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FORM 5500 DATA

Hitachi Employee 401k Retirement Plan

Overview

Plan Information

  • Plan Year01/01/2015 — 12/31/2015
  • Date of Plan12/01/1985
  • Net Assets as of 12/31/2015 $561,697,499
  • Plan Number2
  • Plan Type Multiple 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 12/31/2015

  • Active (Eligible) Participants4,861
  • Retired or separated participants receiving benefits997
  • Other retired or separated participants entitled to future benefits2,334
  • Subtotal8,192
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits26
  • Total8,218
  • Total number of participants as of 01/01/20157,695
  • Number of participants with account balances7,432
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested528

Expenses

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

Sponsor Information

  • Address50 Prospect Avenue
  • CityTarrytown
  • StateNY
  • Zip10591
  • Telephone(914) 332-5800
  • EIN13-1896069
  • Industry Code339900
  • Named AdministratorAnne Carpiniello

Audit Information

  • Audit StatusAudited
  • AuditorMayer Hoffman Mccann P.C.
  • Auditor EIN43-1947695
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope Audit

Benefits Provided Under the Plan

Code Benefit Description
2A Age/Service Weighted or New Comparability or Similar Plan Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New Comparability or Similar Plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the threshold or additional rate allowed under the permitted disparity rules of section 401(l)
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.
2R Brokerage Window Participant-directed brokerage accounts provided as an investment option under the plan.
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.
3H Controlled Group Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).
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. 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 $32,474,020
Contributions $30,642,511
Cash Contributions $30,642,511
Cash from Employers $13,673,856
Cash from Participants $15,770,486
Others (including rollovers) $1,198,169
Noncash Contributions $0
Total Earnings on Investments $1,639,374
Total Interest $433,883
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $433,883
Interest from Other Investments $0
Total Dividends $14,382,609
Preferred Stock $21
Common Stock $795
Rents $0
Net gain (loss) on sale of assets $-5,786
Aggregate Proceeds $328,866
Aggregate Carrying Amount $334,652
Total Unrealized Appreciation (depreciation) of assets $-70,451
Real Estate $0
Other $-70,451
Net investment gain (loss) from common/collective trusts $954,733
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 $-14,055,614
Other Income $192,135
Expenses $46,225,343
Total Benefit Payments $45,033,323
Directly to participants or beneficiaries, including direct rollovers $45,033,323
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $256,889
Certain deemed distributions of participant loans $42,255
Interest expense $0
Total Administrative Expenses $892,876
Professional Fees $162,419
Contract Administrator Fees $0
Investment Advisory and management fees $632,318
Other Administrative Fees $98,139
Net Income $-13,751,323
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $35,294,664

Asset and Liability Statement

12/31/2015 12/31/2014 Change YOY
Total Assets $561,697,499 $610,743,486 -8.03%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $5,372,584 $6,672,571 -19.48%
Employer Contributions $4,932,832 $6,505,470 -24.17%
Participant Contributions $439,752 $167,101 163.17%
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 $16,703 $0 0.0%
Preferred $16,703 $0 0.0%
Common $0 $0 0.0%
Partnership/joint venture interests $118,324 $223,403 -47.04%
Real estate (other than employer real property) $0 $0 0.0%
Loans (other than to participants) $0 $0 0.0%
Participants Loans $10,611,433 $10,375,103 2.28%
Value of interest in common/collective trusts $322,750,135 $346,059,938 -6.74%
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 $206,358,435 $229,942,772 -10.26%
Value of funds held in insurance co. general account $0 $0 0.0%
Other Investments $16,433,412 $17,393,697 -5.52%
Employer-related Investments $36,473 $76,002 -52.01%
Employer Securities $36,473 $76,002 -52.01%
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 $561,697,499 $610,743,486 -8.03%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Great-West Life & Annuity Ins Co
  • J. P. Morgan Securities LLC

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
Advised Assets Group, LLC Investment advisory (participants), Direct payment from the plan NONE $340,887 $0 $340,887
J. P. Morgan Investment Mgmt. Inc. Custodial (securities), Investment advisory (plan), Investment management, Direct payment from the plan, Investment management fees paid directly by plan NONE $152,784 $0 $152,784
Bryan Cave LLP Legal, Direct payment from the plan NONE $79,619 $0 $79,619
Great-West Life & Annuity Ins Co Recordkeeping and information management (computing, tabulating, data processing, etc.), Participant loan processing, Direct payment from the plan, Recordkeeping fees NONE $65,375 $0 $65,375
Cbiz Mhm, LLC Accounting (including auditing), Direct payment from the plan NONE $62,800 $0 $62,800
J. P. Morgan Securities LLC Securities brokerage, Direct payment from the plan, Shareholder servicing fees, Securities brokerage commissions and fees NONE $39,203 $0 $39,203
Cook Street Consulting, Inc. Consulting (general), Direct payment from the plan NONE $20,000 $0 $20,000
Total $760,668 $0 $760,668

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
J.P. Morgan Securities LLC Alliancebernstein Shareholder servicing fees Rate of .20% of Sales and .05% of Average Daily Balance; Fixed Rate $40,000 $0
J.P. Morgan Securities LLC Allianz Shareholder servicing fees Rate of .10% of Sales and .06% of Average Daily Balance $0
J.P. Morgan Securities LLC American Century Shareholder servicing fees Rate of .25% of Sales and .05% of Average Daily Balance; Fixed Rate $40,000 $0
J.P. Morgan Securities LLC American Funds Shareholder servicing fees Fixed Rate $180,000 Annually $0
J.P. Morgan Securities LLC Blackrock Funds Shareholder servicing fees Rate of .10% of Sales and .08% of Average Daily Balance; Fixed Rate $40,000 $0
J.P. Morgan Securities LLC Delaware Funds Shareholder servicing fees Rate of .25% of Sales and .05% of Average Daily Balance; Fixed Rate $40,000 $0
J.P. Morgan Securities LLC Dreyfus Shareholder servicing fees Rate of .25% of Sales and .05% of Average Daily Balance $0
J.P. Morgan Securities LLC Eaton Vance Shareholder servicing fees Rate of .20% of Sales and .05% of Average Daily Balance; Fixed Rate $50,000 $0
J.P. Morgan Securities LLC Federated Shareholder servicing fees Rate of .20% of Sales and .05% of Average Daily Balance; Fixed Rate $40,000 $0
J.P. Morgan Securities LLC Fidelity Shareholder servicing fees Rate of .20% of Sales Fixed Rate $40,000 $0
J.P. Morgan Securities LLC Franklin Templeton Shareholder servicing fees Rate of .08 of Sales and .02%-.05% of Average Daily Balance of Assets $0
J.P. Morgan Securities LLC Hartford Shareholder servicing fees Range of .15-.20% of Sales and .03-.05% of Average Daily Balance; Fixed Rate $40,000 $0
J.P. Morgan Securities LLC Invesco Shareholder servicing fees Range of .25% of Sales and .05% of Assets Over $600 Million $0
J.P. Morgan Securities LLC John Hancock Funds Shareholder servicing fees Rate of .25% of Sales and .05% of Average Daily Balance; Fixed Rate $40,000 $0
J.P. Morgan Securities LLC J.P. Morgan Funds Shareholder servicing fees Rate of .10-.20% of Sales and .05% of Average Daily Balance; Fixed Rate $40,000 $0
J.P. Morgan Securities LLC MFS Shareholder servicing fees Rate of .10% of Sales and .05% of Average Daily Balance $0
J.P. Morgan Securities LLC Nuveen Shareholder servicing fees Rate of .10%-.20% of Sales and .05% of Average Daily Balance $0
J.P. Morgan Securities LLC Oppenheimer Shareholder servicing fees Rate of .06% of Average Daily Balance $0
J.P. Morgan Securities LLC Pacific Life Funds Shareholder servicing fees Rate of .25% of Sales and Range Of.03%-.05% of Average Daily Balance; Fixed Rate $40,000 $0
J.P. Morgan Securities LLC Pimco Shareholder servicing fees Rate of .10% of Sales and .03% of Average Daily Balance $0
J.P. Morgan Securities LLC Principal Shareholder servicing fees Rate of .25% of Sales and .05% of Average Daily Balance; Fixed Rate $40,000 $0
J.P. Morgan Securities LLC Putnam Shareholder servicing fees Rate of .25% of Sales and .05% of Average Daily Balance; Fixed Rate $40,000 $0
J.P. Morgan Securities LLC Transamerica Capital Shareholder servicing fees Rate of .25% of Sales and 0.05% of Average Net Assets $0
Great-West Life & Annuity Ins Co J.P. Morgan Securities LLC Recordkeeping and information management (computing, tabulating, data processing, etc.), Recordkeeping fees Rate of 25% of The Fees Collected By J.P. Morgan Securities LLC for Brokerage Account Services $0
Great-West Life & Annuity Ins Co Millennium Trust Company Recordkeeping and information management (computing, tabulating, data processing, etc.), Recordkeeping fees Payments of Up To $10.00 Per Rollover Account $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
Equity Index Fund I Blackrock Global Investor DFE: Common/Collective Trust $65,381,707
Intermediate Bond Fund Jpmorgan Chase Bank DFE: Common/Collective Trust $57,612,667
Us Debt Index T Blackrock Global Investor DFE: Common/Collective Trust $33,430,727
Extended Equity Market Fund T Blackrock Global Investor DFE: Common/Collective Trust $29,796,865
Eafe Equity Index Fund T Blackrock Global Investor DFE: Common/Collective Trust $27,123,340
Smartretirement 2025 - C Jpmorgan Chase DFE: Common/Collective Trust $19,432,805
Smartretirement 2030 - C Jpmorgan Chase DFE: Common/Collective Trust $17,806,327
Smartretirement 2045 - C Jpmorgan Chase DFE: Common/Collective Trust $17,657,319
Smartretirement 2035 - C Jpmorgan Chase DFE: Common/Collective Trust $14,921,245
Smartretirement 2020 - C Jpmorgan Chase DFE: Common/Collective Trust $14,370,770
Smartretirement 2040 - C Jpmorgan Chase DFE: Common/Collective Trust $11,696,320
Smartretirement 2015 - C Jpmorgan Chase DFE: Common/Collective Trust $5,827,847
Liquidity Fund Jpmorgan Chase Bank DFE: Common/Collective Trust $4,072,568
Smartretirement Income - C Jpmorgan Chase DFE: Common/Collective Trust $3,619,628
Total $322,750,135

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Axa Equitable Insurance Company 0
EIN 13-5570651
Industry Code 62944
Contract Number 574513
Contract Year 01/01/2015 — 12/31/2015
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 Individual Policies
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