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Teamsters Local Union 500 Severence Trust Fund Board of Trustees

Plan Rating

Teamsters Local 500 Severance Trust Fund


Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan01/01/1974
  • Net Assets as of 12/31/2019 $76,926,902
  • 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 12/31/2019

  • Active (Eligible) Participants2,866
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits6
  • Subtotal2,872
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits47
  • Total2,919
  • Total number of participants as of 01/01/20192,744
  • Number of participants with account balances2,343
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested0


  • Total Benefit Payments$0
  • Corrective Distributions$0
  • Administrative Service Providers$0
  • Other Expenses$0
  • Total Expenses$0
  • Total Transfers$0

Sponsor Information

  • Address20000 Horizon Way Suite 600
  • CityMount Laurel
  • StateNJ
  • Zip08054
  • Telephone(856) 291-8000
  • EIN23-7376385
  • Industry Code484110
  • Named AdministratorWilliam A. Fitzgerald

Audit Information

  • Audit StatusAudited
  • AuditorKosmerl & Co., P.C.
  • Auditor EIN23-2872012
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope 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.

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


Income and Expense Statement

Income $15,914,955
Contributions $4,602,002
Cash Contributions $4,602,002
Cash from Employers $4,602,002
Cash from Participants $0
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $11,220,483
Total Interest $151,651
Interest-Bearing Cash $262
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $151,389
Total Dividends $128,898
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 $10,939,934
Other Income $92,470
Expenses $6,168,649
Total Benefit Payments $5,917,479
Directly to participants or beneficiaries, including direct rollovers $5,920,479
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $-3,000
Corrective Distributions $0
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $251,170
Professional Fees $86,060
Contract Administrator Fees $97,803
Investment Advisory and management fees $44,700
Other Administrative Fees $22,607
Net Income $9,746,306
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2019 12/31/2018 Change YOY
Total Assets $78,190,565 $68,435,076 14.26%
Total noninterest-bearing cash $429,612 $377,329 13.86%
Receivables $424,504 $389,835 8.89%
Employer Contributions $406,015 $371,346 9.34%
Participant Contributions $0 $0 0.0%
Other Contributions $18,489 $18,489 0.00%
General Investments $112,185 $111,959 0.20%
Interest-bearing cash $112,185 $111,959 0.20%
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 $68,935,136 $59,342,564 16.16%
Value of funds held in insurance co. general account $8,289,128 $8,213,389 0.92%
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 $1,263,663 $1,254,480 0.73%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $34,436 $22,253 54.75%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $1,229,227 $1,232,227 -0.24%
Net Assets $76,926,902 $67,180,596 14.51%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

There is no information on eligible indirect compensation for this plan.

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
Frank M. Vaccaro & Associates Claims processing, Recordkeeping and information management (computing, tabulating, data processing, etc.) NONE $97,803 $0 $97,803
Kosmerl & Co.,P.C. Accounting (including auditing) NONE $51,265 $0 $51,265
Morgan Stanley - Smith Barney Investment management NONE $40,000 $0 $40,000
Stevens & Lee Legal NONE $27,440 $0 $27,440
Cleary, Josem & Trigiani LLP Legal NONE $7,355 $0 $7,355
Total $223,863 $0 $223,863

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.



No investments information available for this plan.

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
New York Life Insurancy Company 2,343
EIN 13-5582869
Industry Code 66915
Contract Number GA28180
Contract Year 01/01/2019 — 12/31/2019
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 $8,213,389
Additions $2,291,480
Contributions Deposited during the year $2,092,808
Dividends and credits $0
Interest credited during the year $198,672
Transferred from separate account $0
Other $0
Total of Balance and Additions $10,504,869
Deductions $2,215,741
Disbursed from fund to pay benefits or purchase annuities during the year $2,176,759
Administration charge made by carrier $38,982
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $8,289,128