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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 Year06/01/2007 — 05/31/2008
  • Date of Plan06/01/1980
  • Net Assets as of 05/31/2008 $37,707,111
  • 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 05/31/2008

  • Active (Eligible) Participants529
  • Retired or separated participants receiving benefits3
  • Other retired or separated participants entitled to future benefits139
  • Subtotal671
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total671
  • Total number of participants as of 06/01/2007645
  • Number of participants with account balances671
  • 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 Sardo
  • Named Plan SponsorMichael R. Moconyi

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 $3,215,567
Contributions $4,285,591
Cash Contributions $4,285,591
Cash from Employers $4,285,591
Cash from Participants $0
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $-1,122,694
Total Interest $538,992
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 $538,992
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 $-1,661,686
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 $52,670
Expenses $1,810,117
Total Benefit Payments $1,714,803
Directly to participants or beneficiaries, including direct rollovers $1,714,803
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 $95,314
Professional Fees $35,663
Contract Administrator Fees $31,111
Investment Advisory and management fees $15,000
Other Administrative Fees $13,540
Net Income $1,405,450
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

05/31/2008 05/31/2007 Change YOY
Total Assets $37,794,362 $36,336,018 4.01%
Total noninterest-bearing cash $186,293 $152,489 22.17%
Receivables $554,383 $345,692 60.37%
Employer Contributions $549,721 $341,278 61.08%
Participant Contributions $0 $0 0.0%
Other Contributions $4,662 $4,414 5.62%
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 $21,518,642 $22,929,806 -6.15%
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 $15,533,217 $12,905,724 20.36%
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 $1,827 $2,307 -20.81%
Total Liabilities $87,251 $34,357 153.95%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $87,251 $34,357 153.95%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $37,707,111 $36,301,661 3.87%

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 $31,111 $31,111
Robert M Cheverie & Associates Legal $0 $17,083 $17,083
Marco Consulting Group Investment Advisor $0 $15,000 $15,000
George J Nowak & Co Accounting $0 $12,400 $12,400
Total $0 $75,594 $75,594

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Retirement Goal Income Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $5,775,907
Large Cap Value / Lsv Asset Mgmt Prudential Retirement Ins Co DFE: Pooled Separate Account $3,708,249
Sm Cap Value / Integrity Prudential Retirement Ins Co DFE: Pooled Separate Account $2,995,461
Large Cap Growth / Waddell & Reed Prudential Retirement Ins Co DFE: Pooled Separate Account $1,833,768
Retirement Goal 2020 Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $1,712,870
Retirement Goal 2030 Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $1,680,186
International Blend/ Mund Cp Fd Prudential Retirement Ins Co DFE: Pooled Separate Account $1,455,356
Retirement Goal 2010 Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $879,122
Dryden S&P Index Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $666,459
Retirement Goal 2040 Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $432,215
Retirement Goal 2050 Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $379,049
Total $21,518,642

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Prudential Retirement Ins & Annuity Co. 671
EIN 06-1050034
Industry Code 93629
Contract Number 38491
Contract Year 06/01/2007 — 05/31/2008
Value in General Account at Year End $15,533,217
Value in Separate Accounts at Year End $21,518,642
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 $12,905,724
Additions $4,034,170
Contributions Deposited during the year $1,283,152
Dividends and credits $0
Interest credited during the year $538,992
Transferred from separate account $2,212,026
Other $0
Total of Balance and Additions $16,939,894
Deductions $1,406,677
Disbursed from fund to pay benefits or purchase annuities during the year $663,654
Administration charge made by carrier $24,330
Transferred to Separate Account $718,693
Other $0
Balance at the end of the current year $15,533,217