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Overview

Plan Information

  • Plan Year01/01/2018 — 12/31/2018
  • Date of Plan09/01/1969
  • Net Assets as of 12/31/2018 $316,292,148
  • 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 12/31/2018

  • Active (Eligible) Participants1,253
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits1,408
  • Subtotal2,661
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total2,661
  • Total number of participants as of 01/01/20182,716
  • Number of participants with account balances2,318
  • 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

  • Address231 Forest Street Nichols Bldg.
  • CityBabson Park
  • StateMA
  • Zip02457
  • Telephone(781) 239-4128
  • EIN04-2103544
  • Industry Code611000

Plan Administrator Information

  • Administrator NameBabson College
  • AddressNichols Bldg
  • CityBabson Park
  • StateMA
  • Zip02457
  • Telephone(781) 239-5480
  • Administrator EIN04-2103544

Audit Information

  • Audit StatusAudited
  • AuditorCaron & Bletzer, PLLC
  • Auditor EIN04-3499945
  • 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.
2M Code section 403(b)(7) accounts A 403(b)(7) plan is a tax-deferred retirement plan often available to employees of public schools or non-profit organizations.

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 $341,556
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 $2,000,000
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 $3,061,409
Contributions $16,903,059
Cash Contributions $16,903,059
Cash from Employers $7,861,348
Cash from Participants $6,976,450
Others (including rollovers) $2,065,261
Noncash Contributions $0
Total Earnings on Investments $-13,974,798
Total Interest $2,636,653
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $30,367
Interest from Other Investments $2,606,286
Total Dividends $8,769,103
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 $127,073
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 $-25,507,627
Other Income $133,148
Expenses $22,536,980
Total Benefit Payments $22,418,026
Directly to participants or beneficiaries, including direct rollovers $21,071,213
To insurance carriers for the provision of benefits $1,346,813
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $6,683
Interest expense $0
Total Administrative Expenses $112,271
Professional Fees $0
Contract Administrator Fees $11,098
Investment Advisory and management fees $4,185
Other Administrative Fees $96,988
Net Income $-19,475,571
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 $316,292,148 $335,767,719 -5.80%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $7 $0 0.0%
Employer Contributions $0 $0 0.0%
Participant Contributions $0 $0 0.0%
Other Contributions $7 $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 $810,142 $837,052 -3.21%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $2,725,871 $2,788,321 -2.24%
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 $246,627,497 $268,736,856 -8.23%
Value of funds held in insurance co. general account $66,128,631 $63,405,490 4.29%
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 $316,292,148 $335,767,719 -5.80%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • TIAA
  • Fidelity Invest Instit Opps

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
Fidelity Invest Institutional Opps Participant loan processing, Recordkeeping fees, Account maintenance fees, Securities brokerage commissions and fees Recordkeeper $80,482 $0 $80,482
Caron & Bletzer PLLC Accounting (including auditing), Other fees Accountant/Auditor $13,200 $0 $13,200
Total $93,682 $0 $93,682

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Fidelity Invst Institutional Oper American Funds Service Co Sub-transfer agency fees 05 Bps Af Europac Growth R5 $0
Fidelity Invst Institutional Oper U.S. Bancorp Fund Services, LLC Sub-transfer agency fees 15 Bps Crln E Sm Cap Gr I $0
Fidelity Invst Institutional Oper Dst Asset Manager Solutions, Inc Sub-transfer agency fees 25 Bps Jpm Core Bond I $0
Fidelity Invst Institutional Oper Franklin Templeton Investor Srvcs Sub-transfer agency fees 15 Bps Tmpl Global Bond Adv $0
Fidelity Invst Institutional Oper Msf Service Center Inc. Sub-transfer agency fees 15 Bps Mfs Value R4 $0
Fidelity Invst Institutional Oper Prudential Mutual Fund Services LLC Sub-transfer agency fees 25 Bps Pru/J Mid Cap Gr Z $0
Fidelity Invst Institutional Oper Parnassus Investments Sub-transfer agency fees 10 Bps Parnassus Core Eq Is $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
Tiaa Real Estate Tiaa-Cref DFE: Pooled Separate Account $2,725,871
Total $2,725,871

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Tiaa Cref 1,362
EIN 13-1624203
Industry Code 69345
Contract Number 150813
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $64,492,085
Value in Separate Accounts at Year End $79,700,859
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 $62,447,565
Additions $9,347,129
Contributions Deposited during the year $725,867
Dividends and credits $0
Interest credited during the year $2,561,390
Transferred from separate account $5,978,823
Other $81,049
Total of Balance and Additions $71,794,694
Deductions $7,302,609
Disbursed from fund to pay benefits or purchase annuities during the year $4,180,118
Administration charge made by carrier $0
Transferred to Separate Account $3,111,393
Other $11,098
Balance at the end of the current year $64,492,085
Metropolitan Life Insurance Company 10
EIN 13-5581829
Industry Code 65978
Contract Number 25901-072
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $1,590,938
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $3,743
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Fidelity Insurance Agency 82 Devonshire Boston, MA 02109 Insurance Agent or Broker $0 $3,743 FEES
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 $974,550
Additions $800,517
Contributions Deposited during the year $594,585
Dividends and credits $0
Interest credited during the year $44,402
Transferred from separate account $0
Other $161,530
Total of Balance and Additions $1,775,067
Deductions $184,129
Disbursed from fund to pay benefits or purchase annuities during the year $184,129
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $1,590,938
Metropolital Life Insurance Company 6
EIN 13-5581829
Industry Code 65978
Contract Number 25901-071
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $113,876
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $221
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Fidelity Inusurance Agency 82 Devonshire Boston, MA 02109 Insurance Agent or Broker $0 $221 FEES
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 $50,396
Additions $226,620
Contributions Deposited during the year $224,124
Dividends and credits $0
Interest credited during the year $2,496
Transferred from separate account $0
Other $0
Total of Balance and Additions $277,016
Deductions $163,140
Disbursed from fund to pay benefits or purchase annuities during the year $1,560
Administration charge made by carrier $0
Transferred to Separate Account $161,580
Other $0
Balance at the end of the current year $113,876
Metropolitan Life Insurance Company 2
EIN 13-5581829
Industry Code 65978
Contract Number 25901-073
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $572
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $1
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Fidelity Insurance Agency 82 Devonshire Boston, MA 02109 Insurance Agent or Broker $0 $1 FEES
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 $555
Additions $17
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $17
Transferred from separate account $0
Other $0
Total of Balance and Additions $572
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 $572