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FORM 5500 DATA

IBEW Local Union No. 375 Electricians' Retirement Plan

Overview

Plan Information

  • Plan Year01/01/2017 — 12/31/2017
  • Date of Plan06/01/1976
  • Net Assets as of 12/31/2017 $103,876,828
  • 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 12/31/2017

  • Active (Eligible) Participants672
  • Retired or separated participants receiving benefits19
  • Other retired or separated participants entitled to future benefits135
  • Subtotal826
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total826
  • Total number of participants as of 01/01/2017804
  • Number of participants with account balances826
  • 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

  • Address101 S 7th Street
  • CityAllentown
  • StatePA
  • Zip18102
  • Telephone(610) 432-1003
  • 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 $19,632,220
Contributions $7,225,755
Cash Contributions $7,225,755
Cash from Employers $7,222,380
Cash from Participants $0
Others (including rollovers) $3,375
Noncash Contributions $0
Total Earnings on Investments $12,403,690
Total Interest $504,733
Interest-Bearing Cash $354
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $504,379
Total Dividends $363,463
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 $157,645
Net investment gain (loss) from pooled separate accounts $2,719,701
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 $8,658,148
Other Income $2,775
Expenses $3,662,290
Total Benefit Payments $3,611,434
Directly to participants or beneficiaries, including direct rollovers $3,611,434
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 $50,856
Professional Fees $43,026
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $7,830
Net Income $15,969,930
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2017 12/31/2016 Change YOY
Total Assets $103,912,616 $87,951,744 18.15%
Total noninterest-bearing cash $733,904 $200,089 266.79%
Receivables $820,764 $696,193 17.89%
Employer Contributions $779,312 $696,193 11.94%
Participant Contributions $0 $0 0.0%
Other Contributions $41,452 $0 0.0%
General Investments $27 $471,350 -99.99%
Interest-bearing cash $27 $471,350 -99.99%
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 $1,922,017 $0 0.0%
Value of interest in pooled separate accounts $17,812,283 $16,248,612 9.62%
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 $51,642,905 $40,724,820 26.81%
Value of funds held in insurance co. general account $30,971,911 $29,608,480 4.60%
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 $8,805 $2,200 300.23%
Total Liabilities $35,788 $44,846 -20.20%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $35,788 $44,846 -20.20%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $103,876,828 $87,906,898 18.17%

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 $16,172 $0 $16,172
Novak Francella LLC Accounting (including auditing), Direct payment from the plan NONE $15,184 $0 $15,184
Christman and Company Accounting (including auditing), Recordkeeping and information management (computing, tabulating, data processing, etc.), Other services, Direct payment from the plan NONE $5,500 $0 $5,500
Prudential Ins Co of America Custodial (securities), Investment advisory (plan), Investment management, Other investment fees and expenses NONE $0 $0 $0
Total $36,856 $0 $36,856

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 1/1/2017 To 12/31/2017 $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
Core Plus Bond/Pgim Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $4,235,375
Large Cap Value/Ajo Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $3,142,135
Large Cap Growth/Jennison Fd Prudential Retirement Ins Co DFE: Pooled Separate Account $3,131,528
Ibew-Neca Equity Index Fund Invesco National Trust Co DFE: Common/Collective Trust $1,922,017
Mid Cap Growth/Waddel & Reed Prudential Retirement Ins Co DFE: Pooled Separate Account $1,797,842
Mid Cap Growth/Qma Fd Prudential Retirement Ins Co DFE: Pooled Separate Account $1,790,615
Small Cap Value/Kennedy Capital Fd Prudential Retirement Ins Co DFE: Pooled Separate Account $1,734,363
Small Cap Growth I Fund Prudential Retirement Ins Co DFE: Pooled Separate Account $1,701,181
Jennison Small Cap Core Equity Prudential Retirement Ins Co DFE: Pooled Separate Account $279,244
Total $19,734,300

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Prudential Retirement Insurance and Annuity Company 826
EIN 06-1050034
Industry Code 93629
Contract Number 041681
Contract Year 01/01/2017 — 12/31/2017
Value in General Account at Year End $30,971,911
Value in Separate Accounts at Year End $17,812,283
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 $29,608,480
Additions $5,598,325
Contributions Deposited during the year $2,459,959
Dividends and credits $0
Interest credited during the year $504,379
Transferred from separate account $572,219
Other $2,061,768
Total of Balance and Additions $35,206,805
Deductions $4,234,894
Disbursed from fund to pay benefits or purchase annuities during the year $1,486,645
Administration charge made by carrier $12
Transferred to Separate Account $671,456
Other $2,076,781
Balance at the end of the current year $30,971,911