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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 Year06/01/2016 — 05/31/2017
  • Date of Plan06/01/1980
  • Net Assets as of 05/31/2017 $58,995,520
  • 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 ArrangementInsurance Trust

Participant Information as of 05/31/2017

  • Active (Eligible) Participants409
  • Retired or separated participants receiving benefits1
  • Other retired or separated participants entitled to future benefits186
  • Subtotal596
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total596
  • Total number of participants as of 06/01/2016572
  • Number of participants with account balances596
  • 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

  • AddressC/O Zenith American Solutions P.O Box 5817
  • CityWallingford
  • StateCT
  • Zip06492
  • Telephone(203) 269-7741
  • EIN06-0008934
  • Industry Code238210

Audit Information

  • Audit StatusAudited
  • AuditorNovak Francella LLC
  • Auditor EIN61-1436956
  • 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.
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.
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.

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? 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 $9,981,008
Contributions $4,973,205
Cash Contributions $4,973,205
Cash from Employers $4,968,928
Cash from Participants $0
Others (including rollovers) $4,277
Noncash Contributions $0
Total Earnings on Investments $4,922,728
Total Interest $309,122
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 $309,122
Total Dividends $531,756
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 $1,511,534
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 $2,570,316
Other Income $85,075
Expenses $2,832,562
Total Benefit Payments $2,678,790
Directly to participants or beneficiaries, including direct rollovers $2,678,790
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 $153,772
Professional Fees $38,233
Contract Administrator Fees $40,200
Investment Advisory and management fees $59,487
Other Administrative Fees $15,852
Net Income $7,148,446
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

05/31/2017 05/31/2016 Change YOY
Total Assets $59,078,292 $51,938,834 13.75%
Total noninterest-bearing cash $364,368 $558,251 -34.73%
Receivables $636,142 $564,249 12.74%
Employer Contributions $636,142 $564,249 12.74%
Participant Contributions $0 $0 0.0%
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 $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 $10,630,999 $9,796,116 8.52%
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 $27,638,319 $22,229,803 24.33%
Value of funds held in insurance co. general account $19,808,464 $18,790,415 5.42%
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 $82,772 $91,760 -9.80%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $82,772 $91,760 -9.80%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $58,995,520 $51,847,074 13.79%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • The Vanguard Group
  • Integrity Asset Management

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
Prudential Retirement Ins & An Distribution (12b-1) fees, Account maintenance fees, Consulting fees, Custodial (securities), Direct payment from the plan NONE $42,714 $0 $42,714
Insurance Programmers, Inc Contract Administrator, Plan Administrator, Recordkeeping and information management (computing, tabulating, data processing, etc.), Named fiduciary, Direct payment from the plan NONE $41,544 $0 $41,544
Robert M Cheverie & Assoc Legal, Direct payment from the plan NONE $20,000 $0 $20,000
Meketa Investment Grp LLP Consulting (pension), Investment management fees paid directly by plan NONE $18,802 $0 $18,802
Buckley, Frame, Boudreau Accounting (including auditing), Direct payment from the plan NONE $18,233 $0 $18,233
Total $141,293 $0 $141,293

Indirect Compensation

There are no service providers with indirect compensation listed for this plan.

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

Name Position Explanation
Buckley, Frame, Boudreau & Co., P.C Auditor Buckley, Frame, Boudreau & Co., P.C. Merged Into Novak Francella LLC.

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Lge Cap Val/Lsv Asset Mgt Prudential Retirement Ins Co DFE: Pooled Separate Account $4,637,891
Small Cap Value/Integrity Prudential Retirement Ins Co DFE: Pooled Separate Account $4,064,211
Dryden S&P Index Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $1,237,683
International Blend Aqr Prudential Retirement Ins Co DFE: Pooled Separate Account $691,214
Total $10,630,999

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Prudential Retirement Insurance and Annuity Company 596
EIN 06-1050034
Industry Code 93629
Contract Number 038491
Contract Year 06/01/2016 — 05/31/2017
Value in General Account at Year End $19,808,464
Value in Separate Accounts at Year End $10,630,999
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 GENERAL ACCOUNT
Balance at the end of the previous year $18,790,415
Additions $3,573,653
Contributions Deposited during the year $1,342,459
Dividends and credits $0
Interest credited during the year $309,122
Transferred from separate account $1,149,300
Other $772,772
Total of Balance and Additions $22,364,068
Deductions $2,555,604
Disbursed from fund to pay benefits or purchase annuities during the year $804,621
Administration charge made by carrier $0
Transferred to Separate Account $574,155
Other $1,176,828
Balance at the end of the current year $19,808,464