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Highlands Insurance Company in Receivership
Plan RatingFORM 5500 DATA
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Expenses | $1,725,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Net Income | $1,786,338 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Asset and Liability Statement
12/31/2019 | 12/31/2018 | Change YOY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Total Assets | $24,583,293 | $22,796,955 | 7.84% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Total Liabilities | $0 | $0 | 0.0% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Massachusetts Mutual Life Insurance Company | 133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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