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Sprinkler Industry Supplemental Pension Fund Joint Board of Trustees

Plan Rating
FORM 5500 DATA

Sprinkler Industry Supplemental Pension Fund

Overview

Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan07/01/1977
  • Net Assets as of 12/31/2019 $2,137,071,542
  • 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 12/31/2019

  • Active (Eligible) Participants23,489
  • Retired or separated participants receiving benefits462
  • Other retired or separated participants entitled to future benefits607
  • Subtotal24,558
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits78
  • Total24,636
  • Total number of participants as of 01/01/201923,934
  • Number of participants with account balances24,636
  • 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

  • Address8000 Corporate Drive
  • CityLandover
  • StateMD
  • Zip20785-2239
  • Telephone(301) 577-1700
  • EIN14-1595069
  • Industry Code238220

Plan Administrator Information

  • Administrator NameSprinkler Industry Supplemental Pen Joint Board of Trustees
  • Address8000 Corporate Drive
  • CityLandover
  • StateMD
  • Zip20785-2239
  • Telephone(301) 577-1700
  • Administrator EIN14-1595069

Audit Information

  • Audit StatusAudited
  • AuditorCalibre CPA Group, PLLC
  • Auditor EIN47-0900880
  • 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.
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.

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 $4,000,000
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
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 $461,913,983
Contributions $136,825,121
Cash Contributions $136,825,121
Cash from Employers $136,825,121
Cash from Participants $0
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $325,088,862
Total Interest $30,140,441
Interest-Bearing Cash $1,509,321
U.S. Government Securities $7,658,600
Corporate Debt Instruments $12,221,706
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $8,750,814
Total Dividends $6,546,513
Preferred Stock $5,835
Common Stock $0
Rents $0
Net gain (loss) on sale of assets $58,202,749
Aggregate Proceeds $2,395,549,391
Aggregate Carrying Amount $2,337,346,642
Total Unrealized Appreciation (depreciation) of assets $42,617,207
Real Estate $0
Other $42,617,207
Net investment gain (loss) from common/collective trusts $117,286,931
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 $-10,254,803
Net investment gain (loss) from registered investment companies $80,549,824
Other Income $0
Expenses $74,782,627
Total Benefit Payments $68,937,294
Directly to participants or beneficiaries, including direct rollovers $68,937,294
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 $5,845,333
Professional Fees $418,867
Contract Administrator Fees $0
Investment Advisory and management fees $4,243,323
Other Administrative Fees $1,183,143
Net Income $387,131,356
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2019 12/31/2018 Change YOY
Total Assets $2,283,484,315 $1,908,736,843 19.63%
Total noninterest-bearing cash $34,350,469 $5,432,358 532.33%
Receivables $44,307,102 $88,934,900 -50.18%
Employer Contributions $12,691,864 $11,218,735 13.13%
Participant Contributions $0 $0 0.0%
Other Contributions $31,615,238 $77,716,165 -59.32%
General Investments $503,715,928 $383,199,057 31.45%
Interest-bearing cash $85,882,053 $55,098,176 55.87%
U.S. Government Securities $417,833,875 $328,100,881 27.35%
Corporate Debt Instruments $270,344,962 $240,424,717 12.44%
Preferred $0 $0 0.0%
All Other $270,344,962 $240,424,717 12.44%
Corporate Stocks $0 $90,523 -100.00%
Preferred $0 $90,523 -100.00%
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 $709,880,999 $524,664,296 35.30%
Value of interest in pooled separate accounts $0 $0 0.0%
Value of interest in master trust investment accounts $0 $0 0.0%
Value of interest in 103-12 investment entities $177,154,063 $140,136,576 26.42%
Value of interest in registered investment companies $148,764,323 $0 0.0%
Value of funds held in insurance co. general account $345,492,488 $314,085,597 10.00%
Other Investments $49,473,981 $211,768,819 -76.64%
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 $146,412,773 $158,796,657 -7.80%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $972,866 $849,619 14.51%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $145,439,907 $157,947,038 -7.92%
Net Assets $2,137,071,542 $1,749,940,186 22.12%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • New Tower Trust Company - Mept
  • Afl-Cio Equity Index (Asb & Cct)
  • Dimensional Fund Advisor Lp

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
John Hancock Retirement Plan Servic Recordkeeping fees NONE $953,224 $0 $953,224
Western Asset Investment management NONE $833,184 $0 $833,184
Pimco Investment management, Soft dollars commissions NONE $718,203 $0 $718,203
Ullico Investment Advisors Inc. Investment management, Soft dollars commissions NONE $547,439 $0 $547,439
Jp Morgan Investment Management Inc Investment management, Investment advisory (plan) NONE $534,959 $0 $534,959
Invesco Advisors, Inc Investment management, Other insurance wrap fees NONE $423,588 $0 $423,588
Segal Marco Advisors Investment advisory (plan) NONE $151,171 $0 $151,171
Northstar Retirement Advisors Investment advisory (participants) NONE $148,795 $0 $148,795
Comerica Bank Custodial (securities), Other investment fees and expenses NONE $138,895 $0 $138,895
Calibre CPA Group, PLLC Accounting (including auditing) NONE $130,855 $0 $130,855
Lori Middleton Employee (plan) Employee $97,150 $0 $97,150
O'Donoghue & O'Donoghue Legal NONE $85,719 $0 $85,719
Michael Jacobson Employee (plan) Employee $73,899 $0 $73,899
John Eger Employee (plan) Employee $67,351 $0 $67,351
Christina Keiser Employee (plan) Employee $51,347 $0 $51,347
Sharon Dean Employee (plan) Employee $43,308 $0 $43,308
Catherine Varelli Employee (plan) Employee $23,822 $0 $23,822
Mary Shaw Employee (plan) Employee $20,907 $0 $20,907
Franca Soares De Souza Employee (plan) Employee $19,695 $0 $19,695
William Sapp Employee (plan) Employee $13,803 $0 $13,803
Kelly Fisher Employee (plan) Employee $12,967 $0 $12,967
Rachel Varelli Employee (plan) Employee $12,498 $0 $12,498
Segal Select Insurance Services Insurance brokerage commissions and fees NONE $0 $12,227 $12,227
Robert Kaufmann Employee (plan) Employee $11,670 $0 $11,670
Celines Diaz Employee (plan) Employee $9,012 $0 $9,012
Julie Knorr Employee (plan) Employee $8,372 $0 $8,372
Anna Bosmans Employee (plan) Employee $6,962 $0 $6,962
Nathaniel Davis Employee (plan) Employee $6,256 $0 $6,256
Karen Williams Employee (plan) Employee $6,244 $0 $6,244
John Pedron Employee (plan) Employee $5,561 $0 $5,561
Richard Welsh Employee (plan) Employee $5,480 $0 $5,480
Total $5,162,336 $12,227 $5,174,563

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Comerica Bank Comerica Other investment fees and expenses Other Investment Fees & Expenses $0
Segal Select Insurance Services Ullico Insurance brokerage commissions and fees Insurance Brokerage Commissions and Fees $1,380
Segal Select Insurance Services Euclid Specialty Managers Insurance brokerage commissions and fees Insurance Brokerage Commissions and Fees $2,065
Segal Select Insurance Services Chubb Insurance brokerage commissions and fees Insurance Brokerage Commissions and Fees $7,746
Segal Select Insurance Services Rli Insurance Insurance brokerage commissions and fees Insurance Brokerage Commissions and Fees $1,036
*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
Afl-Cio Equity Index Fund Chevy Chase Trust Company DFE: Common/Collective Trust $527,028,924
Multi-Employer Property Trust New Tower Trust Company DFE: Common/Collective Trust $98,651,791
Jpmcb Mortgage Back Securities Jp Morgan Chase Bank DFE: Common/Collective Trust $84,200,284
Ullico Diversified International Eq Ullico Investment Advisors Inc. DFE: 103-12 Investment Entity $81,675,895
Wa Mortgage Backed Securiites Port Western Asset Management Company, LLC DFE: 103-12 Investment Entity $81,551,841
Wa Floating Rate High Income LLC Western Asset Management Company, LLC DFE: 103-12 Investment Entity $10,941,934
Wa Opportunistic Em Local Debt LLC Western Asset Management Company, LLC DFE: 103-12 Investment Entity $2,972,538
Wa Opportunistic Non-Dollar Hedged Western Asset Management Company, LLC DFE: 103-12 Investment Entity $11,855
Total $887,035,062

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Transamerica Premier Life Ins Co 24,636
EIN 52-0419790
Industry Code 66281
Contract Number MDA00617TR
Contract Year 01/01/2019 — 12/31/2019
Value in General Account at Year End $72,961,797
Value in Separate Accounts at Year End $0
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 $70,249,906
Additions $2,711,891
Contributions Deposited during the year $800,000
Dividends and credits $0
Interest credited during the year $1,911,891
Transferred from separate account $0
Other $0
Total of Balance and Additions $72,961,797
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 $72,961,797
Metropolitan Tower Life 24,636
EIN 13-3114906
Industry Code 97136
Contract Number 38009
Contract Year 01/01/2019 — 12/31/2019
Value in General Account at Year End $61,746,179
Value in Separate Accounts at Year End $0
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 $56,791,314
Additions $4,954,865
Contributions Deposited during the year $3,300,000
Dividends and credits $0
Interest credited during the year $1,654,865
Transferred from separate account $0
Other $0
Total of Balance and Additions $61,746,179
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 $61,746,179
Voya Retirement Insurance & Annuity Co 24,636
EIN 71-0294708
Industry Code 86509
Contract Number 60060
Contract Year 01/01/2019 — 12/31/2019
Value in General Account at Year End $73,740,209
Value in Separate Accounts at Year End $0
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 $71,056,223
Additions $2,683,986
Contributions Deposited during the year $800,000
Dividends and credits $0
Interest credited during the year $1,883,986
Transferred from separate account $0
Other $0
Total of Balance and Additions $73,740,209
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 $73,740,209
Prudential Ins Co of America 24,636
EIN 22-1211670
Industry Code 68241
Contract Number GA-62432
Contract Year 01/01/2019 — 12/31/2019
Value in General Account at Year End $74,793,219
Value in Separate Accounts at Year End $0
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 $71,970,111
Additions $2,823,108
Contributions Deposited during the year $800,000
Dividends and credits $0
Interest credited during the year $2,023,108
Transferred from separate account $0
Other $0
Total of Balance and Additions $74,793,219
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 $74,793,219
Pacific Life Insurance Co 24,636
EIN 95-1079000
Industry Code 67466
Contract Number G-26964.01.0001
Contract Year 01/31/2019 — 12/31/2019
Value in General Account at Year End $62,251,084
Value in Separate Accounts at Year End $0
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 $44,018,043
Additions $18,233,041
Contributions Deposited during the year $16,770,000
Dividends and credits $0
Interest credited during the year $1,463,041
Transferred from separate account $0
Other $0
Total of Balance and Additions $62,251,084
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 $62,251,084