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FORM 5500 DATA

The Sage Colleges Defined Contribution Retirement Plan

Overview

Plan Information

  • Plan Year01/01/2018 — 12/31/2018
  • Date of Plan09/01/1941
  • Net Assets as of 12/31/2018 $100,517,711
  • 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) Participants262
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits700
  • Subtotal962
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits3
  • Total965
  • Total number of participants as of 01/01/2018986
  • Number of participants with account balances953
  • 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

  • Address65 1st Street
  • CityTROY
  • StateNY
  • Zip12180
  • Telephone(518) 244-4617
  • EIN14-1338488
  • Industry Code611000
  • Named AdministratorLaura D'Agostino
  • Named Plan SponsorLaura D'Agostino

Audit Information

  • Audit StatusAudited
  • AuditorUhy LLP
  • Auditor EIN20-0694403
  • 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.
2L Code section 403(b)(1) arrangement A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers.
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.
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 $-1,680,043
Contributions $798,029
Cash Contributions $798,029
Cash from Employers $0
Cash from Participants $662,692
Others (including rollovers) $135,337
Noncash Contributions $0
Total Earnings on Investments $-2,521,424
Total Interest $1,290,341
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 $1,290,341
Total Dividends $711,646
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 $161,791
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 $-4,685,202
Other Income $43,352
Expenses $6,620,957
Total Benefit Payments $6,578,583
Directly to participants or beneficiaries, including direct rollovers $6,308,795
To insurance carriers for the provision of benefits $269,788
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $42,374
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $37,879
Other Administrative Fees $4,495
Net Income $-8,301,000
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 $100,517,711 $89,617,466 12.16%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $0 $0 0.0%
Employer Contributions $0 $0 0.0%
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 $3,961,662 $3,569,672 10.98%
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 $59,831,990 $55,608,104 7.60%
Value of funds held in insurance co. general account $36,724,059 $30,439,690 20.65%
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 $100,517,711 $89,617,466 12.16%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • TIAA

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
Fiduciary Investment Advisors, LLC Investment management, Direct payment from the plan, Investment management fees paid directly by plan NONE $37,879 $0 $37,879
TIAA Recordkeeping and information management (computing, tabulating, data processing, etc.), Consulting (pension), Investment advisory (plan), Investment management, Participant communication, Direct payment from the plan, Investment management fees paid indirectly by plan, Sales loads (front end and deferred), Recordkeeping fees, Insurance mortality and expense charge NONE $4,380 $0 $4,380
Total $42,259 $0 $42,259

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

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 $3,961,662
Total $3,961,662

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Tiaa-Cref 762
EIN 13-1624203
Industry Code 69345
Contract Number 103713
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $36,724,059
Value in Separate Accounts at Year End $47,964,642
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 Guaranteed Investment
Balance at the end of the previous year $30,439,690
Additions $12,316,701
Contributions Deposited during the year $74,098
Dividends and credits $0
Interest credited during the year $1,290,341
Transferred from separate account $10,952,262
Other $0
Total of Balance and Additions $42,756,391
Deductions $6,032,332
Disbursed from fund to pay benefits or purchase annuities during the year $1,753,054
Administration charge made by carrier $1
Transferred to Separate Account $4,279,277
Other $0
Balance at the end of the current year $36,724,059