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FORM 5500 DATA

IBEW Local Union No. 375 Electricians' Retirement Plan

Overview

Plan Information

  • Plan Year01/01/2016 — 12/31/2016
  • Date of Plan06/01/1976
  • Net Assets as of 12/31/2016 $87,906,898
  • 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 12/31/2016

  • Active (Eligible) Participants648
  • Retired or separated participants receiving benefits18
  • Other retired or separated participants entitled to future benefits138
  • Subtotal804
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total804
  • Total number of participants as of 01/01/2016785
  • Number of participants with account balances804
  • 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

  • Address1201 W. Liberty Street
  • CityAllentown
  • StatePA
  • Zip18102
  • Telephone(610) 432-9762
  • EIN23-2055388
  • Industry Code238210
  • Named AdministratorPaul Anthony

Audit Information

  • Audit StatusAudited
  • AuditorNovak Francella, LLC
  • Auditor EIN61-1436956
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope 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.
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.
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 $1,000,000
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 $10,886,673
Contributions $5,619,551
Cash Contributions $5,619,551
Cash from Employers $5,616,254
Cash from Participants $0
Others (including rollovers) $3,297
Noncash Contributions $0
Total Earnings on Investments $5,249,430
Total Interest $479,644
Interest-Bearing Cash $306
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $479,338
Total Dividends $356,800
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 $1,193,956
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 $3,219,030
Other Income $17,692
Expenses $3,500,179
Total Benefit Payments $3,441,035
Directly to participants or beneficiaries, including direct rollovers $3,441,035
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 $59,144
Professional Fees $40,800
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $18,344
Net Income $7,386,494
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2016 12/31/2015 Change YOY
Total Assets $87,951,744 $80,537,577 9.21%
Total noninterest-bearing cash $200,089 $160,333 24.80%
Receivables $696,193 $551,827 26.16%
Employer Contributions $696,193 $500,214 39.18%
Participant Contributions $0 $0 0.0%
Other Contributions $0 $51,613 0.0%
General Investments $471,350 $238,722 97.45%
Interest-bearing cash $471,350 $238,722 97.45%
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 $16,248,612 $15,201,116 6.89%
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 $40,724,820 $36,649,641 11.12%
Value of funds held in insurance co. general account $29,608,480 $27,733,738 6.76%
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 $2,200 $2,200 0.00%
Total Liabilities $44,846 $17,173 161.14%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $44,846 $17,173 161.14%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $87,906,898 $80,520,404 9.17%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Prudential Retirement Insurance Co

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
Willig, Williams & Davidson Legal, Direct payment from the plan NONE $17,964 $0 $17,964
Buckno, Lisicky & Company Pc Accounting (including auditing), Direct payment from the plan NONE $15,000 $0 $15,000
Prudential Ins Co of America Custodial (securities), Investment advisory (plan), Investment management, Other investment fees and expenses NONE $0 $0 $0
Total $32,964 $0 $32,964

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Prudential Ins Co of America Prudential Investments LLC Other investment fees and expenses, Investment advisory (plan), Investment management, Custodial (securities) 22.0 Bps of Invested Assets From 1/1/2016 To 12/31/2016 $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

Name Position Explanation
Buckno, Lisicky & Company Pc Auditors There Were No Material Disputes Or Matters of Disagreement Concerning The Termination Between The Plan, Management, Or Trustees and The Auditors. The Trustees Determined That The Plan Would Be Better Served With The New Auditors.

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Core Plus/ Pimco Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $3,801,778
Large Cap Value/Ajo Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $2,977,521
Large Cap Growth/Jennison Fd Prudential Retirement Ins Co DFE: Pooled Separate Account $2,687,589
Small Cap Value/Kennedy Capital Fd Prudential Retirement Ins Co DFE: Pooled Separate Account $1,747,950
Mid Cap Value/Systematic Fd Prudential Retirement Ins Co DFE: Pooled Separate Account $1,741,209
Mid Cap Growth/Goldman Prudential Retirement Ins Co DFE: Pooled Separate Account $1,563,264
Small Cap Growth/Columbus Circle Fd Prudential Retirement Ins Co DFE: Pooled Separate Account $1,546,418
Jennison Small Cap Core Equity Prudential Retirement Ins Co DFE: Pooled Separate Account $182,883
Total $16,248,612

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Prudential Retirement Insurance and Annutiy Company 804
EIN 06-1050034
Industry Code 93629
Contract Number 041681
Contract Year 01/01/2016 — 12/31/2016
Value in General Account at Year End $29,608,480
Value in Separate Accounts at Year End $16,248,612
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 $27,733,738
Additions $5,098,240
Contributions Deposited during the year $1,992,116
Dividends and credits $0
Interest credited during the year $479,338
Transferred from separate account $592,763
Other $2,034,023
Total of Balance and Additions $32,831,978
Deductions $3,223,498
Disbursed from fund to pay benefits or purchase annuities during the year $1,519,444
Administration charge made by carrier $0
Transferred to Separate Account $20,335
Other $1,683,719
Balance at the end of the current year $29,608,480