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Shutts & Bowen, LLP 401k Profit Sharing Plan (B)


Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan01/01/1999
  • Net Assets as of 12/31/2019 $29,647,058
  • Plan Number22
  • 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 12/31/2019

  • Active (Eligible) Participants158
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits49
  • Subtotal207
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total207
  • Total number of participants as of 01/01/2019202
  • Number of participants with account balances168
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested0


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

Sponsor Information

  • Address200 South Biscayne Boulevard Suite 4100
  • CityMiami
  • StateFL
  • Zip33131
  • Telephone(305) 358-6300
  • EIN59-0447122
  • Industry Code541110
  • Named AdministratorJames A. Eaglesham

Audit Information

  • Audit StatusAudited
  • AuditorVestal & Wiler, CPA's
  • Auditor EIN59-3198021
  • 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.
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.

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 $1,000,000
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


Income and Expense Statement

Income $7,648,459
Contributions $2,821,814
Cash Contributions $2,821,814
Cash from Employers $432,500
Cash from Participants $1,534,125
Others (including rollovers) $855,189
Noncash Contributions $0
Total Earnings on Investments $4,826,645
Total Interest $23,328
Interest-Bearing Cash $11,156
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $12,172
Interest from Other Investments $0
Total Dividends $909,912
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 $5,512
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 $3,887,893
Other Income $0
Expenses $2,864,190
Total Benefit Payments $2,821,399
Directly to participants or beneficiaries, including direct rollovers $2,821,399
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 $42,791
Professional Fees $0
Contract Administrator Fees $33,924
Investment Advisory and management fees $8,867
Other Administrative Fees $0
Net Income $4,784,269
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $44,716

Asset and Liability Statement

12/31/2019 12/31/2018 Change YOY
Total Assets $29,672,087 $22,269,969 33.24%
Total noninterest-bearing cash $77,199 $0 0.0%
Receivables $432,500 $315,893 36.91%
Employer Contributions $432,500 $315,893 36.91%
Participant Contributions $0 $0 0.0%
Other Contributions $0 $0 0.0%
General Investments $706,668 $357,927 97.43%
Interest-bearing cash $706,668 $357,927 97.43%
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 $223,682 $253,440 -11.74%
Value of interest in common/collective trusts $291,039 $277,102 5.03%
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 $27,940,999 $21,065,607 32.64%
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 $25,029 $4,937 406.97%
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) $25,029 $4,937 406.97%
Net Assets $29,647,058 $22,265,032 33.16%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • American Century Investments
  • American Funds
  • Pimco Funds
  • T. Rowe Price
  • Vanguard

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
Ingham & Company Shareholder servicing fees, Sub-transfer agency fees, Account maintenance fees, Plan Administrator, Investment advisory (plan), Recordkeeping and information management (computing, tabulating, data processing, etc.), Recordkeeping fees NONE $36,810 $4,293 $41,103
Total $36,810 $4,293 $41,103

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Ingham & Company National Financial Services Shareholder servicing fees, Recordkeeping fees, Sub-transfer agency fees, Account maintenance fees 4293 $4,293
*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
The Morley Stable Value Fund Principal Global Investors Trust Company DFE: Common/Collective Trust $291,039
Total $291,039

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.