Back to top

Overview

Plan Information

  • Plan Year01/01/2015 — 12/31/2015
  • Date of Plan12/16/2006
  • Net Assets as of 12/31/2015 $9,953,443
  • Plan Number2
  • 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 12/31/2015

  • Active (Eligible) Participants151
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits50
  • Subtotal201
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total201
  • Total number of participants as of 01/01/2015176
  • Number of participants with account balances177
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested0

Expenses

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

Sponsor Information

  • Address7005 Shannon Willow Road Suite 100
  • CityCharlotte
  • StateNC
  • Zip28226
  • Telephone(704) 529-3115
  • EIN01-0780018
  • Industry Code531190
  • Named AdministratorJohn Shelton

Audit Information

  • Audit StatusAudited
  • AuditorDaszkal Bolton LLP
  • Auditor EIN65-0406502
  • 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.
2S Automatic Enrollment Plan provides for automatic enrollment in plan that has employee contributions deducted from payroll.
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 $2,000,000
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

Financials

Income and Expense Statement

Income $1,021,147
Contributions $1,108,667
Cash Contributions $1,108,667
Cash from Employers $268,984
Cash from Participants $624,816
Others (including rollovers) $214,867
Noncash Contributions $0
Total Earnings on Investments $-93,351
Total Interest $13,120
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $5,307
Interest from Other Investments $7,813
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 $-106,471
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 $5,831
Expenses $1,387,436
Total Benefit Payments $1,364,785
Directly to participants or beneficiaries, including direct rollovers $1,364,785
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $12,114
Certain deemed distributions of participant loans $2,311
Interest expense $0
Total Administrative Expenses $8,226
Professional Fees $0
Contract Administrator Fees $8,226
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $-366,289
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2015 12/31/2014 Change YOY
Total Assets $9,953,443 $10,319,732 -3.55%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $0 $0 0.0%
Employer Contributions $0 $0 0.0%
Participant Contributions $0 $0 0.0%
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 $129,217 $104,034 24.21%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $8,923,075 $10,215,698 -12.65%
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 $901,151 $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 $9,953,443 $10,319,732 -3.55%

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
Minnesota Life Insurance Company Contract Administrator, Recordkeeping and information management (computing, tabulating, data processing, etc.), Consulting (pension), Insurance agents and brokers, Investment advisory (participants), Investment advisory (plan), Investment management, Valuation (appraisals, etc.), Participant loan processing, Participant communication, Direct payment from the plan, Investment management fees paid indirectly by plan, Recordkeeping fees, Account maintenance fees NONE $8,226 $0 $8,226
Total $8,226 $0 $8,226

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

Name Position Explanation
Barnes & Associates CPAS, P.A. Accounting Firm Barnes & Associates CPAS P.A. Merged With Daszkal Bolton LLP

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Janus Opportunistic Growth Minnesota Life Insurance Company DFE: Pooled Separate Account $1,334,972
Loomis Sayles Value A Minnesota Life Insurance Company DFE: Pooled Separate Account $1,181,447
Loomis Sayles Inv Gr Bond Cl A Minnesota Life Insurance Company DFE: Pooled Separate Account $884,028
Templeton Global Bond Cl A Minnesota Life Insurance Company DFE: Pooled Separate Account $783,172
Vanguard Developed Mkt Ind Adm Minnesota Life Insurance Company DFE: Pooled Separate Account $732,650
Vanguard Lifestrategy Growth Minnesota Life Insurance Company DFE: Pooled Separate Account $601,910
Disciplined Gro Mid Cap Gro Minnesota Life Insurance Company DFE: Pooled Separate Account $471,171
Dfa Us Targeted Value Port Minnesota Life Insurance Company DFE: Pooled Separate Account $351,292
T Rowe Price Large Cap Value Minnesota Life Insurance Company DFE: Pooled Separate Account $288,263
T Rowe Price Health Sciences Minnesota Life Insurance Company DFE: Pooled Separate Account $283,673
Met West Total Return Bond M Minnesota Life Insurance Company DFE: Pooled Separate Account $245,662
Vanguard Lifestrategy Mod Gro Minnesota Life Insurance Company DFE: Pooled Separate Account $196,489
Vanguard Lgtrm Invgr Fd Adm Minnesota Life Insurance Company DFE: Pooled Separate Account $193,500
Winslow Capital Large Cap Gro Minnesota Life Insurance Company DFE: Pooled Separate Account $165,274
Allianzgi Technology Fund I Minnesota Life Insurance Company DFE: Pooled Separate Account $150,414
Ivy Real Estate Sec Fund Cl Y Minnesota Life Insurance Company DFE: Pooled Separate Account $143,089
Ivy Asset Strategy Fund Cl Y Minnesota Life Insurance Company DFE: Pooled Separate Account $127,119
T Rowe Price Mid Cap Val Fund Minnesota Life Insurance Company DFE: Pooled Separate Account $117,837
Vanguard Extended Market Adm Minnesota Life Insurance Company DFE: Pooled Separate Account $112,039
Dfa Emerging Markets Val Port Minnesota Life Insurance Company DFE: Pooled Separate Account $108,606
Advantus S & P 500 Index Minnesota Life Insurance Company DFE: Pooled Separate Account $92,907
Dodge & Cox Intl Stock Fund Minnesota Life Insurance Company DFE: Pooled Separate Account $92,785
Perkins Small Cap Value Minnesota Life Insurance Company DFE: Pooled Separate Account $65,271
Loomis Sayles Bond Instl Cl Minnesota Life Insurance Company DFE: Pooled Separate Account $40,824
Dfa Intl Small Company Port Minnesota Life Insurance Company DFE: Pooled Separate Account $38,451
Invesco Intl Growth R5 Minnesota Life Insurance Company DFE: Pooled Separate Account $26,518
Van Eck Global Hard Assets I Minnesota Life Insurance Company DFE: Pooled Separate Account $23,811
Perkins Mid Cap Value N Minnesota Life Insurance Company DFE: Pooled Separate Account $22,129
Vanguard Lifestrategy Cons Gro Minnesota Life Insurance Company DFE: Pooled Separate Account $17,771
Aston Fairpointe Mid Cap I Minnesota Life Insurance Company DFE: Pooled Separate Account $13,004
Dfa Us Small Cap Portfolio Minnesota Life Insurance Company DFE: Pooled Separate Account $7,673
Advantus Money Market Minnesota Life Insurance Company DFE: Pooled Separate Account $4,501
Neuberger Berman Soc Resp I Minnesota Life Insurance Company DFE: Pooled Separate Account $2,939
Colmb Ltd Dur Crdt R4 Minnesota Life Insurance Company DFE: Pooled Separate Account $1,884
Goldman Sachs Mid Cap Growth Minnesota Life Insurance Company DFE: Pooled Separate Account $0
Pimco Total Return A Minnesota Life Insurance Company DFE: Pooled Separate Account $0
Alger Smid Cap Growth I-2 Minnesota Life Insurance Company DFE: Pooled Separate Account $0
Janus Overseas N Minnesota Life Insurance Company DFE: Pooled Separate Account $0
Pimco Low Duration A Minnesota Life Insurance Company DFE: Pooled Separate Account $0
Total $8,923,075

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Minnesota Life Insurance Company 201
EIN 41-0417830
Industry Code 66168
Contract Number 067433
Contract Year 01/01/2015 — 12/31/2015
Value in General Account at Year End $901,151
Value in Separate Accounts at Year End $8,923,075
Insurance Fees and Commissions $21,575
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Securian Financial Services 400 Robert Street N Saint Paul, MN 55101 Insurance Agent or Broker $21,575 $0
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 $901,559
Contributions Deposited during the year $8,272
Dividends and credits $0
Interest credited during the year $7,813
Transferred from separate account $702,727
Other $182,747
Total of Balance and Additions $901,559
Deductions $408
Disbursed from fund to pay benefits or purchase annuities during the year $0
Administration charge made by carrier $408
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $901,151