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Overview

Plan Information

  • Plan Year01/01/2018 — 12/31/2018
  • Date of Plan07/01/1983
  • Net Assets as of 12/31/2018 $48,760,957,884
  • Plan Number5
  • 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 12/31/2018

  • Active (Eligible) Participants73,349
  • Retired or separated participants receiving benefits22,081
  • Other retired or separated participants entitled to future benefits87,877
  • Subtotal183,307
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits387
  • Total183,694
  • Total number of participants as of 01/01/2018188,541
  • Number of participants with account balances181,381
  • 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

  • AddressNew Orchard Road, Md 261
  • CityArmonk
  • StateNY
  • Zip10504
  • Telephone(800) 796-9876
  • EIN13-0871985
  • Industry Code541519
  • Named AdministratorGregg Nelson

Audit Information

  • Audit StatusAudited
  • AuditorPricewaterhousecoopers LLP
  • Auditor EIN13-4008324
  • 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.
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.
2O ESOP other than a leveraged ESOP An Employee Stock Ownership Plan (ESOP) is a type of employee benefit plan designed to invest primarily in employer stock.
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.
3J Puerto Rico Plan U.S.-based plan that covers residents of Puerto Rico and is qualified under both Code section 401 and section 8565 of the Puerto Rico Code.

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. Yes $27,634,503
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 $150,000,000
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 $-1,149,547,777
Contributions $1,641,922,689
Cash Contributions $1,641,922,689
Cash from Employers $589,861,402
Cash from Participants $1,052,061,287
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $-2,544,123,027
Total Interest $438,017,947
Interest-Bearing Cash $20,041,016
U.S. Government Securities $148,862,061
Corporate Debt Instruments $169,693,903
Loans (other than to participants) $18,175,517
Participant Loans $10,504,298
Interest from Other Investments $70,741,152
Total Dividends $787,079,655
Preferred Stock $1,982,547
Common Stock $348,552,324
Rents $0
Net gain (loss) on sale of assets $-88,614,513
Aggregate Proceeds $32,472,070,596
Aggregate Carrying Amount $32,560,685,109
Total Unrealized Appreciation (depreciation) of assets $-1,834,341,910
Real Estate $0
Other $-1,834,341,910
Net investment gain (loss) from common/collective trusts $-928,809,166
Net investment gain (loss) from pooled separate accounts $2,845,751
Net investment gain (loss) from master trust investment accounts $0
Net investment gain (loss) from 103-12 investment entities $-69,589,452
Net investment gain (loss) from registered investment companies $-850,711,339
Other Income $-247,347,439
Expenses $3,804,817,974
Total Benefit Payments $3,764,470,318
Directly to participants or beneficiaries, including direct rollovers $3,760,613,590
To insurance carriers for the provision of benefits $3,856,728
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $40,347,656
Professional Fees $1,536,831
Contract Administrator Fees $1,969,336
Investment Advisory and management fees $22,504,553
Other Administrative Fees $14,336,936
Net Income $-4,954,365,751
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 $50,422,333,969 $55,608,373,202 -9.33%
Total noninterest-bearing cash $1,867,152 $164,978,646 -98.87%
Receivables $577,072,794 $979,775,467 -41.10%
Employer Contributions $0 $0 0.0%
Participant Contributions $0 $0 0.0%
Other Contributions $577,072,794 $979,775,467 -41.10%
General Investments $11,378,042,743 $11,414,950,365 -0.32%
Interest-bearing cash $1,687,104,062 $1,570,478,104 7.43%
U.S. Government Securities $7,457,118,560 $7,743,351,989 -3.70%
Corporate Debt Instruments $4,493,401,883 $4,479,691,552 0.31%
Preferred $2,233,820,121 $2,101,120,272 6.32%
All Other $2,259,581,762 $2,378,571,280 -5.00%
Corporate Stocks $8,725,900,551 $10,001,453,850 -12.75%
Preferred $48,008,488 $51,348,536 -6.50%
Common $8,677,892,063 $9,950,105,314 -12.79%
Partnership/joint venture interests $0 $0 0.0%
Real estate (other than employer real property) $0 $0 0.0%
Loans (other than to participants) $519,266,837 $554,175,099 -6.30%
Participants Loans $220,043,531 $232,133,839 -5.21%
Value of interest in common/collective trusts $16,121,859,079 $18,319,670,808 -12.00%
Value of interest in pooled separate accounts $422,780,659 $471,015,406 -10.24%
Value of interest in master trust investment accounts $0 $0 0.0%
Value of interest in 103-12 investment entities $990,329,876 $842,350,183 17.57%
Value of interest in registered investment companies $6,274,154,417 $6,879,537,255 -8.80%
Value of funds held in insurance co. general account $0 $0 0.0%
Other Investments $1,959,763,957 $2,090,991,496 -6.28%
Employer-related Investments $971,670,611 $1,278,769,508 -24.02%
Employer Securities $971,670,611 $1,278,769,508 -24.02%
Employer Real Property $0 $0 0.0%
Buildings and other property used in plan operation $0 $0 0.0%
Total Liabilities $1,661,376,085 $1,910,038,908 -13.02%
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) $1,661,376,085 $1,910,038,908 -13.02%
Net Assets $48,760,957,884 $53,698,334,294 -9.19%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Hueler Investment Services, Inc.
  • Global Trust Company
  • Fidelity Investments Institutional

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
Statestreet Custodial (other than securities), Custodial (securities), Trustee (directed), Investment management, Direct payment from the plan, Investment management fees paid directly by plan, Float revenue, Other insurance wrap fees, Other fees Party-In-Interest $7,152,535 $0 $7,152,535
Metropolitan Life Insurance Company Other insurance fees and expenses Party-In-Interest $5,553,996 $0 $5,553,996
Prudential Insurance Company Investment management fees paid directly by plan, Other insurance wrap fees Party-In-Interest $5,034,459 $0 $5,034,459
Pimco Investment management fees paid directly by plan, Other fees Party-In-Interest $4,259,765 $0 $4,259,765
Rbc Capital Markets Other insurance wrap fees Party-In-Interest $4,182,225 $0 $4,182,225
Bridgewater Investment management fees paid directly by plan Party-In-Interest $2,634,859 $0 $2,634,859
Vanguard Investment management fees paid directly by plan Party-In-Interest $2,572,762 $0 $2,572,762
New York Life Insurance Company Investment management fees paid directly by plan, Other insurance wrap fees Party-In-Interest $2,567,471 $0 $2,567,471
Fidelity Investments Institutional Participant loan processing, Recordkeeping fees, Other fees, Direct payment from the plan, Account maintenance fees, Sub-transfer agency fees, Other services Party-In-Interest $1,969,336 $0 $1,969,336
Blackrock Financial Management Investment management fees paid directly by plan Party-In-Interest $1,936,038 $0 $1,936,038
Massachusetts Mutual Life Insurance Other insurance wrap fees Party-In-Interest $1,723,332 $0 $1,723,332
IBM Plan Administrator, Other fees, Employee (plan sponsor), Direct payment from the plan Employer $1,692,358 $3,375 $1,695,733
Western Asset Management Investment management fees paid directly by plan Party-In-Interest $1,109,633 $0 $1,109,633
The Loomis, Sayles & Company, L.P. Investment management fees paid directly by plan Party-In-Interest $785,052 $0 $785,052
Neuberger Berman Investment management fees paid directly by plan Party-In-Interest $668,106 $0 $668,106
Mackay Shields, LLC Investment management fees paid directly by plan Party-In-Interest $648,839 $0 $648,839
Jp Morgan Investment management fees paid directly by plan Party-In-Interest $645,655 $0 $645,655
Financial Engines Investment advisory (participants), Investment management Party-In-Interest $468,669 $0 $468,669
Barings LLC Investment management fees paid directly by plan Party-In-Interest $444,617 $0 $444,617
Northeast Retirement Services, Inc. Other services Party-In-Interest $270,622 $0 $270,622
Factset Research Systems Inc. Consulting (general) Party-In-Interest $166,432 $0 $166,432
Ivins, Phillips and Barker Legal Party-In-Interest $61,868 $0 $61,868
Buck Consultants Consulting (general) Party-In-Interest $26,490 $0 $26,490
Cyarch, LLC Other fees Party-In-Interest $22,104 $0 $22,104
Morningstar Other fees Party-In-Interest $19,328 $0 $19,328
Andersen Tax LLC Accounting (including auditing) Party-In-Interest $5,250 $0 $5,250
Total $46,621,801 $3,375 $46,625,176

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Fidelity Investments Institutional Dodge & Cox Balanced Sub-transfer agency fees 0.10% $0
Fidelity Investments Institutional Dodge & Cox Glbl Bnd Sub-transfer agency fees 0.08% $0
Fidelity Investments Institutional Dodge & Cox Global Sub-transfer agency fees 0.10% $0
Fidelity Investments Institutional Dodge & Cox Income Sub-transfer agency fees 0.08% $0
Fidelity Investments Institutional Dodge & Cox Intl Stk Sub-transfer agency fees 0.10% $0
Fidelity Investments Institutional Dodge & Cox Stock Sub-transfer agency fees 0.10% $0
Fidelity Investments Institutional Financial Engines Other fees $1 Per eligible Participant $0
Fidelity Investments Institutional Financial Engines Other fees Based On The Facts of The Plan, The Formula To Determine The Annual Fee Was 13Bps On Assets Under Management. $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
Vanguard Employee Benefit Index Fnd Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $5,879,246,158
Vanguard Total Stock Mrkt Index Trs Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $5,009,424,156
Vanguard Russell 1000 Growth Indx T Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $1,408,604,564
Bridgewater All Weather Portfolio Bridgewater Associates, Lp DFE: 103-12 Investment Entity $990,329,876
Vanguard Russell 1000 Value Indx Tr Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $877,585,058
Vanguard Russell 2000 Growth Indx T Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $735,059,439
Vanguard Russell 2000 Value Indx Tr Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $602,274,940
Aqr Global Risk Parity Enhanced Liq Aqr Capital Management DFE: Common/Collective Trust $535,625,911
Vanguard European Stock Index Trust Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $435,577,998
Privest Prudential Insurance Co. DFE: Pooled Separate Account $422,780,659
Vanguard Pacific Stock Index Trust Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $337,116,785
Pimco Commodities Plus Trust II Wilmington Trust DFE: Common/Collective Trust $198,690,040
State Street Msci India Index Non-L State Street Bank and Trust Company DFE: Common/Collective Trust $102,654,030
Total $17,534,969,614

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Metropolitan Life Insurance Company 7,129
EIN 13-5581829
Industry Code 65978
Contract Number 0117479
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 Unspecified
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
The Prudential Insurance Company of America 0
EIN 22-1211670
Industry Code 68241
Contract Number 030345
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $0
Value in Separate Accounts at Year End $422,780,659
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 Unspecified
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
Metropolitan Life Insurance Company 0
EIN 13-5581829
Industry Code 65978
Contract Number 32810
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 $1,637,414,497
Additions $141,196,466
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $41,196,466
Transferred from separate account $100,000,000
Other $0
Total of Balance and Additions $1,778,610,963
Deductions $250,000,000
Disbursed from fund to pay benefits or purchase annuities during the year $150,000,000
Administration charge made by carrier $0
Transferred to Separate Account $100,000,000
Other $0
Balance at the end of the current year $1,528,610,963