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FORM 5500 DATA

International Brotherhood of Electrical Workers Local Union No. 269 Annuity Plan

Overview

Plan Information

  • Plan Year01/01/2018 — 12/31/2018
  • Date of Plan04/01/1982
  • Net Assets as of 12/31/2018 $204,472,706
  • Plan Number2
  • 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 12/31/2018

  • Active (Eligible) Participants1,481
  • Retired or separated participants receiving benefits37
  • Other retired or separated participants entitled to future benefits423
  • Subtotal1,941
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total1,941
  • Total number of participants as of 01/01/20181,955
  • Number of participants with account balances1,941
  • 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 I.E. Shaffer Co 830 Bear Tavern Road, Po Box 1028
  • CityWest Trenton
  • StateNJ
  • Zip08628-0230
  • Telephone(609) 394-8211
  • EIN22-2393763
  • Industry Code238210

Plan Administrator Information

  • Administrator NameI.E. Shaffer & Co.
  • Address830 Bear Tavern Road
  • CityWest Trenton
  • StateNJ
  • Zip08628-1020
  • Telephone(800) 792-3666
  • Administrator EIN22-1750854

Audit Information

  • Audit StatusAudited
  • AuditorMspc Certified Public Accountants
  • Auditor EIN22-2951202
  • Audit OpinionUnqualified
  • Audit Type Full Audit

Benefits Provided Under the Plan

Code Benefit Description
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 $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? No

Financials

Income and Expense Statement

Income $8,996,178
Contributions $11,571,029
Cash Contributions $11,571,029
Cash from Employers $11,571,029
Cash from Participants $0
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $-2,809,490
Total Interest $1,762,658
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 $1,762,658
Total Dividends $8,942,312
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 $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 $-13,514,460
Other Income $234,639
Expenses $8,107,377
Total Benefit Payments $7,899,726
Directly to participants or beneficiaries, including direct rollovers $7,899,726
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 $207,651
Professional Fees $145,904
Contract Administrator Fees $0
Investment Advisory and management fees $30,000
Other Administrative Fees $31,747
Net Income $888,801
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 $204,718,576 $203,727,698 0.49%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $1,536,499 $1,685,776 -8.86%
Employer Contributions $1,411,420 $1,256,689 12.31%
Participant Contributions $0 $0 0.0%
Other Contributions $125,079 $429,087 -70.85%
General Investments $430,577 $283,392 51.94%
Interest-bearing cash $430,577 $283,392 51.94%
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 $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 $93,236,523 $96,180,911 -3.06%
Value of funds held in insurance co. general account $109,514,977 $105,577,619 3.73%
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 $245,870 $143,793 70.99%
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) $245,870 $143,793 70.99%
Net Assets $204,472,706 $203,583,905 0.44%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Prudential Retirement Insurance and

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
Metropolitian Life Insurance Co Insurance services, Direct payment from the plan NONE $214,501 $0 $214,501
I.E. Shaffer Contract Administrator, Direct payment from the plan NONE $124,404 $0 $124,404
Pfm Advisors Investment advisory (plan), Investment management fees paid directly by plan NONE $30,000 $0 $30,000
Mspc Certified Public Accountants Accounting (including auditing), Direct payment from the plan NONE $15,000 $0 $15,000
Pellettieri, Rabstein & Altman Legal, Direct payment from the plan NONE $6,500 $0 $6,500
Total $390,405 $0 $390,405

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

No investments information available for this plan.

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Metropolitan Life Insurance Company 1,941
EIN 13-5581829
Industry Code 65978
Contract Number 32335
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $0
Value in Separate Accounts at Year End $39,069,527
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 $37,931,815
Additions $1,137,712
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $1,137,712
Transferred from separate account $0
Other $0
Total of Balance and Additions $39,069,527
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 $39,069,527
Prudential Retirement Insurance and Annuity Company 1,941
EIN 06-1050034
Industry Code 93629
Contract Number 074967
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $70,445,450
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 $67,700,249
Additions $15,766,261
Contributions Deposited during the year $5,622,988
Dividends and credits $0
Interest credited during the year $1,376,371
Transferred from separate account $0
Other $8,766,902
Total of Balance and Additions $83,466,510
Deductions $12,968,802
Disbursed from fund to pay benefits or purchase annuities during the year $5,818,866
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $7,149,936
Balance at the end of the current year $70,497,708