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Home>401K Directory>Highlands Insurance Employees Retirement And Savings Plan>Form 5500

Highlands Insurance Company in Receivership

Plan Rating
OverviewFinancialsService ProvidersInvestmentsInsurance Information
FORM 5500 DATA

Highlands Insurance Employees' Retirement and Savings Plan

Form 5500 Year:

Plan Rating
OverviewFinancialsService ProvidersInvestmentsInsurance Information

Overview

Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan11/01/1981
  • Net Assets as of 12/31/2019 $24,583,293
  • 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) Participants32
  • Retired or separated participants receiving benefits36
  • Other retired or separated participants entitled to future benefits64
  • Subtotal132
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits1
  • Total133
  • Total number of participants as of 01/01/2019143
  • Number of participants with account balances131
  • 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

  • Address300 Phillips Boulevard Suite 100
  • CityTrenton
  • StateNJ
  • Zip08618
  • Telephone(609) 896-1921
  • EIN74-1296673
  • Industry Code524290
  • Named AdministratorCraig A. Koenig
  • Named Plan SponsorCraig A. Koenig

Audit Information

  • Audit StatusAudited
  • AuditorGold Gerstein Group LLC
  • Auditor EIN26-3584493
  • 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.
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.

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 $3,511,338
Contributions $288,859
Cash Contributions $288,859
Cash from Employers $4
Cash from Participants $288,855
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $3,222,479
Total Interest $251,168
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $3,018
Interest from Other Investments $248,150
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 $2,971,311
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 $0
Expenses $1,725,000
Total Benefit Payments $1,658,809
Directly to participants or beneficiaries, including direct rollovers $1,658,809
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $5,723
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $60,468
Professional Fees $0
Contract Administrator Fees $3,127
Investment Advisory and management fees $57,326
Other Administrative Fees $15
Net Income $1,786,338
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 $24,583,293 $22,796,955 7.84%
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 $70,881 $49,466 43.29%
Value of interest in common/collective trusts $0 $0 0.0%
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 $13,482,443 $11,625,014 15.98%
Value of funds held in insurance co. general account $11,029,969 $11,122,475 -0.83%
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 $24,583,293 $22,796,955 7.84%

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
Massachusetts Mutual Life Ins. Co. Other services, Investment management fees paid indirectly by plan, Sub-transfer agency fees, Float revenue, Distribution (12b-1) fees, Recordkeeping fees, Soft dollars commissions, Other investment fees and expenses Contract Administrator $60,467 $0 $60,467
Lpl Financial RP Investment advisory (plan) Registered Investment Adv $0 $35,830 $35,830
American Century Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
American Funds Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
American Funds Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
American Funds Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Invesco Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Jp Morgan Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Northern Funds Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Pioneer Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Wells Fargo Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Total $60,467 $35,830 $96,297

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Massachusetts Mutual Life Ins. Co. Capital Preservation Account Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Prem U.S. Govt Money Mrkt Barings Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Mm S&P 500 Index Northern Trust Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Strategic Income Pioneer Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Select Sm Cp Gr Wellingtoninv Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Sel Gr Opportunities Sandsjsp Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Select Mid Cap Gr Trpfrontier Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Select Trpls Blue Chip Growth Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Select Overseas Mfsharris Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Sel Fundamental Val Brwhnlybspt Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Mid Cap Value Jp Morgan Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Real Estate Invesco Oppenheimer Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Select Metwest Total Return Bond Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Bond Index Northern Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Millennium Trust Company, LLC Other services Referral Fee $0
Massachusetts Mutual Life Ins. Co. Special Smlcap Val Wells Fargo Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Mm S&P Mid Cap Index Nrtn Tr Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Mm Msci Eafe Intl Indx Nrtn Tr Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Mm Rsl 2000 Smcap Indx Nrtn Tr Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Growth America American Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Balanced American Sub-transfer agency fees Basis Points * Plan Assets $0
Lpl Financial RP Massachusetts Mutual Life Ins. Co. Investment advisory (plan) Plan Related Expenses $35,830
American Century One Choice 2020 Prtfl Amer Cent Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Century One Choice 2025 Prtfl Amer Cent Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Century One Choice 2030 Prtfl Amer Cent Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Century One Choice 2035 Prtfl Amer Cent Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Century One Choice 2040 Prtfl Amer Cent Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Century One Choice 2045 Prtfl Amer Cent Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Century One Choice 2050 Prtfl Amer Cent Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Century One Choice 2055 Prtfl Amer Cent Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Century One Choice 2060 Prtfl Amer Cent Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Century One Choice Inret Prtfl Amer Cent Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds Europacific Growth American Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds Growth America American Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds Balanced American Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Invesco Real Estate Invesco Oppenheimer Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Jp Morgan Mid Cap Value Jp Morgan Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Northern Funds Bond Index Northern Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Pioneer Strategic Income Pioneer Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Wells Fargo Special Smlcap Val Wells Fargo Investment management fees paid indirectly by plan Basis Points * Plan Assets $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
Sia-Caa Mm S&P 500 Index Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $4,453,028
Sia-Km Balanced Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $3,490,721
Sia-Wf Select Mid Cap Gr Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $2,123,250
Sia-Yd Sel Gr Opportunities Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $494,838
Sia-Cjc One Choice 2020 Prtfl Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $458,362
Sia-Wa Select Trp/Ls Blue Chip Grow Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $436,501
Sia-Qz Select Metwest Total Return Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $406,654
Sia-Sh Select Overseas Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $360,877
Sia-Sc Select Sm Cp Gr Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $333,338
Sia-Om Growth America Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $195,911
Sia-Jnm Special Smlcap Val Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $147,484
Sia-Sk Sel Fundamental Val Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $143,458
Sia-Cjd One Choice 2025 Prtfl Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $119,354
Sia-Cbt Mm S&P Mid Cap Index Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $60,091
Sia-Cb Real Estate Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $44,335
Sia-Cja One Choice Inret Prtfl Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $43,392
Sia-Cje One Choice 2030 Prtfl Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $41,604
Sia-Cbk Mm Rsl 2000 Smcap Indx Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $31,893
Sia-Cbz Mm Msci Eafe Intl Indx Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $28,386
Sia-Jie Europacific Growth Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $28,065
Sia-Uj Mid Cap Value Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $19,160
Sia-Qw Bond Index Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $17,545
Sia-Jd4 Strategic Income Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $4,194
Sia-Yg Prem U.S. Govt Money Mrkt Massachusetts Mutual Life Insurance DFE: Pooled Separate Account $1
Total $13,482,442

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Massachusetts Mutual Life Insurance Company 133
EIN 04-1590850
Industry Code 65935
Contract Number SF 51712
Contract Year 01/01/2019 — 12/31/2019
Value in General Account at Year End $0
Value in Separate Accounts at Year End $13,482,443
Insurance Fees and Commissions $0
Persons Receiving Commissions and Fees There are no brokers listed for this plan.
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 GROUP ANNUITY CONTRACT
Balance at the end of the previous year $11,122,475
Additions $726,520
Contributions Deposited during the year $288,859
Dividends and credits $0
Interest credited during the year $248,150
Transferred from separate account $164,359
Other $25,152
Total of Balance and Additions $11,848,995
Deductions $819,026
Disbursed from fund to pay benefits or purchase annuities during the year $573,838
Administration charge made by carrier $28,090
Transferred to Separate Account $182,816
Other $34,282
Balance at the end of the current year $11,029,969