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Overview

Plan Information

  • Plan Year01/01/2008 — 12/31/2008
  • Date of Plan03/01/1995
  • Net Assets as of 12/31/2008 $2,047,535
  • 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
  • Plan Benefit ArrangementInsurance

Participant Information as of 12/31/2008

  • Active (Eligible) Participants167
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits9
  • Subtotal176
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total176
  • Total number of participants as of 01/01/2008191
  • Number of participants with account balances156
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested12
  • Number of participants required to be reported on Schedule SSA0

Expenses

  • Total Benefit Payments$0
  • Corrective Distributions$0
  • Administrative Service Providers$0
  • Other Expenses$0
  • Total Expenses$0
  • Total Transfers$0

Sponsor Information

  • Address701 Railroad Ave
  • CityAlbertville
  • StateAL
  • Zip35951-3421
  • Telephone(256) 878-2866
  • EIN90-0142088
  • Industry Code448120
  • Named AdministratorTerry L. Scott, Administrator
  • Named Plan SponsorTerry L. Scott, Member

Plan Preparer Information

  • Preparer NameRoy D. Rollings, CPA Woodward, Nolan & Rollings, LLP
  • AddressP.O. Box 1308
  • City Albertville
  • StateAL
  • Zip35950-0021000
  • Telephone(256) 891-1212
  • Preparer EIN63-0903185

Audit Information

  • Audit StatusAudited
  • AuditorWoodward, Nolan & Rollings, LLP
  • Auditor EIN63-0903185
  • 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.
3E Prototype plan A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion or notification letter; and under which a separate funding medium (for example, a separate trust or custodial account) is established for the use of each adopting employer.

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 $250,000
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

Financials

Income and Expense Statement

Income $-161,935
Contributions $349,285
Cash Contributions $349,285
Cash from Employers $30,905
Cash from Participants $317,686
Others (including rollovers) $694
Noncash Contributions $0
Total Earnings on Investments $-512,253
Total Interest $22,236
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $22,236
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 $-534,489
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 $1,033
Expenses $84,531
Total Benefit Payments $83,931
Directly to participants or beneficiaries, including direct rollovers $83,931
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $600
Professional Fees $0
Contract Administrator Fees $600
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $-246,466
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2008 12/31/2007 Change YOY
Total Assets $2,047,535 $2,294,001 -10.74%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $12,288 $0 0.0%
Employer Contributions $1,087 $0 0.0%
Participant Contributions $11,201 $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 $0 $0 0.0%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $1,385,371 $1,741,340 -20.44%
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 $649,876 $552,661 17.59%
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 $2,047,535 $2,294,001 -10.74%

Service Providers

Service Providers

There are no service providers listed for this plan.

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Principal Money Mkt Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $307,613
Principal Bond and Mtg Sep Acc Principal Life Insurance Company DFE: Pooled Separate Account $168,494
Prin Largecap Blend I Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $160,602
Principal Lifetm 2040 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $137,299
Prin Midcap Value III Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $122,306
Prin Lgcp S&P 500 Idx Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $88,063
Prin Stock Emph Bal Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $66,087
Principal Lifetm 2010 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $65,501
Principal Bd Emph Bal Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $51,698
Principal Lifetm 2030 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $43,136
Prin Smallcap Blend Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $40,676
Prin Midcap Blend Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $33,421
Principal Divers Intl Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $29,174
Principal Lifetm 2020 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $22,319
Prin Fin Grp Inc. Stk Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $15,479
Prin Lifetm Str Inc Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $10,145
Prin Largecap Growth Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $9,444
Principal Lgcap Value Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $6,261
Prin Midcap Growth Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $3,754
Principal Lifetm 2050 Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $2,453
Prin Smallcap Growth Sep Acct Principal Life Insurance Company DFE: Pooled Separate Account $1,210
Prin Midcap S&P 400 Index Sa Principal Life Insurance Company DFE: Pooled Separate Account $234
Prin Smallcap S&P 600 Index Sa Principal Life Insurance Company DFE: Pooled Separate Account $2
Total $1,385,371

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Principal Life Insurance Company 176
EIN 42-0127290
Industry Code 61271
Contract Number 4-17757
Contract Year 01/01/2008 — 12/31/2008
Value in General Account at Year End $649,876
Value in Separate Accounts at Year End $1,385,371
Insurance Fees and Commissions $2,922
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Northwestern Mutual Investment Serv Attn: Ips Compensation Milwaukee, WI 53202 -4695 Insurance Agent or Broker $2,822 $100 REFERRAL/SERVICE FEE
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
Balance at the end of the previous year $553,694
Additions $127,041
Contributions Deposited during the year $56,180
Dividends and credits $0
Interest credited during the year $22,236
Transferred from separate account $48,625
Other $0
Total of Balance and Additions $680,735
Deductions $30,859
Disbursed from fund to pay benefits or purchase annuities during the year $25,588
Administration charge made by carrier $146
Transferred to Separate Account $5,125
Other $0
Balance at the end of the current year $649,876