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FORM 5500 DATA

A.G. Ship Maintenance Corp. 401k Retirement Savings Plan

Overview

Plan Information

  • Plan Year01/01/2018 — 12/31/2018
  • Date of Plan03/01/1993
  • Net Assets as of 12/31/2018 $3,749,690
  • Plan Number3
  • Plan Type Single Employer
  • Is the plan collectively bargained? No
  • Did the plan file for an extension of time or the DFVC Program? No
  • Plan Funding ArrangementInsurance Trust
  • Plan Benefit ArrangementInsurance Trust

Participant Information as of 12/31/2018

  • Active (Eligible) Participants122
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits12
  • Subtotal134
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total134
  • Total number of participants as of 01/01/2018142
  • Number of participants with account balances48
  • 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

  • Address99 Chapel Street
  • CityNewark
  • StateNJ
  • Zip07105
  • Telephone(973) 589-4400
  • EIN11-2110636
  • Industry Code238900
  • Named AdministratorSusan Ruiz

Audit Information

  • Audit StatusAudited
  • AuditorPollan Mauner & Wess
  • Auditor EIN11-2992489
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope 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.
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.
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.
3D Master plan A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium (for example, a trust or custodial account) is established for the joint use of all adopting employers.
3H Controlled Group Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).

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? Yes

Financials

Income and Expense Statement

Income $133,763
Contributions $383,869
Cash Contributions $383,869
Cash from Employers $0
Cash from Participants $383,869
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $-250,106
Total Interest $7,054
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $7,054
Interest from Other Investments $0
Total Dividends $11,068
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 $-268,228
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 $0
Other Income $0
Expenses $936,906
Total Benefit Payments $926,124
Directly to participants or beneficiaries, including direct rollovers $926,124
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 $10,782
Professional Fees $0
Contract Administrator Fees $10,782
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $-803,143
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 $3,749,690 $4,552,833 -17.64%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $0 $5,307 -100.00%
Employer Contributions $0 $0 0.0%
Participant Contributions $0 $5,307 -100.00%
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 $129,567 $118,287 9.54%
Value of interest in common/collective trusts $2,519,008 $3,115,598 -19.15%
Value of interest in pooled separate accounts $105,295 $77,218 36.36%
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 $426,416 $440,934 -3.29%
Value of funds held in insurance co. general account $569,404 $795,489 -28.42%
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 $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 $3,749,690 $4,552,833 -17.64%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

There is no information on eligible indirect compensation for this plan.

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
Principal Life Insurance Co Contract Administrator, Recordkeeping fees, Participant loan processing, Direct payment from the plan Contract Administrator $10,607 $0 $10,607
Signator Insurance Agency Inc Other services, Other commissions Other Services $0 $7,077 $7,077
Associated Pension Consultants Other services, Other fees Tpa Services $0 $0 $0
Wilshire Associates Inc Investment advisory (plan), Other investment fees and expenses Investment Advisory $0 $0 $0
Total $10,607 $7,077 $17,684

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Signator Insurance Agency Inc Principal Life Insurance Other services, Other commissions Commissions $7,077
Associated Pension Consultants Principal Life Insurance Other services, Other fees Referral/Service Fee $0
Wilshire Associates Incorporated Principal Life Insurance Investment advisory (plan), Other investment fees and expenses 1 Basis Point Annually On eligible Plan Assetsin Wilshire 3(21)Or Wilshire 3(21 Auto-Execute Fidiciary Service $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
Prin Trust Tgt 2030 Fd R6 Principal Life Insurance Company DFE: Common/Collective Trust $696,725
Prin Trust Tgt 2025 Fd R6 Principal Life Insurance Company DFE: Common/Collective Trust $617,287
Prin Trust Tgt 2045 Fd R6 Principal Life Insurance Company DFE: Common/Collective Trust $293,861
Prin Trust Tgt 2040 Fd R6 Principal Life Insurance Company DFE: Common/Collective Trust $230,642
Prin Trust Tgt 2035 Fd R6 Principal Life Insurance Company DFE: Common/Collective Trust $222,433
Prin Trust Tgt 2055 Fd R6 Principal Life Insurance Company DFE: Common/Collective Trust $126,822
Prin Trust Tgt 2020 Fd R6 Principal Life Insurance Company DFE: Common/Collective Trust $77,341
Prin Trust Tgt 2015 Fd R6 Principal Life Insurance Company DFE: Common/Collective Trust $76,789
Prin Trust Tgt 2050 Fd R6 Principal Life Insurance Company DFE: Common/Collective Trust $71,287
Prin Trust Tgt 2010 Fd R6 Principal Life Insurance Company DFE: Common/Collective Trust $55,319
Prin Trust Tgt 2060 Fd R6 Principal Life Insurance Company DFE: Common/Collective Trust $50,502
T. Rowe Largecap Grouwth I Sa-R6 Principal Life Insurance Company DFE: Pooled Separate Account $41,533
Prin Midcap S&P 400 Idx Sa-R6 Principal Life Insurance Company DFE: Pooled Separate Account $33,502
Prin Lgcap S&P Index Sa-R6 Principal Life Insurance Company DFE: Pooled Separate Account $30,260
Total $2,624,303

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Principal Life Insurance Companu 142
EIN 42-0127290
Industry Code 61271
Contract Number 613953
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $0
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $2,435
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Signator Insurance Agency Inc. 197 Clarendon Street Suite C8 Boston, MA 02116 -5010 Insurance Agent or Broker $2,029 $0 COMMISSSION
Associated Pension Consultants Inc 111 Express Street Plainview, NY 11803 Insurance Agent or Broker $0 $406 TPA SERVICE FEE
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 CUSTODIAL GUARANTEED INTEREST CONTRACT
Balance at the end of the previous year $795,489
Additions $276,559
Contributions Deposited during the year $37,188
Dividends and credits $0
Interest credited during the year $8,631
Transferred from separate account $0
Other $230,740
Total of Balance and Additions $1,072,048
Deductions $502,644
Disbursed from fund to pay benefits or purchase annuities during the year $304,713
Administration charge made by carrier $1,977
Transferred to Separate Account $0
Other $195,954
Balance at the end of the current year $569,404
Principal Life Insurance Company 142
EIN 42-0127290
Industry Code 61271
Contract Number 463805
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $0
Value in Separate Accounts at Year End $105,296
Insurance Fees and Commissions $277
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Signator Insurance Agency Inc. 197 Clarendon Street Suite C8 Boston, MA 02116 -5010 Insurance Agent or Broker $231 $0 COMMISSION
Associated Pension Consultants Inc 111 Express Street Plainview, NY 11803 Insurance Agent or Broker $0 $46 TPA SERVICE FEE
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 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