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Local 68 Engineers Union Annuity Fund Board of Trustees

Plan Rating
FORM 5500 DATA

Local 68 Engineers Union Annuity Fund

Overview

Plan Information

  • Plan Year07/01/2018 — 06/30/2019
  • Date of Plan05/01/1976
  • Net Assets as of 06/30/2019 $738,004,145
  • 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 Arrangement Trust

Participant Information as of 06/30/2019

  • Active (Eligible) Participants5,764
  • Retired or separated participants receiving benefits206
  • Other retired or separated participants entitled to future benefits987
  • Subtotal6,957
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits226
  • Total7,183
  • Total number of participants as of 07/01/20186,832
  • Number of participants with account balances7,183
  • 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

  • AddressPo Box 805
  • CityWest Caldwell
  • StateNJ
  • Zip07007
  • Telephone(973) 227-6426
  • EIN22-6289939
  • Industry Code561210
  • Named AdministratorThomas P. Giblin
  • Named Plan SponsorJose Garcia

Audit Information

  • Audit StatusAudited
  • AuditorWasilewski & Keating,Pc
  • Auditor EIN22-2676761
  • Audit OpinionUnqualified
  • Audit Type Full Audit

Benefits Provided Under the Plan

Code Benefit Description
2C Money purchase A pension plan, other than a target benefit plan that requires a fixed percentage of compensation to be contributed to each eligible employee.

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 $3,000,000
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? Yes $445,264,596
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 $78,825,778
Contributions $35,208,047
Cash Contributions $35,208,047
Cash from Employers $35,208,047
Cash from Participants $0
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $43,617,731
Total Interest $10,903,494
Interest-Bearing Cash $161,643
U.S. Government Securities $1,839,325
Corporate Debt Instruments $7,351,693
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $1,550,833
Total Dividends $3,349,982
Preferred Stock $0
Common Stock $832,027
Rents $0
Net gain (loss) on sale of assets $-1,536,718
Aggregate Proceeds $355,709,335
Aggregate Carrying Amount $357,246,053
Total Unrealized Appreciation (depreciation) of assets $14,313,535
Real Estate $0
Other $14,313,535
Net investment gain (loss) from common/collective trusts $16,467,832
Net investment gain (loss) from pooled separate accounts $119,606
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 $31,503,836
Total Benefit Payments $29,393,905
Directly to participants or beneficiaries, including direct rollovers $29,393,905
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 $2,109,931
Professional Fees $60,454
Contract Administrator Fees $242,414
Investment Advisory and management fees $1,767,816
Other Administrative Fees $39,247
Net Income $47,321,942
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

06/30/2019 06/30/2018 Change YOY
Total Assets $738,341,042 $691,016,678 6.85%
Total noninterest-bearing cash $8,491,340 $5,581,379 52.14%
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 $250,134,607 $248,711,822 0.57%
Interest-bearing cash $13,132,933 $6,042,473 117.34%
U.S. Government Securities $74,404,371 $85,037,260 -12.50%
Corporate Debt Instruments $162,597,303 $157,632,089 3.15%
Preferred $162,597,303 $157,632,089 3.15%
All Other $0 $0 0.0%
Corporate Stocks $101,012,963 $101,421,709 -0.40%
Preferred $0 $0 0.0%
Common $101,012,963 $101,421,709 -0.40%
Partnership/joint venture interests $127,977,288 $113,092,538 13.16%
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 $171,749,801 $155,763,256 10.26%
Value of interest in pooled separate accounts $3,015,740 $2,896,134 4.13%
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 $0 $0 0.0%
Value of funds held in insurance co. general account $839,893 $807,589 4.00%
Other Investments $75,119,410 $62,742,251 19.73%
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 $336,897 $334,475 0.72%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $336,897 $334,475 0.72%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $738,004,145 $690,682,203 6.85%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Pnc Bank
  • Corbin Erisa Opportunity Fund Lp
  • Goldentree Asset Mgmt Lp
  • Glouston Private Equity Oppt VI Fte
  • Entrust Global Partners Offshore 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
Chartwell Investment Ptrs Investment management fees paid directly by plan, Other investment fees and expenses, Investment management NONE $346,505 $0 $346,505
Wedge Capital Management LLP Investment management fees paid directly by plan, Other investment fees and expenses, Investment management NONE $270,647 $0 $270,647
Hardman Johnston Global Advisors Investment management fees paid directly by plan, Other investment fees and expenses, Investment management NONE $221,171 $0 $221,171
Investment Performance Svcs LLC Consulting (general), Investment advisory (plan) NONE $215,000 $0 $215,000
Local 68 Eng Union Welfare Fd Contract Administrator Affiliated Fund $143,844 $0 $143,844
Local 68 Eng Union Education Fd Contract Administrator Affiliated Fund $98,570 $0 $98,570
The Northern Trust Company Investment management fees paid directly by plan, Other investment fees and expenses, Investment management NONE $65,607 $0 $65,607
Comerica Bank Other investment fees and expenses, Custodial (securities) NONE $62,035 $0 $62,035
Christopher Ruton Employee (plan) Employee $26,374 $0 $26,374
Wasilewski & Keating Pc Accounting (including auditing) NONE $23,918 $0 $23,918
Innovative Software Solutions Recordkeeping and information management (computing, tabulating, data processing, etc.) NONE $18,903 $0 $18,903
Oransky Scaraggi & Borg Pc Legal NONE $13,000 $0 $13,000
Penn Square Global Real Estate Fd I Investment management, Other investment fees and expenses, Investment management fees paid directly by plan NONE $7,972 $0 $7,972
Gerson & Associates Accounting (including auditing) NONE $7,076 $0 $7,076
Total $1,520,622 $0 $1,520,622

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Investment Performance Svcs LLC Various Mgrs, Custodians, Brokers Consulting (general), Investment advisory (plan) Regis Fees Paid By Attendees $0
Investment Performance Svcs LLC Various Mgrs, Custodians, Brokers Consulting (general), Investment advisory (plan) Minus Cost of Hosting The Event $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
Nt Coll. Russell 1000 Growth Ind. F The Northern Trust Co DFE: Common/Collective Trust $79,568,998
Nt Coll.Russell 1000 Value Ind.Fund The Northern Trust Co DFE: Common/Collective Trust $71,341,709
Afl-Cio Bldg Investment Trust Pnc Bank Nat'L Association DFE: Common/Collective Trust $20,839,094
Pooled Separate Accounts Transamerica Retirement Solutions DFE: Pooled Separate Account $3,015,740
Total $174,765,541

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Us Life 7,183
EIN 13-6101875
Industry Code 60607
Contract Number 7D9262566C
Contract Year 07/01/2018 — 06/30/2019
Value in General Account at Year End $0
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 $807,589
Additions $32,304
Contributions Deposited during the year $0
Dividends and credits $32,304
Interest credited during the year $0
Transferred from separate account $0
Other $0
Total of Balance and Additions $839,893
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 $839,893
Transamerica Retirement Solutions 7,183
EIN 13-3689044
Industry Code 70688
Contract Number CH71567AB
Contract Year 07/01/2018 — 06/30/2019
Value in General Account at Year End $0
Value in Separate Accounts at Year End $3,015,740
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 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