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Board of Trustees of the Deferred Deferred Salary Plan of the Electrical Industry

Plan Rating
FORM 5500 DATA

Deferred Salary Plan of the Electrical Industry

Overview

Plan Information

  • Plan Year01/01/2018 — 12/31/2018
  • Date of Plan10/01/1983
  • Net Assets as of 12/31/2018 $6,114,328,147
  • Plan Number4
  • Plan Type Multi-Employer
  • Is the plan collectively bargained?Yes
  • 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 12/31/2018

  • Active (Eligible) Participants26,848
  • Retired or separated participants receiving benefits514
  • Other retired or separated participants entitled to future benefits5,084
  • Subtotal32,446
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits550
  • Total32,996
  • Total number of participants as of 01/01/201833,052
  • Number of participants with account balances32,996
  • 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

  • Address158-11 Harry Van Arsdale Jr Avenue
  • CityFlushing
  • StateNY
  • Zip11365
  • Telephone(718) 591-2000
  • EIN11-2656063
  • Industry Code238210

Plan Administrator Information

  • Administrator NameJoint Industry Board of The Electrical Industry
  • Address158-11 Harry Van Arsdale Jr. Avenue
  • CityFlushing
  • StateNY
  • Zip11365
  • Telephone(718) 591-2000
  • Administrator EIN13-0891035

Audit Information

  • Audit StatusAudited
  • AuditorRsm Us LLP
  • Auditor EIN42-0714325
  • Audit OpinionUnqualified
  • Audit Type Full 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.
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.
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.

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 $35,520,822
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 $15,000,000
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? Yes
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 $522,283,553
Contributions $627,814,007
Cash Contributions $627,814,007
Cash from Employers $444,258,026
Cash from Participants $180,158,987
Others (including rollovers) $3,396,994
Noncash Contributions $0
Total Earnings on Investments $-105,530,454
Total Interest $96,569,896
Interest-Bearing Cash $7,487,076
U.S. Government Securities $62,991,872
Corporate Debt Instruments $19,092,311
Loans (other than to participants) $0
Participant Loans $6,212,700
Interest from Other Investments $785,937
Total Dividends $15,287,358
Preferred Stock $0
Common Stock $0
Rents $0
Net gain (loss) on sale of assets $-20,900,153
Aggregate Proceeds $3,085,783,030
Aggregate Carrying Amount $3,106,683,183
Total Unrealized Appreciation (depreciation) of assets $-61,301,161
Real Estate $0
Other $-61,301,161
Net investment gain (loss) from common/collective trusts $-65,741,296
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 $-69,445,098
Other Income $0
Expenses $442,304,227
Total Benefit Payments $411,738,330
Directly to participants or beneficiaries, including direct rollovers $411,738,330
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $24,139,944
Interest expense $0
Total Administrative Expenses $6,425,953
Professional Fees $20,536
Contract Administrator Fees $3,065,869
Investment Advisory and management fees $2,244,407
Other Administrative Fees $1,095,141
Net Income $79,979,326
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2018 12/31/2017 Change YOY
Total Assets $6,308,619,953 $6,413,891,050 -1.64%
Total noninterest-bearing cash $343,377 $558,124 -38.48%
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 $842,366,381 $2,230,491,811 -62.23%
Interest-bearing cash $318,263,424 $541,899,383 -41.27%
U.S. Government Securities $524,102,957 $1,688,592,428 -68.96%
Corporate Debt Instruments $840,979,985 $1,065,498,973 -21.07%
Preferred $0 $0 0.0%
All Other $840,979,985 $1,065,498,973 -21.07%
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 $144,818,175 $162,029,364 -10.62%
Value of interest in common/collective trusts $1,690,231,809 $1,712,630,901 -1.31%
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 $843,821,483 $902,256,271 -6.48%
Value of funds held in insurance co. general account $27,579,313 $27,006,770 2.12%
Other Investments $1,918,479,430 $313,418,836 512.11%
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 $194,291,806 $379,542,229 -48.81%
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) $194,291,806 $379,542,229 -48.81%
Net Assets $6,114,328,147 $6,034,348,821 1.33%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Afl CIO Housing Investment Trust
  • Babson
  • Invesco National Trust Company
  • Jp Morgan
  • Met Life
  • Union Bond and Trust Company
  • Vanguard

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
Joint Industry Board Plan Administrator, Direct payment from the plan NONE $1,684,993 $0 $1,684,993
Prudential Retirement Ins & Annuity Contract Administrator, Recordkeeping and information management (computing, tabulating, data processing, etc.), Custodial (securities), Investment management, Participant loan processing, Participant communication, Direct payment from the plan, Investment management fees paid indirectly by plan NONE $1,380,876 $0 $1,380,876
Virtus Partners, Inc. Investment management, Direct payment from the plan NONE $808,093 $0 $808,093
Blackrock Financial Management Inc Investment management, Direct payment from the plan NONE $560,918 $0 $560,918
Morley Capital Management Investment management, Direct payment from the plan NONE $520,800 $0 $520,800
Alliant Insurance Services Inc. Insurance services, Direct payment from the plan NONE $515,787 $0 $515,787
Neuberger Berman Fixed Income Investment management, Direct payment from the plan NONE $182,317 $0 $182,317
Segal Marco Investment management, Direct payment from the plan NONE $133,988 $0 $133,988
State Street Banking & Trust Co Investment management, Direct payment from the plan, Other fees NONE $38,291 $0 $38,291
Metlife Insurance services, Direct payment from the plan NONE $26,131 $0 $26,131
Cohen, Weiss and Simon LLP Legal, Direct payment from the plan NONE $20,536 $0 $20,536
Postmaster General Other services, Direct payment from the plan NONE $11,401 $0 $11,401
Total $5,884,131 $0 $5,884,131

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
Ibew Neca Stable Value Trust Invesco Trust Company DFE: Common/Collective Trust $362,226,815
Vanguard 500 Index Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $359,764,419
Vanguard Target Rtmt 2025 Trust Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $219,496,315
Vanguard Target Rtmt 2030 Trust Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $129,290,938
Vanguard Target Rtmt 2035 Trust Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $90,598,504
Russell 2000 Alpha Tilts Fund Blackrock Institutional Trust Company, Na DFE: Common/Collective Trust $89,832,476
Vanguard Target Rtmt 2040 Trust Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $75,154,703
Vanguard Target Rtmt 2020 Trust Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $75,021,911
Vanguard Target Rtmt Income Trust Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $69,244,599
Morley Stable Value Fund Union Bond & Trust Company DFE: Common/Collective Trust $64,718,920
Vanguard Target Rtmt 2045 Trust Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $59,880,186
Vanguard Target Rtmt 2050 Trust Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $48,570,982
Vanguard Target Rtmt 2015 Trust Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $20,610,227
Vanguard Target Rtmt 2055 Trust Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $16,170,415
Vanguard Target Rtmt 2060 Trust Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $9,650,399
Total $1,690,231,809

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Metropolitan Life Insurance Company 32,996
EIN 13-5581829
Industry Code 65978
Contract Number 35472
Contract Year 01/01/2018 — 12/31/2018
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 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 Guaranteed Investment
Balance at the end of the previous year $27,006,770
Additions $572,543
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $572,543
Transferred from separate account $0
Other $0
Total of Balance and Additions $27,579,313
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 $27,579,313