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Local No. 41 International Brotherhood of Electrical Workers

Plan Rating
FORM 5500 DATA

Local No. 41 International Brotherhood of Electrical Workers Annuity Fund

Overview

Plan Information

  • Plan Year11/01/2018 — 10/31/2019
  • Date of Plan11/01/1966
  • Net Assets as of 10/31/2019 $89,126,672
  • 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? No
  • Plan Funding Arrangement Trust
  • Plan Benefit Arrangement Trust

Participant Information as of 10/31/2019

  • Active (Eligible) Participants1,348
  • Retired or separated participants receiving benefits52
  • Other retired or separated participants entitled to future benefits19
  • Subtotal1,419
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits12
  • Total1,431
  • Total number of participants as of 11/01/20181,451
  • Number of participants with account balances1,175
  • 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

  • AddressS 3546 California Road
  • CityOrchard Park
  • StateNY
  • Zip14127
  • Telephone(716) 662-6122
  • EIN16-6069938
  • Industry Code238210
  • Named AdministratorLeeann Murphy
  • Named Plan SponsorRose Haensly

Audit Information

  • Audit StatusAudited
  • AuditorBonadio & Co., LLP
  • Auditor EIN16-1131146
  • 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.
2K Code section 401(m) arrangement Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contributions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
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 $14,245,159
Contributions $4,742,194
Cash Contributions $4,742,194
Cash from Employers $4,742,194
Cash from Participants $0
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $9,502,965
Total Interest $0
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 $0
Total Dividends $2,484,740
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 $61,522
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 $6,956,703
Other Income $0
Expenses $6,425,147
Total Benefit Payments $6,099,760
Directly to participants or beneficiaries, including direct rollovers $6,099,760
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 $325,387
Professional Fees $67,003
Contract Administrator Fees $0
Investment Advisory and management fees $108,442
Other Administrative Fees $149,942
Net Income $7,820,012
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

10/31/2019 10/31/2018 Change YOY
Total Assets $89,145,795 $81,324,155 9.62%
Total noninterest-bearing cash $79,017 $51,983 52.01%
Receivables $555,319 $438,080 26.76%
Employer Contributions $555,319 $438,080 26.76%
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 $2,613,974 $2,312,317 13.05%
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 $0 $0 0.0%
Value of interest in registered investment companies $85,896,361 $78,520,667 9.39%
Value of funds held in insurance co. general account $0 $0 0.0%
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 $1,124 $1,108 1.44%
Total Liabilities $19,123 $17,495 9.31%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $19,123 $17,495 9.31%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $89,126,672 $81,306,660 9.62%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • The Vanguard Group, Inc.

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
Local No. 41 Ibew Health Fund Recordkeeping and information management (computing, tabulating, data processing, etc.) Affiliate $107,000 $0 $107,000
The Vanguard Group, Inc. Recordkeeping and information management (computing, tabulating, data processing, etc.), Custodial (securities), Investment management fees paid indirectly by plan NONE $103,392 $0 $103,392
Bonadio & Co., LLP Accounting (including auditing) NONE $26,254 $0 $26,254
Blitman & King, LLP Legal NONE $18,458 $0 $18,458
Marco Consulting Group Investment advisory (plan) NONE $9,250 $0 $9,250
Pca Technology Group Consulting (general) NONE $6,903 $0 $6,903
Jbm Consultants Consulting (general) NONE $5,386 $0 $5,386
Total $276,643 $0 $276,643

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
Vftc Retirement Savings Trust III Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $2,613,974
Total $2,613,974

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.