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FORM 5500 DATA

Locke Lord LLP Retirement Savings Plan

Overview

Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan12/30/1964
  • Net Assets as of 12/31/2019 $784,632,182
  • 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?Yes
  • Plan Funding ArrangementInsurance Trust
  • Plan Benefit ArrangementInsurance Trust

Participant Information as of 12/31/2019

  • Active (Eligible) Participants1,115
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits1,048
  • Subtotal2,163
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits9
  • Total2,172
  • Total number of participants as of 01/01/20192,246
  • Number of participants with account balances2,117
  • 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

  • Address2200 Ross Avenue, Suite 2800
  • CityDallas
  • StateTX
  • Zip75201-2748
  • Telephone(214) 740-8000
  • EIN74-1164324
  • Industry Code541190
  • Named AdministratorE. Philip Bush

Audit Information

  • Audit StatusAudited
  • AuditorWhitley Penn LLP
  • Auditor EIN75-2392478
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope Audit

Benefits Provided Under the Plan

Code Benefit Description
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 $1,500,000
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 $196,316,115
Contributions $62,824,878
Cash Contributions $62,824,878
Cash from Employers $12,845,764
Cash from Participants $13,013,823
Others (including rollovers) $36,965,291
Noncash Contributions $0
Total Earnings on Investments $132,557,674
Total Interest $216,581
Interest-Bearing Cash $50,651
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $165,930
Interest from Other Investments $0
Total Dividends $6,942,498
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 $769,470
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 $124,629,125
Other Income $933,563
Expenses $47,738,395
Total Benefit Payments $47,313,286
Directly to participants or beneficiaries, including direct rollovers $47,309,628
To insurance carriers for the provision of benefits $3,658
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $425,109
Professional Fees $365,602
Contract Administrator Fees $0
Investment Advisory and management fees $59,457
Other Administrative Fees $50
Net Income $148,577,720
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 $785,052,266 $635,591,767 23.52%
Total noninterest-bearing cash $0 $997,804 -100.00%
Receivables $2,348,705 $2,213,698 6.10%
Employer Contributions $2,728 $0 0.0%
Participant Contributions $2,345,977 $2,213,698 5.98%
Other Contributions $0 $0 0.0%
General Investments $37,817,286 $35,363,569 6.94%
Interest-bearing cash $37,817,286 $35,363,569 6.94%
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 $3,044,032 $3,257,750 -6.56%
Value of interest in common/collective trusts $290,561,505 $226,322,656 28.38%
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 $348,796,963 $284,086,510 22.78%
Value of funds held in insurance co. general account $1,015,217 $973,988 4.23%
Other Investments $101,468,558 $82,375,792 23.18%
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 $420,084 $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) $420,084 $0 0.0%
Net Assets $784,632,182 $635,591,767 23.45%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Charles Schwab & Co. Inc. and Affil

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
Milliman Inc. Recordkeeping fees Recordkeeper $379,902 $0 $379,902
Charles Schwab Trust Bank Trustee (directed), Investment management fees paid indirectly by plan, Float revenue, Shareholder servicing fees Recordkeeper and Trustee $0 $60,706 $60,706
Linscomb & Williams Investment advisory (participants), Direct payment from the plan NONE $22,593 $0 $22,593
Chesley Taft & Associates LLC Investment advisory (participants), Direct payment from the plan NONE $15,196 $0 $15,196
Luther King Capital Management Investment advisory (participants), Direct payment from the plan NONE $11,553 $0 $11,553
Benjamin A Brown Investment advisory (participants), Direct payment from the plan NONE $10,115 $0 $10,115
Charles Schwab & Co., Inc. Securities brokerage, Direct payment from the plan, Shareholder servicing fees, Float revenue, Securities brokerage commissions and fees, Other investment fees and expenses NONE $7,529 $90 $7,619
Charles Schwab Bank Other services, Direct payment from the plan, Shareholder servicing fees NONE $8 $3,243 $3,251
Total $446,896 $64,039 $510,935

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Charles Schwab & Co. Inc. and Affil See Attachment Shareholder servicing fees See Attachment $0
*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
Schwab Indexed Ret Tr Fund 2025 Charles Schwab Trust Bank DFE: Common/Collective Trust $69,322,532
Schwab Indexed Ret Tr Fund 2020 Charles Schwab Trust Bank DFE: Common/Collective Trust $57,694,192
Schwab Indexed Ret Tr Fund 2035 Charles Schwab Trust Bank DFE: Common/Collective Trust $39,675,486
Schwab Indexed Ret Tr Fund 2030 Charles Schwab Trust Bank DFE: Common/Collective Trust $34,924,892
Schwab Indexed Ret Tr Fund 2040 Charles Schwab Trust Bank DFE: Common/Collective Trust $25,112,425
Schwab Indexed Ret Tr Fund 2015 Charles Schwab Trust Bank DFE: Common/Collective Trust $24,373,780
Schwab Indexed Ret Tr Fund 2045 Charles Schwab Trust Bank DFE: Common/Collective Trust $17,021,894
Schwab Indexed Ret Tr Fund 2010 Charles Schwab Trust Bank DFE: Common/Collective Trust $12,538,750
Schwab Indexed Ret Tr Fund 2050 Charles Schwab Trust Bank DFE: Common/Collective Trust $6,792,635
Schwab Indexed Ret Tr Fund 2055 Charles Schwab Trust Bank DFE: Common/Collective Trust $2,347,041
Schwab Indexed Ret Tr Fund 2060 Charles Schwab Trust Bank DFE: Common/Collective Trust $757,878
Total $290,561,505

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Northwestern Mutual Life Insurance Company 3
EIN 39-0509570
Industry Code 67091
Contract Number 31047
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 $0
Persons Receiving Commissions and Fees There are no brokers listed for this plan.
Allocated Funds
Type of Contract Individual Policies
Basis of premium rates Published Rates of Insurer
Premiums paid to carrier $24,963
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