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FORM 5500 DATA

1 Source Business Solutions 401k Plan

Overview

Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan01/01/2013
  • Net Assets as of 12/31/2019 $13,252,776
  • Plan Number333
  • Plan Type Multiple 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) Participants1,228
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits215
  • Subtotal1,443
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total1,443
  • Total number of participants as of 01/01/20191,457
  • Number of participants with account balances715
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested26

Expenses

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

Sponsor Information

  • Address6966 S Commerce Park Drive
  • CityMidvale
  • StateUT
  • Zip84047
  • Telephone(801) 352-2333
  • EIN27-3793520
  • Industry Code813000
  • Named AdministratorRobert Beck

Audit Information

  • Audit StatusAudited
  • AuditorTempleton & Company
  • Auditor EIN14-1918990
  • 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.
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? Yes $569,676
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? Yes
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? Yes

Financials

Income and Expense Statement

Income $5,764,133
Contributions $3,687,430
Cash Contributions $3,687,430
Cash from Employers $951,579
Cash from Participants $2,650,867
Others (including rollovers) $84,984
Noncash Contributions $0
Total Earnings on Investments $1,640,181
Total Interest $10,134
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $10,134
Interest from Other Investments $0
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 $1,630,047
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 $436,522
Expenses $1,407,926
Total Benefit Payments $1,172,167
Directly to participants or beneficiaries, including direct rollovers $1,139,844
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $32,323
Corrective Distributions $57,952
Certain deemed distributions of participant loans $2,343
Interest expense $0
Total Administrative Expenses $175,464
Professional Fees $0
Contract Administrator Fees $175,464
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $4,356,207
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $917,410

Asset and Liability Statement

12/31/2019 12/31/2018 Change YOY
Total Assets $13,310,728 $9,797,424 35.86%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $466,676 $320,873 45.44%
Employer Contributions $100,496 $104,644 -3.96%
Participant Contributions $366,154 $213,198 71.74%
Other Contributions $26 $3,031 -99.14%
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 $209,387 $213,216 -1.80%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $11,251,501 $8,085,194 39.16%
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 $1,383,164 $1,178,141 17.40%
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 $57,952 $3,832 1412.32%
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) $57,952 $3,832 1412.32%
Net Assets $13,252,776 $9,793,592 35.32%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Lincoln Financial
  • Transamerica Financial Life Insuran

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
Lincoln National Corporation Contract Administrator Service Provider $84,688 $0 $84,688
Stadion Money Management Investment advisory (participants) Service Provider $50,923 $0 $50,923
Pinnacle An Nppg Company Recordkeeping and information management (computing, tabulating, data processing, etc.) Service Provider $42,951 $0 $42,951
Transamerica Financial Life Insuran 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 Recordkeeper $15,841 $0 $15,841
Total $194,403 $0 $194,403

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 Lifestrategy Growth Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $5,382,336
Ta Vanguard Lifestrategy Conservati Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $3,670,300
Ta Vanguard Total Stock Market Inde Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $642,083
State Street S&P Mid Cap Index Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $369,161
State Street Russell Small Cap Valu Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $122,444
Ta Blackrock Lifepath Index 2030 Re Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $108,715
State Street U.S. Bond Index Ret Ac Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $103,748
Ta Blackrock Lifepath Index Retirem Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $100,457
Janus Henderson Triton Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $93,082
Ta Blackrock Lifepath Index 2025 Re Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $89,466
Ta Vanguard Lifestrategy Income Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $86,936
American Funds American Mutual Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $80,501
American Funds Growth Fund of Ameri Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $70,588
Bny Mellon Global Fixed Income Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $69,353
Ta Blackrock Lifepath Index 2045 Re Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $58,299
Ta Vanguard Real Estate Index Ret A Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $40,781
State Street International Index Re Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $39,427
Ta Blackrock Lifepath Index 2040 Re Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $38,904
Ta Blackrock Lifepath Index 2050 Re Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $33,893
Ta Blackrock Lifepath Index 2035 Re Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $25,163
American Funds New World Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $21,957
Ta Blackrock Lifepath Index 2055 Re Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $4,465
Ta Blackrock Lifepath Index 2060 Re Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $617
Ssga S&P Midcap Index Non-Lending S Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Vanguard Lifestrategy Growth Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Ta Vanguard Lifestrategy Mod Growth Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Lincoln Life Separate Account F9 Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Stadion Managed Max Growth Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Lvip Managed Risk Profile 2010 Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Lincoln Life Seperate Account 4K Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Oppenheimer Developing Markets Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Mfs Vit Growth Series Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Lvip Clarion Global Real Estate Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Vanguard Lifestrategy Cons Growth Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Invesco Growth & Income Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Lvip Ssga S&P 500 Index Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Vanguard Lifestrategy Moderate Grow Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Blackrock Inflation Protected Bond Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Lvip Managed Risk Profile 2030 Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Lvip Managed Risk Profile 2040 Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Stadion Managed Capital Pres Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Stadion Managed Balanced Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Lvip Managed Risk Profile 2050 Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Ssga Russell Small Cap Growth Index Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Ssga Russell Small Cap Value Index Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Ssga Bond Index Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Ssga International Index Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Stadion Managed Growth Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Stadion Managed Moderate Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Stadion Managed Conservative Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Federated Government Ultrashort Dur Lincoln National Life Insurance Co. DFE: Pooled Separate Account $0
Total $11,252,676

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Lincoln National Life Insurance Co. 1,443
EIN 35-0472300
Industry Code 65676
Contract Number VARIOUS
Contract Year 01/01/2019 — 12/31/2019
Value in General Account at Year End $0
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $32,268
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Trident Insurance Group 5263 Commerce Dr #204 Murray, UT 84107 Agent or Broker other than Insurance $26,072 $0
Pinnacle Financial Srv Inc David Core Delray Beach, FL 33445 Third Party Administrator $0 $4,761 TPA AWARDS
Trident Insurance Group 6966 Commerce Park Dr Midvale, UT 84047 Agent or Broker other than Insurance $0 $1,435 MARKETING 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 FUND
Balance at the end of the previous year $1,178,141
Additions $449,700
Contributions Deposited during the year $354,597
Dividends and credits $0
Interest credited during the year $16,867
Transferred from separate account $40,250
Other $37,986
Total of Balance and Additions $1,627,841
Deductions $1,627,841
Disbursed from fund to pay benefits or purchase annuities during the year $1,591,036
Administration charge made by carrier $9,891
Transferred to Separate Account $7,998
Other $18,916
Balance at the end of the current year $0
Transamerica Financial Life Insurance Company 1,443
EIN 36-6071399
Industry Code 70688
Contract Number 932538
Contract Year 08/01/2019 — 12/31/2019
Value in General Account at Year End $0
Value in Separate Accounts at Year End $11,252,676
Insurance Fees and Commissions $0
Persons Receiving Commissions and Fees There are no brokers listed for this plan.
Allocated Funds
Type of Contract STABLE VALUE OPTION
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 Stable Value Option
Unallocated Funds
Type of Contract Unspecified
Balance at the end of the previous year $0
Additions $1,410,136
Contributions Deposited during the year $30,447
Dividends and credits $0
Interest credited during the year $1,137
Transferred from separate account $0
Other $1,378,552
Total of Balance and Additions $1,410,136
Deductions $21,877
Disbursed from fund to pay benefits or purchase annuities during the year $1,394
Administration charge made by carrier $1,618
Transferred to Separate Account $2,782
Other $16,083
Balance at the end of the current year $1,388,259