Back to top

Board of Trustees NECA - IBEW Local Union No. 35 Annuity Fund

Plan Rating
FORM 5500 DATA

N.E.C.A. - I.B.E.W. Local Union No. 35 Annuity Fund

Overview

Plan Information

  • Plan Year06/01/2006 — 05/31/2007
  • Date of Plan06/01/1980
  • Net Assets as of 05/31/2007 $36,301,661
  • Plan Number1
  • 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 Arrangement Trust

Participant Information as of 05/31/2007

  • Active (Eligible) Participants505
  • Retired or separated participants receiving benefits5
  • Other retired or separated participants entitled to future benefits135
  • Subtotal645
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total645
  • Total number of participants as of 06/01/2006654
  • Number of participants with account balances645
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested0
  • Number of participants required to be reported on Schedule SSA57

Expenses

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

Sponsor Information

  • Address60 N Main St
  • CityWallingford
  • StateCT
  • Zip06492-3720
  • Telephone(203) 269-7741
  • EIN06-0008934
  • Industry Code238210
  • Named AdministratorJohn Sarch
  • Named Plan SponsorMichael R Mogoney

Plan Administrator Information

  • Administrator NameInsurance Programmers, Inc.
  • Address60 N Main St
  • CityWallingford
  • StateCT
  • Zip06492-3720
  • Telephone(203) 269-7741
  • Administrator EIN06-0811449

Audit Information

  • Audit StatusAudited
  • AuditorGeorge J Nowak & Company
  • Auditor EIN06-0725354
  • Audit OpinionUnqualified
  • Audit Type Full 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)
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.

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 $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? 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

Financials

Income and Expense Statement

Income $6,388,254
Contributions $2,593,026
Cash Contributions $2,593,026
Cash from Employers $2,593,026
Cash from Participants $0
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $3,772,640
Total Interest $509,672
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 $509,672
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 $3,262,968
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 $22,588
Expenses $4,655,889
Total Benefit Payments $4,561,796
Directly to participants or beneficiaries, including direct rollovers $4,530,686
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $31,110
Corrective Distributions $0
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $94,093
Professional Fees $40,440
Contract Administrator Fees $28,584
Investment Advisory and management fees $15,000
Other Administrative Fees $10,069
Net Income $1,732,365
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

05/31/2007 05/31/2006 Change YOY
Total Assets $36,336,018 $34,584,954 5.06%
Total noninterest-bearing cash $152,489 $149,604 1.93%
Receivables $345,692 $211,552 63.41%
Employer Contributions $341,278 $210,104 62.43%
Participant Contributions $0 $0 0.0%
Other Contributions $4,414 $1,448 204.83%
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 $22,929,806 $20,254,249 13.21%
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 $12,905,724 $13,966,789 -7.60%
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 $2,307 $2,760 -16.41%
Total Liabilities $34,357 $15,658 119.42%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $34,357 $15,658 119.42%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $36,301,661 $34,569,296 5.01%

Service Providers

Service Providers

Name Nature of Service Relationship to Plan Sponsor Gross Salary or Allowances Paid by Plan Fees and Commissions Paid by Plan Total Salary/Fees
Insurance Programmers, Inc. Contract Administrator $0 $28,584 $28,584
Marco Consulting Group Investment Advisor $0 $15,000 $15,000
Robert M Cheverie & Associates P.C. Legal $0 $12,917 $12,917
George J Nowak & Co Accounting $0 $11,500 $11,500
Prudential Retirement Ins Co Investment Management $0 $7,221 $7,221
Buckley Frame Accounting $0 $6,207 $6,207
Total $0 $81,429 $81,429

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Retirement Goal Income Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $5,010,467
Large Cap Value / Lsv Asset Mgmt Prudential Retirement Ins Co DFE: Pooled Separate Account $4,859,819
Small Cap Value / Integrity Prudential Retirement Ins Co DFE: Pooled Separate Account $4,261,930
International Blend/ The Boston Co Prudential Retirement Ins Co DFE: Pooled Separate Account $2,079,361
Retirement Goal 2030 Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $1,569,219
Large Cap Growth / Waddell & Reed Prudential Retirement Ins Co DFE: Pooled Separate Account $1,524,981
Retirement Goal 2020 Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $1,477,972
Retirement Goal 2010 Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $963,365
Dryden S&P Index Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $714,932
Retirement Goal 2040 Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $266,940
Retirement Goal 2050 Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $200,820
Sm Cap Value / Mea Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $0
Total $22,929,806

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Prudential Retirement Ins & Annuity Co. 645
EIN 06-1050034
Industry Code 93629
Contract Number 38491
Contract Year 06/01/2006 — 05/31/2007
Value in General Account at Year End $12,905,724
Value in Separate Accounts at Year End $22,929,806
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
Balance at the end of the previous year $13,966,789
Additions $2,392,541
Contributions Deposited during the year $723,125
Dividends and credits $0
Interest credited during the year $509,672
Transferred from separate account $1,159,744
Other $0
Total of Balance and Additions $16,359,330
Deductions $3,453,606
Disbursed from fund to pay benefits or purchase annuities during the year $2,459,950
Administration charge made by carrier $27,867
Transferred to Separate Account $965,789
Other $0
Balance at the end of the current year $12,905,724