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FORM 5500 DATA

I.B.E.W. Local 38 401k Retirement Plan

Overview

Plan Information

  • Plan Year01/01/2017 — 12/31/2017
  • Date of Plan05/01/1989
  • Net Assets as of 12/31/2017 $119,188,195
  • 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) Participants1,848
  • Retired or separated participants receiving benefits49
  • Other retired or separated participants entitled to future benefits89
  • Subtotal1,986
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits11
  • Total1,997
  • Total number of participants as of 01/01/20172,326
  • Number of participants with account balances1,241
  • 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

  • Address3250 Euclid Avenue, Room 270
  • CityCleveland
  • StateOH
  • Zip44115
  • Telephone(216) 431-7738
  • EIN34-1619944
  • Industry Code238210
  • Named AdministratorMichael Muzic
  • Named Plan SponsorThomas Shreves

Audit Information

  • Audit StatusAudited
  • AuditorRea & Assoc
  • Auditor EIN34-1310124
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope Audit

Benefits Provided Under the Plan

Code Benefit Description
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.
2J Code section 401(k) feature A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.

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
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 $17,582,093
Contributions $3,506,630
Cash Contributions $3,506,630
Cash from Employers $3,482,182
Cash from Participants $0
Others (including rollovers) $24,448
Noncash Contributions $0
Total Earnings on Investments $13,842,061
Total Interest $61,208
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $61,208
Interest from Other Investments $0
Total Dividends $2,821,036
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 $10,959,817
Other Income $233,402
Expenses $4,811,544
Total Benefit Payments $4,582,159
Directly to participants or beneficiaries, including direct rollovers $4,582,159
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $57,689
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $171,696
Professional Fees $24,631
Contract Administrator Fees $84,000
Investment Advisory and management fees $40,305
Other Administrative Fees $22,760
Net Income $12,770,549
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 $119,188,195 $106,434,701 11.98%
Total noninterest-bearing cash $684,073 $587,438 16.45%
Receivables $345,580 $240,244 43.85%
Employer Contributions $345,580 $240,244 43.85%
Participant Contributions $0 $0 0.0%
Other Contributions $0 $0 0.0%
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 $1,302,915 $1,404,561 -7.24%
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 $92,910,010 $104,124,142 -10.77%
Value of funds held in insurance co. general account $23,918,486 $0 0.0%
Other Investments $27,131 $78,316 -65.36%
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 $0 $17,055 -100.00%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $0 $17,055 -100.00%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $119,188,195 $106,417,646 12.00%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Franklin Templeton Group
  • Harbor Capital Advisors
  • Hartford Funds
  • Invesco Funds Group Inc.
  • J.P. Morgan Mutual Funds
  • Pacific Investment Mgmt Comp
  • Putnam Fiduciary Trust Co
  • The Oakmark Family of Funds
  • William Blair Funds
  • Vanguard

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
Transamerica Retirement Solutions Claims processing, Recordkeeping and information management (computing, tabulating, data processing, etc.), Investment management, Participant loan processing, Participant communication, Direct payment from the plan, Sales loads (front end and deferred), Shareholder servicing fees, Finders' fees/placement fees, Float revenue, Distribution (12b-1) fees, Recordkeeping fees, Account maintenance fees Recordkeeper $252,054 $0 $252,054
Ibew Local 38 Fringe Benefit Funds Contract Administrator, Direct payment from the plan Contract Administration $72,241 $45,296 $117,537
Mercer Hr Services, LLC Claims processing, Recordkeeping and information management (computing, tabulating, data processing, etc.), Investment management, Participant loan processing, Participant communication, Direct payment from the plan, Sales loads (front end and deferred), Shareholder servicing fees, Finders' fees/placement fees, Float revenue, Distribution (12b-1) fees, Recordkeeping fees, Account maintenance fees Recordkeeper $240 $45,296 $45,536
Marco Consulting Group Investment advisory (plan) Investment Advisor $40,305 $0 $40,305
Allotta, Farley &Widman Legal Plan Attorneys $13,356 $0 $13,356
Tramer Shore & Zwick Accounting (including auditing) Independent Auditor $11,275 $0 $11,275
Mid Atlantic Capital Corporation Securities brokerage, Securities brokerage commissions and fees Securities Broker $0 $0 $0
Total $389,471 $90,592 $480,063

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Mercer Hr Services, LLC Franklin Templeton Group Recordkeeping and information management (computing, tabulating, data processing, etc.), Custodial (other than securities), Custodial (securities), Participant communication, Shareholder servicing fees, Sub-transfer agency fees Net Assets X Basis Points $0
Mercer Hr Services, LLC Harbor Capital Advisors Recordkeeping and information management (computing, tabulating, data processing, etc.), Custodial (other than securities), Custodial (securities), Participant communication, Shareholder servicing fees, Sub-transfer agency fees Net Assets X Basis Points $0
Mercer Hr Services, LLC Hartford Funds Recordkeeping and information management (computing, tabulating, data processing, etc.), Custodial (other than securities), Custodial (securities), Participant communication, Shareholder servicing fees, Sub-transfer agency fees Net Assets X Basis Points $0
Mercer Hr Services, LLC Pimco Funds Recordkeeping and information management (computing, tabulating, data processing, etc.), Custodial (other than securities), Custodial (securities), Participant communication, Shareholder servicing fees, Sub-transfer agency fees Net Assets X Basis Points $0
Mercer Hr Services, LLC J.P. Morgan Mutual Funds Recordkeeping and information management (computing, tabulating, data processing, etc.), Custodial (other than securities), Custodial (securities), Participant communication, Shareholder servicing fees, Sub-transfer agency fees Net Assets X Basis Points $0
Mercer Hr Services, LLC Putnam Fiduciary Trust Co Recordkeeping and information management (computing, tabulating, data processing, etc.), Custodial (other than securities), Custodial (securities), Participant communication, Shareholder servicing fees, Sub-transfer agency fees Net Assets X Basis Points $0
Mercer Hr Services, LLC The Oakmark Family of Funds Recordkeeping and information management (computing, tabulating, data processing, etc.), Custodial (other than securities), Custodial (securities), Participant communication, Shareholder servicing fees, Sub-transfer agency fees Net Assets X Basis Points $0
Mercer Hr Services, LLC William Blair Funds Recordkeeping and information management (computing, tabulating, data processing, etc.), Custodial (other than securities), Custodial (securities), Participant communication, Shareholder servicing fees, Sub-transfer agency fees Net Assets X Basis Points $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
Tramer Shore & Zwick Auditor Trustees Elected To Change Audit Firms Due To A Chnage In Professional Staffing. A CPA That Performed Auditing Services Joined The Firm of The Audit for The Current Plan Year.

Investments

Investments

No investments information available for this plan.

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Transamerica 1,241
EIN 39-0989781
Industry Code 86231
Contract Number 651005
Contract Year 01/01/2017 — 12/31/2017
Value in General Account at Year End $23,918,486
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 $0
Additions $24,482,021
Contributions Deposited during the year $216,372
Dividends and credits $0
Interest credited during the year $93,797
Transferred from separate account $24,171,852
Other $0
Total of Balance and Additions $24,482,021
Deductions $563,535
Disbursed from fund to pay benefits or purchase annuities during the year $0
Administration charge made by carrier $530
Transferred to Separate Account $563,005
Other $0
Balance at the end of the current year $23,918,486