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FORM 5500 DATA

Tully Group Employee Savings and Protection Plan

Overview

Plan Information

  • Plan Year01/01/2017 — 12/31/2017
  • Date of Plan01/01/1985
  • Net Assets as of 12/31/2017 $25,747,510
  • 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 12/31/2017

  • Active (Eligible) Participants632
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits159
  • Subtotal791
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total791
  • Total number of participants as of 01/01/2017303
  • Number of participants with account balances536
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested27

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
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? Yes $14,959
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? 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 $6,050,799
Contributions $2,746,387
Cash Contributions $2,746,387
Cash from Employers $470,583
Cash from Participants $1,903,839
Others (including rollovers) $371,965
Noncash Contributions $0
Total Earnings on Investments $3,304,412
Total Interest $13,705
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $12,911
Interest from Other Investments $794
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 $698,852
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 $2,591,855
Other Income $0
Expenses $4,366,946
Total Benefit Payments $4,090,949
Directly to participants or beneficiaries, including direct rollovers $4,090,949
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $196,433
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $79,564
Professional Fees $0
Contract Administrator Fees $79,564
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $1,683,853
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2017 12/31/2016 Change YOY
Total Assets $25,747,510 $12,663,954 103.31%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $547,113 $0 0.0%
Employer Contributions $470,583 $0 0.0%
Participant Contributions $76,530 $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 $322,618 $298,907 7.93%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $0 $11,777,659 -100.00%
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 $24,877,779 $0 0.0%
Value of funds held in insurance co. general account $0 $587,388 -100.00%
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 $25,747,510 $12,663,954 103.31%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Transamerica Financial Life Insuran
  • Aspire Financial Services

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
Park Avenue Security Investment advisory (participants), Investment management fees paid directly by plan Solicitor Advisor $29,586 $0 $29,586
Aspire Financial Services Recordkeeping and information management (computing, tabulating, data processing, etc.), Participant loan processing, Participant communication, Recordkeeping fees Recordkeeper $17,403 $0 $17,403
Obs Financial Investment advisory (plan), Investment management, Named fiduciary, Direct payment from the plan, Investment management fees paid directly by plan Investment Advisor $14,793 $0 $14,793
Erp Actuaries & Consultants Consulting (pension) Third Party Administrator $13,017 $0 $13,017
Td Ameritrade Trust Company Custodial (other than securities), Custodial (securities), Trustee (bank, trust company, or similar financial institution), Trustee (directed) Custodian $4,225 $0 $4,225
Transamerica Financial Life Insuran Recordkeeping and information management (computing, tabulating, data processing, etc.), Participant loan processing, Investment management fees paid indirectly by plan, Float revenue, Recordkeeping fees, Other insurance wrap fees Recordkeeper $540 $0 $540
Total $79,564 $0 $79,564

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
Ta Vanguard Target Retirement 2060 Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Loomis Sayles Bond Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Morgan Stanley Growth Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
American Funds Europacific Growth R Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Oppenheimer Global Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
American Funds New Perspective Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Blackrock Health Sciences Ops Ret A Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Thornburg International Value Ret A Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
First Eagle Overseas Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Fidelity Advisor New Insights Ret A Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Fidelity Advisor Small Cap Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Transamerica Small/Mid Cap Value Re Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Ta Vanguard Target Retirement 2030 Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Manning & Napier Pro-Mix Moderate T Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Ta Vanguard Target Retirement 2055 Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Lord Abbett Fundamental Equity Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Lord Abbett Developing Growth Ret A Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Prudential Jennison Natural Resourc Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Oppenheimer Developing Markets Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Ivy Science & Technology Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Franklin Utilities Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Ta Vanguard Reit Index Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Neuberger Berman Genesis Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Ridgeworth Ceredex Small Cap Value Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Goldman Sachs Mid-Cap Opportunities Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Nuveen Mid Cap Growth Opportunities Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Ta Vanguard Target Retirement 2025 Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Ta Vanguard Target Retirement 2020 Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Ta Vanguard Target Retirement 2015 Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Ta Vanguard Target Retirement Incom Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Loomis Sayles Investment Grade Bond Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Pimco Low Duration Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Manning & Napier Pro-Mix Conservati Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Janus Balanced Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Blackrock Global Allocation Ret Acc Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Templeton Global Bond Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Ta Vanguard Target Retirement 2035 Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Ta Vanguard Target Retirement 2040 Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
American Century Mid Cap Value Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Ridgeworth Ceredex Large Cap Value Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
State Street S&P Mid Cap Index Ret Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Fidelity Advisor Leveraged Company Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Transamerica Partners Stock Index R Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Invesco Charter Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Ridgeworth Ceredex Mid-Cap Value Eq Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Blackrock Equity Dividend Ret Acct Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Ta Vanguard Target Retirement 2050 Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Ta Vanguard Target Retirement 2045 Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Transamerica Partners High Yield Bo Transamerica Financial Life Insurance Company DFE: Pooled Separate Account $0
Total $0

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Transamerica Financial Life Insurance Company 0
EIN 36-6071399
Industry Code 70688
Contract Number 600912-000
Contract Year 01/01/2017 — 03/13/2017
Value in General Account at Year End $0
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $12,725
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Park Avenue Securities Producer John Limongelli New York, NY 10004 Insurance Agent or Broker $12,725 $0
Allocated Funds
Type of Contract Unspecified
Basis of premium rates as Per Rules of Insurance Company
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 OPTION
Balance at the end of the previous year $587,388
Additions $12,401
Contributions Deposited during the year $9,858
Dividends and credits $0
Interest credited during the year $794
Transferred from separate account $0
Other $1,749
Total of Balance and Additions $599,789
Deductions $599,789
Disbursed from fund to pay benefits or purchase annuities during the year $575,686
Administration charge made by carrier $0
Transferred to Separate Account $23,761
Other $342
Balance at the end of the current year $0