address3715 Northside Parkway, 300 Northcreek, Suite 110
  • CityAtlanta
  • StateGA
  • Zip30327
  • Telephone(404) 237-4026
  • EIN02-0625842
  • Industry Code623000
  • Named AdministratorPhil Tisue

Plan Administrator Information

  • Administrator NameTag Resources, LLC
  • Address6501 Deane Hill Dr.
  • CityKnoxville
  • StateTN
  • Zip37919
  • Telephone(865) 670-1844
  • Administrator EIN62-1874769

Audit Information

  • Audit StatusAudited
  • AuditorCoulter & Justus
  • Auditor EIN62-1532536
  • 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.
3B Self-Employed Plan Plan covering Self-Employed individuals.
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? Yes $20,474
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

Financials

Income and Expense Statement

Income $2,941,421
Contributions $1,853,888
Cash Contributions $1,853,888
Cash from Employers $243,143
Cash from Participants $1,394,642
Others (including rollovers) $216,103
Noncash Contributions $0
Total Earnings on Investments $1,087,533
Total Interest $8,183
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $5,863
Interest from Other Investments $2,320
Total Dividends $0
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 $1,079,350
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 $0
Other Income $0
Expenses $567,845
Total Benefit Payments $508,977
Directly to participants or beneficiaries, including direct rollovers $508,977
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 $58,868
Professional Fees $58,868
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $2,373,576
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2019 12/31/2018 Change YOY
Total Assets $6,827,840 $4,477,538 52.49%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $67,963 $48,041 41.47%
Employer Contributions $13,054 $7,795 67.47%
Participant Contributions $54,909 $40,246 36.43%
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 $159,798 $140,211 13.97%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $6,422,800 $4,168,341 54.09%
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 $0 $0 0.0%
Value of funds held in insurance co. general account $177,279 $120,945 46.58%
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 $63,303 $86,577 -26.88%
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) $63,303 $86,577 -26.88%
Net Assets $6,764,537 $4,390,961 54.06%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Transamerica Life Insurance Company

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
Tag Resources, LLC Recordkeeping and information management (computing, tabulating, data processing, etc.), Participant loan processing, Recordkeeping fees Plan Administrator $29,230 $11 $29,241
Transamerica Life Insurance Company Recordkeeping and information management (computing, tabulating, data processing, etc.), Participant loan processing, Investment management fees paid indirectly by plan, Float revenue, Recordkeeping fees, Other insurance wrap fees Record Keeper $25,138 $0 $25,138
Coulter & Justus Accounting (including auditing) Audit $4,500 $0 $4,500
Total $58,868 $11 $58,879

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.

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Ta Vanguard Institutional Target Re Transamerica Life Insurance Company DFE: Pooled Separate Account $912,305
Columbia Contrarian Core Ret Opt Transamerica Life Insurance Company DFE: Pooled Separate Account $905,172
Ta Vanguard Institutional Target Re Transamerica Life Insurance Company DFE: Pooled Separate Account $756,728
Ta Vanguard Institutional Target Re Transamerica Life Insurance Company DFE: Pooled Separate Account $715,636
Ta Vanguard Total Stock Market Inde Transamerica Life Insurance Company DFE: Pooled Separate Account $644,390
Ta Vanguard Institutional Target Re Transamerica Life Insurance Company DFE: Pooled Separate Account $362,242
Ta Vanguard Institutional Target Re Transamerica Life Insurance Company DFE: Pooled Separate Account $341,829
Ta Vanguard Institutional Target Re Transamerica Life Insurance Company DFE: Pooled Separate Account $336,638
Eaton Vance Atlanta Cap Smid-Cap Re Transamerica Life Insurance Company DFE: Pooled Separate Account $301,529
Ta Vanguard Institutional Target Re Transamerica Life Insurance Company DFE: Pooled Separate Account $245,793
Ta Vanguard Institutional Target Re Transamerica Life Insurance Company DFE: Pooled Separate Account $164,006
Transamerica International Equity R Transamerica Life Insurance Company DFE: Pooled Separate Account $127,825
Goldman Sachs Bond Ret Opt Transamerica Life Insurance Company DFE: Pooled Separate Account $111,344
Ta Vanguard Institutional Target Re Transamerica Life Insurance Company DFE: Pooled Separate Account $99,010
State Street Russell Small Cap Inde Transamerica Life Insurance Company DFE: Pooled Separate Account $72,618
Morgan Stanley Growth Ret Opt Transamerica Life Insurance Company DFE: Pooled Separate Account $70,876
State Street International Index Re Transamerica Life Insurance Company DFE: Pooled Separate Account $62,579
Ta Vanguard Institutional Target Re Transamerica Life Insurance Company DFE: Pooled Separate Account $47,817
Eaton Vance High Income Opportuniti Transamerica Life Insurance Company DFE: Pooled Separate Account $27,227
Transamerica Partners Stock Index R Transamerica Life Insurance Company DFE: Pooled Separate Account $24,431
Ta Vanguard Institutional Target Re Transamerica Life Insurance Company DFE: Pooled Separate Account $22,675
State Street U.S. Bond Index Ret Op Transamerica Life Insurance Company DFE: Pooled Separate Account $19,630
State Street S&P Mid Cap Index Ret Transamerica Life Insurance Company DFE: Pooled Separate Account $18,259
Dfa Emerging Markets Core Equity Re Transamerica Life Insurance Company DFE: Pooled Separate Account $17,399
Ta Vanguard Institutional Target Re Transamerica Life Insurance Company DFE: Pooled Separate Account $8,580
T. Rowe Price Equity Income Ret Opt Transamerica Life Insurance Company DFE: Pooled Separate Account $3,059
Voya Small Company Ret Opt Transamerica Life Insurance Company DFE: Pooled Separate Account $1,497
Principal Diversified Real Asset Re Transamerica Life Insurance Company DFE: Pooled Separate Account $1,442
Dfa Inflation-Protected Securities Transamerica Life Insurance Company DFE: Pooled Separate Account $146
American Century Focused Global Ret Transamerica Life Insurance Company DFE: Pooled Separate Account $118
Total $6,422,800

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Transamerica Life Insurance Company 3,895
EIN 39-0989781
Industry Code 86231
Contract Number 931061-545
Contract Year 01/01/2019 — 12/31/2019
Value in General Account at Year End $0
Value in Separate Accounts at Year End $6,422,800
Insurance Fees and Commissions $21,718
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Tynes Hildebrand 2839 Paces Ferry Rd SE Ste 112 Atlanta, GA 30339 -5770 Insurance Agent or Broker $21,718 $0 N/A
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 STABLE VALUE OPTION
Balance at the end of the previous year $120,945
Additions $80,012
Contributions Deposited during the year $32,786
Dividends and credits $0
Interest credited during the year $2,320
Transferred from separate account $2,404
Other $42,502
Total of Balance and Additions $200,957
Deductions $23,678
Disbursed from fund to pay benefits or purchase annuities during the year $2,521
Administration charge made by carrier $439
Transferred to Separate Account $2,546
Other $18,172
Balance at the end of the current year $177,279