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Board of Trustees of Iron Workers Local 17 Annuity Fund

Plan Rating

Overview

Plan Information

  • Plan Year05/01/2007 — 04/30/2008
  • Date of Plan12/20/1971
  • Net Assets as of 04/30/2008 $35,989,884
  • 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 Arrangement Trust
  • Plan Benefit Arrangement Trust

Participant Information as of 04/30/2008

  • Active (Eligible) Participants1,506
  • Retired or separated participants receiving benefits4
  • Other retired or separated participants entitled to future benefits164
  • Subtotal1,674
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits2
  • Total1,676
  • Total number of participants as of 05/01/20071,622
  • Number of participants with account balances1,249
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested0
  • Number of participants required to be reported on Schedule SSA33

Expenses

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

Sponsor Information

  • Address1564 E 23Rd St
  • CityCleveland
  • StateOH
  • Zip44114-4206
  • Telephone(216) 241-1086
  • EIN34-1290643
  • Industry Code237990
  • Named AdministratorTimothy Mccarthy
  • Named Plan SponsorJohn Porada

Plan Administrator Information

  • Administrator NameSAME
  • Administrator EIN

Plan Preparer Information

  • Preparer NameJeffery J. Barber Tramer, Shore & Zwick, CPAS
  • Address23775 Commerce Park Road
  • City Beachwood
  • StateOH
  • Zip44122
  • Telephone(216) 765-8110
  • Preparer EIN34-1595557

Audit Information

  • Audit StatusAudited
  • AuditorTramer & Zwick, CPA's
  • Auditor EIN34-1595557
  • Audit OpinionUnqualified
  • Audit Type Full 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.
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

Financials

Income and Expense Statement

Income $2,466,110
Contributions $2,766,566
Cash Contributions $2,766,566
Cash from Employers $2,766,566
Cash from Participants $0
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $-384,156
Total Interest $0
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 $0
Total Dividends $0
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 $-1,360,540
Real Estate $0
Other $-1,360,540
Net investment gain (loss) from common/collective trusts $200,044
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 $776,340
Other Income $83,700
Expenses $4,844,433
Total Benefit Payments $4,707,952
Directly to participants or beneficiaries, including direct rollovers $4,707,952
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 $136,481
Professional Fees $25,865
Contract Administrator Fees $0
Investment Advisory and management fees $25,000
Other Administrative Fees $85,616
Net Income $-2,378,323
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

04/30/2008 04/30/2007 Change YOY
Total Assets $36,149,093 $38,506,092 -6.12%
Total noninterest-bearing cash $171,587 $112,729 52.21%
Receivables $301,410 $403,007 -25.21%
Employer Contributions $212,649 $231,600 -8.18%
Participant Contributions $0 $0 0.0%
Other Contributions $88,761 $171,407 -48.22%
General Investments $0 $0 0.0%
Interest-bearing cash $0 $0 0.0%
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 $5,538,853 $6,262,368 -11.55%
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 $30,137,243 $31,727,988 -5.01%
Value of funds held in insurance co. general account $0 $0 0.0%
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 $159,209 $137,885 15.47%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $159,209 $137,885 15.47%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $35,989,884 $38,368,207 -6.20%

Service Providers

Service Providers

Name Nature of Service Relationship to Plan Sponsor Gross Salary or Allowances Paid by Plan Fees and Commissions Paid by Plan Total Salary/Fees
Local 17 Fringe Benefit Fund Contract Administrator $0 $75,061 $75,061
Segal Advisors, Inc. Investment Advisor $0 $25,000 $25,000
Littler Mendelson, P.C. Legal $0 $19,120 $19,120
Tramer & Zwick, CPA's Accounting $0 $6,745 $6,745
Total $0 $125,926 $125,926

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Putnam Stable Value Fund Putnam Fiduciary Trust Co. DFE: Common/Collective Trust $4,131,965
Putnam S&P 500 Index Fund Putnam Fiduciary Trust Co. DFE: Common/Collective Trust $1,406,889
Total $5,538,854

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.