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Overview

Plan Information

  • Plan Year01/01/2017 — 12/31/2017
  • Date of Plan04/01/1969
  • Net Assets as of 12/31/2017 $10,331,548
  • 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? No
  • Plan Funding ArrangementInsurance Trust
  • Plan Benefit ArrangementInsurance Trust

Participant Information as of 12/31/2017

  • Active (Eligible) Participants164
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits30
  • Subtotal194
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total194
  • Total number of participants as of 01/01/2017189
  • Number of participants with account balances137
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested11

Expenses

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

Sponsor Information

  • Address2165 River Blvd
  • CityJacksonville
  • StateFL
  • Zip32204-4413
  • Telephone(904) 387-1537
  • EIN59-2607387
  • Industry Code441110
  • Named AdministratorGlenn Wright
  • Named Plan SponsorGlenn Wright

Audit Information

  • Audit StatusAudited
  • AuditorMasters, Smith & Wisby P.A.
  • Auditor EIN59-1466001
  • 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.
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.
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? 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

Financials

Income and Expense Statement

Income $1,893,691
Contributions $500,987
Cash Contributions $500,987
Cash from Employers $123,180
Cash from Participants $377,807
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $1,392,704
Total Interest $3,445
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $3,445
Interest from Other Investments $0
Total Dividends $22,127
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 $7,751
Net investment gain (loss) from pooled separate accounts $965,882
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 $393,499
Other Income $0
Expenses $665,919
Total Benefit Payments $658,393
Directly to participants or beneficiaries, including direct rollovers $658,393
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $3,593
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $3,933
Professional Fees $0
Contract Administrator Fees $3,933
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $1,227,772
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 $10,331,548 $9,103,776 13.49%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $0 $17,319 -100.00%
Employer Contributions $0 $4,497 -100.00%
Participant Contributions $0 $12,822 -100.00%
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 $80,636 $56,643 42.36%
Value of interest in common/collective trusts $896,135 $943,956 -5.07%
Value of interest in pooled separate accounts $6,619,350 $5,643,962 17.28%
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 $2,735,427 $2,441,896 12.02%
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 $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 $10,331,548 $9,103,776 13.49%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Principal 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
Next Financial Group Inc Other services, Other commissions, Other fees Other Services $0 $9,226 $9,226
Principal Life Insurance Company Contract Administrator, Participant loan processing, Direct payment from the plan, Recordkeeping fees Contract Administrator $3,932 $0 $3,932
Total $3,932 $9,226 $13,158

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Next Financial Group Inc Principal Life Insurance Company Other services, Other commissions, Other fees Commissions and Referral/Service Fee $9,226
*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
Prin Lifetime 2020 Sep Acct-R2 Principal Life Insurance Company DFE: Pooled Separate Account $1,080,308
Prin Lifetime 2030 Sep Acct-R2 Principal Life Insurance Company DFE: Pooled Separate Account $983,321
Principal Stable Value Sgnture Principal Global Investors Trust Co DFE: Common/Collective Trust $896,135
Prin Intl Emerg Markets Sa-R2 Principal Life Insurance Company DFE: Pooled Separate Account $730,536
Prin Core Plus Bond Sep Act-R2 Principal Life Insurance Company DFE: Pooled Separate Account $536,161
Prin Lifetime 2025 Sep Acct-R2 Principal Life Insurance Company DFE: Pooled Separate Account $392,598
Prin Lifetime 2050 Sep Acct-R2 Principal Life Insurance Company DFE: Pooled Separate Account $361,312
Prin Lifetime 2040 Sep Acct-R2 Principal Life Insurance Company DFE: Pooled Separate Account $338,698
Prin U.S. Property Sep Acct-R2 Principal Life Insurance Company DFE: Pooled Separate Account $335,838
Prin Lgcap S&P 500 Index Sa-R2 Principal Life Insurance Company DFE: Pooled Separate Account $329,954
Prin Smcap S&P 600 Index Sa-R2 Principal Life Insurance Company DFE: Pooled Separate Account $292,743
Prin Midcap S&P 400 Idx Sa-R2 Principal Life Insurance Company DFE: Pooled Separate Account $277,983
Prin Lifetime 2035 Sep Acct-R2 Principal Life Insurance Company DFE: Pooled Separate Account $231,246
Prin Intl Smallcap Sep Acct-R2 Principal Life Insurance Company DFE: Pooled Separate Account $220,842
Prin Lifetime 2015 Sep Acct-R2 Principal Life Insurance Company DFE: Pooled Separate Account $147,871
Prin Lifetime Strat Inc Sa-R2 Principal Life Insurance Company DFE: Pooled Separate Account $146,463
Prin Lifetime 2010 Sep Acct-R2 Principal Life Insurance Company DFE: Pooled Separate Account $64,390
Prin Lifetime 2045 Sep Acct-R2 Principal Life Insurance Company DFE: Pooled Separate Account $62,641
Prin Lifetime 2055 Sep Acct-R2 Principal Life Insurance Company DFE: Pooled Separate Account $49,025
Prin Midcap Value I Sa-R2 Principal Life Insurance Company DFE: Pooled Separate Account $25,428
Prin Lifetime 2060 Sep Acct-R2 Principal Life Insurance Company DFE: Pooled Separate Account $11,991
Total $7,515,484

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Principal Life Insurance Company 194
EIN 42-0127290
Industry Code 61271
Contract Number 444192
Contract Year 01/01/2017 — 12/31/2017
Value in General Account at Year End $0
Value in Separate Accounts at Year End $6,619,350
Insurance Fees and Commissions $15,112
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Next Financial Group Inc 2500 Wilcrest Dr Ste 620 Houston, TX 77042 -2757 Insurance Agent or Broker $14,829 $283 REFERRAL/SERVICE FEE
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 Unspecified
Balance at the end of the previous year $0
Additions $0
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $0
Transferred from separate account $0
Other $0
Total of Balance and Additions $0
Deductions $0
Disbursed from fund to pay benefits or purchase annuities during the year $0
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $0