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FORM 5500 DATA

Tully Group Employee Savings and Protection Plan

Overview

Plan Information

  • Plan Year01/01/2012 — 12/31/2012
  • Date of Plan01/01/1985
  • Net Assets as of 12/31/2012 $6,668,945
  • 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 12/31/2012

  • Active (Eligible) Participants228
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits28
  • Subtotal256
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total256
  • Total number of participants as of 01/01/2012269
  • Number of participants with account balances195
  • 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

  • Address127-50 Northern Blvd.
  • CityFlushing
  • StateNY
  • Zip11368
  • Telephone(718) 446-7000
  • EIN11-2493726
  • Industry Code236200
  • Named AdministratorDan James

Audit Information

  • Audit StatusAudited
  • AuditorCohnreznick LLP
  • Auditor EIN22-1478099
  • 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.
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 $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? 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 $1,708,860
Contributions $957,708
Cash Contributions $957,708
Cash from Employers $0
Cash from Participants $943,909
Others (including rollovers) $13,799
Noncash Contributions $0
Total Earnings on Investments $751,152
Total Interest $5,285
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $5,285
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 $745,867
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 $519,802
Total Benefit Payments $475,542
Directly to participants or beneficiaries, including direct rollovers $475,542
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $28,703
Certain deemed distributions of participant loans $12,757
Interest expense $0
Total Administrative Expenses $2,800
Professional Fees $2,800
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $1,189,058
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2012 12/31/2011 Change YOY
Total Assets $6,668,945 $5,479,887 21.70%
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 $2,271 $0 0.0%
Interest-bearing cash $2,271 $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 $169,183 $117,025 44.57%
Value of interest in common/collective trusts $0 $2,271 0.0%
Value of interest in pooled separate accounts $6,451,418 $5,346,202 20.67%
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 $46,073 $14,389 220.20%
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 $6,668,945 $5,479,887 21.70%

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

There are no service providers listed for this plan.

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
Oppenheimer Global Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $1,018,646
Transamerica Partners Stock Index R Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $667,550
Pimco Low Duration Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $598,160
Loomis Sayles Investment Grade Bond Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $470,302
Blackrock Equity Dividend Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $442,518
Lord Abbett Fundamental Equity Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $327,144
Morgan Stanley Growth Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $289,978
Transamerica Small/Mid Cap Value Re Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $258,771
Ridgeworth Mid-Cap Value Equity Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $251,294
Janus Balanced Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $226,208
Nuveen Mid Cap Growth Opportunities Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $216,261
Templeton Global Bond Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $211,184
Thornburg International Value Ret A Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $169,422
Vanguard Target Retirement 2040 Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $166,208
Vanguard Target Retirement 2030 Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $130,167
Blackrock Global Allocation Ret Acc Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $121,545
Lord Abbett Developing Growth Ret A Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $115,757
Vanguard Target Retirement 2050 Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $91,585
Transamerica Partners High Yield Bo Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $89,929
Vanguard Target Retirement 2025 Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $63,704
Fidelity Advisor Small Cap Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $61,853
Franklin Utilities Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $50,271
Manning & Napier Pro-Mix Conservati Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $49,472
Oppenheimer Developing Markets Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $49,006
Invesco Charter Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $34,188
Vanguard Target Retirement 2035 Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $31,965
Ivy Science & Technology Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $31,463
Ridgeworth Large Cap Value Equity R Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $29,836
Vanguard Target Retirement 2045 Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $26,064
Loomis Sayles Bond Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $20,546
Fidelity Advisor New Insights Ret A Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $19,493
Prudential Jennison Natural Resourc Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $19,071
Vanguard Reit Index Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $16,986
Goldman Sachs Mid-Cap Opportunities Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $16,079
Fidelity Advisor Leveraged Company Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $10,031
First Eagle Overseas Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $9,060
Vanguard Target Retirement 2020 Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $8,926
American Funds Europacific Growth R Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $7,947
Vanguard Target Retirement Income R Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $7,702
Blackrock Health Sciences Ops Ret A Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $7,485
Ssga S&P Mid Cap Index Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $5,328
American Century Mid Cap Value Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $5,195
Vanguard Target Retirement 2055 Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $5,191
American Funds New Perspective Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $1,466
Neuberger Berman Genesis Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $335
Vanguard Target Retirement 2015 Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $126
Ridgeworth Small Cap Value Equity R Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Manning & Napier Pro-Mix Maximum Te Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Total $6,451,418

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Transamerica Financial Life Insurance Company 195
EIN 36-6071399
Industry Code 70688
Contract Number 600912-000
Contract Year 01/01/2012 — 12/31/2012
Value in General Account at Year End $0
Value in Separate Accounts at Year End $6,451,418
Insurance Fees and Commissions $14,706
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Morgan Stanley Insurance Services I Philip C Ressa Jersey City, NJ 07311 Insurance Agent or Broker $6,962 $0
Morgan Stanley Insurance Services I Justin H Cho Jersey City, NJ 07311 Insurance Agent or Broker $6,962 $0
Merrill Lynch Life Agency Inc Justin Cho Jacksonville, FL 32246 Insurance Agent or Broker $391 $0
Merrill Lynch Life Agency Inc Philip Ressa Jacksonville, FL 32246 Insurance Agent or Broker $391 $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 STABLE VALUE CORE ACCOUNT
Balance at the end of the previous year $14,389
Additions $31,807
Contributions Deposited during the year $17,285
Dividends and credits $0
Interest credited during the year $329
Transferred from separate account $14,193
Other $0
Total of Balance and Additions $46,196
Deductions $123
Disbursed from fund to pay benefits or purchase annuities during the year $123
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $46,073
Axa Equitable Insurance Company 0
EIN 13-5570651
Industry Code 62944
Contract Number 357174 100
Contract Year 01/01/2012 — 12/31/2012
Value in General Account at Year End $0
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $3
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
J. Dovi, ChFC CLU Address Not Provided Woodbury, NY 11797 Insurance Agent or Broker $3 $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 GROUP ANNUITY CONTRACT
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