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Overview

Plan Information

  • Plan Year01/01/2017 — 12/31/2017
  • Date of Plan01/01/1958
  • Net Assets as of 12/31/2017 $27,977,315,210
  • Plan Number2
  • Plan Type Single Employer
  • Is the plan collectively bargained? No
  • 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 12/31/2017

  • Active (Eligible) Participants170,040
  • Retired or separated participants receiving benefits21,115
  • Other retired or separated participants entitled to future benefits74,065
  • Subtotal265,220
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits1,219
  • Total266,439
  • Total number of participants as of 01/01/2017281,645
  • Number of participants with account balances262,517
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested3,326

Expenses

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

Sponsor Information

  • Address545 Washington Blvd 12th Floor, Mail Code Ny1-G120
  • CityJersey City
  • StateNJ
  • Zip07130
  • Telephone(302) 455-3494
  • EIN13-4994650
  • Industry Code522110
  • Named AdministratorBernadette J Branosky

Plan Administrator Information

  • Administrator NameBenefits Director of Jpmorgan Chase Bernadette J. Branosky
  • Address545 Washington Blvd 12th Floor, Mail Code Ny1-G120
  • CityJersey City
  • StateNJ
  • Zip07130
  • Telephone(551) 205-1805
  • Administrator EIN37-1589439

Audit Information

  • Audit StatusAudited
  • AuditorMeaden & Moore, Ltd
  • Auditor EIN34-1818258
  • 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.
2F ERISA section 404(c) Plan This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
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.
2K Code section 401(m) arrangement Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contributions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
2O ESOP other than a leveraged ESOP An Employee Stock Ownership Plan (ESOP) is a type of employee benefit plan designed to invest primarily in employer stock.
2S Automatic Enrollment Plan provides for automatic enrollment in plan that has employee contributions deducted from payroll.
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 $500,000,000
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 $5,843,689,764
Contributions $1,716,211,536
Cash Contributions $1,716,211,536
Cash from Employers $494,818,262
Cash from Participants $992,286,925
Others (including rollovers) $229,106,349
Noncash Contributions $0
Total Earnings on Investments $4,095,687,362
Total Interest $93,189,439
Interest-Bearing Cash $3,107,835
U.S. Government Securities $5,955,277
Corporate Debt Instruments $48,041,345
Loans (other than to participants) $0
Participant Loans $16,614,694
Interest from Other Investments $19,470,288
Total Dividends $131,484,909
Preferred Stock $403,514
Common Stock $128,062,298
Rents $0
Net gain (loss) on sale of assets $110,533,741
Aggregate Proceeds $11,150,979,731
Aggregate Carrying Amount $11,040,445,990
Total Unrealized Appreciation (depreciation) of assets $1,296,647,980
Real Estate $0
Other $1,296,647,980
Net investment gain (loss) from common/collective trusts $2,236,744,740
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 $227,086,553
Other Income $31,790,866
Expenses $1,625,273,471
Total Benefit Payments $1,599,631,997
Directly to participants or beneficiaries, including direct rollovers $1,599,631,997
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $336,288
Certain deemed distributions of participant loans $10,829,612
Interest expense $0
Total Administrative Expenses $14,475,574
Professional Fees $172,841
Contract Administrator Fees $0
Investment Advisory and management fees $13,743,385
Other Administrative Fees $559,348
Net Income $4,218,416,293
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 $28,578,220,740 $24,230,286,637 17.94%
Total noninterest-bearing cash $4,522,197 $11,148,338 -59.44%
Receivables $917,308,598 $726,324,456 26.29%
Employer Contributions $503,450,623 $477,679,391 5.40%
Participant Contributions $25,086,657 $22,857,943 9.75%
Other Contributions $388,771,318 $225,787,122 72.18%
General Investments $901,862,636 $911,081,251 -1.01%
Interest-bearing cash $284,313,472 $302,444,563 -5.99%
U.S. Government Securities $617,549,164 $608,636,688 1.46%
Corporate Debt Instruments $1,434,375,382 $1,342,941,411 6.81%
Preferred $0 $0 0.0%
All Other $1,434,375,382 $1,342,941,411 6.81%
Corporate Stocks $2,481,570,532 $2,037,713,317 21.78%
Preferred $21,859,894 $16,091,338 35.85%
Common $2,459,710,638 $2,021,621,979 21.67%
Partnership/joint venture interests $0 $0 0.0%
Real estate (other than employer real property) $0 $0 0.0%
Loans (other than to participants) $121,347,857 $145,575,456 -16.64%
Participants Loans $530,688,801 $506,583,334 4.76%
Value of interest in common/collective trusts $15,056,676,044 $11,730,397,028 28.36%
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 $7,996,775 $419,741,062 -98.09%
Value of funds held in insurance co. general account $2,248,594,776 $2,308,463,925 -2.59%
Other Investments $23,721,278 $22,385,125 5.97%
Employer-related Investments $4,849,555,864 $4,067,931,934 19.21%
Employer Securities $4,849,555,864 $4,067,931,934 19.21%
Employer Real Property $0 $0 0.0%
Buildings and other property used in plan operation $0 $0 0.0%
Total Liabilities $600,905,530 $471,387,720 27.48%
Benefit Claims Payable (1) $4,498,999 $6,339,517 -29.03%
Operating Payables (1) $596,406,531 $465,048,203 28.25%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $27,977,315,210 $23,758,898,917 17.76%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • State Street Global Advisors

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
Blackrock Inst Trust Co., N.A. Investment management, Investment management fees paid directly by plan, Investment management fees paid indirectly by plan NONE $4,067,101 $0 $4,067,101
Wellington Management Company, LLP Investment management, Investment management fees paid directly by plan, Soft dollars commissions, Investment management fees paid indirectly by plan NONE $2,235,690 $5,601 $2,241,291
Columbia Mngmnt Inv Advisers, LLC Investment management, Investment management fees paid directly by plan NONE $2,238,557 $0 $2,238,557
Jennison Associates, LLC Investment management, Investment management fees paid directly by plan, Investment management fees paid indirectly by plan NONE $1,863,183 $0 $1,863,183
Pimco Investment management, Investment management fees paid directly by plan, Investment management fees paid indirectly by plan NONE $1,455,705 $0 $1,455,705
Causeway Capital Management, LLC Investment management, Investment management fees paid directly by plan, Investment management fees paid indirectly by plan NONE $1,003,013 $0 $1,003,013
T. Rowe Price Associates, Inc. Investment management, Investment management fees paid directly by plan, Soft dollars commissions NONE $880,137 $0 $880,137
Jpmorgan Chase Bank, N.A. Plan Administrator, Direct payment from the plan Plan Sponsor $339,450 $0 $339,450
Great-West Finan Ret Plan Svc, LLC Recordkeeping and information management (computing, tabulating, data processing, etc.), Direct payment from the plan NONE $217,339 $0 $217,339
Jpmorgan Chase Bank, N.A. Investment management, Securities brokerage, Shareholder servicing fees, Float revenue, Investment management fees paid indirectly by plan, Trustee (bank, trust company, or similar financial institution), Securities brokerage commissions and fees, Other investment fees and expenses Plan Trustee $0 $192,360 $192,360
Fiduciary Counselors Inc. Consulting (general), Direct payment from the plan NONE $93,750 $0 $93,750
Qdro Consultants Co, LLC Consulting (general), Direct payment from the plan NONE $61,500 $0 $61,500
Mercer Consulting (general), Direct payment from the plan NONE $17,591 $0 $17,591
Total $14,473,016 $197,961 $14,670,977

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Jpmorgan Chase Bank, N.A. Jpmorgan Investment Mgmt Inc Other investment fees and expenses Revenue Share On Mutual Funds Received By Jpmorgan Chase Bank, N.A. In its Capacity of Plan Trustee $192,360
Wellington Management Company, LLP Wellington Management Soft dollars commissions Third Party Provided Soft Dollar Research Services $5,601
*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
Equity Index Fund F Blackrock Institutional Trust Company, N.A. DFE: Common/Collective Trust $5,046,582,365
Eafe Equity Index Fund Blackrock Institutional Trust Company, N.A. DFE: Common/Collective Trust $1,850,077,449
State Street S&P Midcap(R) Index SE State Street Bank and Trust Company DFE: Common/Collective Trust $1,591,823,556
Russell 1000 Growth Fund F Blackrock Institutional Trust Company, N.A. DFE: Common/Collective Trust $1,401,671,152
Russell 1000 Value Fund F Blackrock Institutional Trust Company, N.A. DFE: Common/Collective Trust $1,317,191,288
Us Debt Index Fund F Blackrock Institutional Trust Company, N.A. DFE: Common/Collective Trust $1,060,090,337
Russell 2000 Index Fund Blackrock Institutional Trust Company, N.A. DFE: Common/Collective Trust $935,677,782
Emerging Markets Index Non-Lendable Blackrock Institutional Trust Company, N.A. DFE: Common/Collective Trust $669,825,242
Commingled Pension Trust Fund (Core Jpmorgan Chase Bank, N.A. DFE: Common/Collective Trust $425,401,620
Blackrock Msci Eafe Small Cap Equit Blackrock Institutional Trust Company, N.A. DFE: Common/Collective Trust $372,560,245
Developed Real Estate Index Fund F Blackrock Institutional Trust Company, N.A. DFE: Common/Collective Trust $229,648,463
Commingled Pension Trust Fund (Emer Jpmorgan Chase Bank, N.A. DFE: Common/Collective Trust $100,360,109
Us Treasury Inflation Protected Sec Blackrock Institutional Trust Company, N.A. DFE: Common/Collective Trust $46,809,817
Commodity Index Daily Fund F Blackrock Institutional Trust Company, N.A. DFE: Common/Collective Trust $8,956,619
Eafe Equity Index Fund E Blackrock Institutional Trust Company, N.A. DFE: Common/Collective Trust $0
Total $15,056,676,044

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Voya Financial, Inc. 44,997
EIN 71-0294708
Industry Code 00000
Contract Number 060411
Contract Year 01/01/2017 — 12/31/2017
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 $352,577,665
Additions $6,188,381
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $6,188,381
Transferred from separate account $0
Other $0
Total of Balance and Additions $358,766,046
Deductions $6,000,284
Disbursed from fund to pay benefits or purchase annuities during the year $6,000,284
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $352,765,762
The Prudential Insurance Company of America 44,997
EIN 22-1211670
Industry Code 68241
Contract Number 063360
Contract Year 01/01/2017 — 12/31/2017
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 $933,416,589
Additions $20,715,316
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $20,715,316
Transferred from separate account $0
Other $0
Total of Balance and Additions $954,131,905
Deductions $35,000,000
Disbursed from fund to pay benefits or purchase annuities during the year $35,000,000
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $919,131,905
Metropolitan Life Insurance Company Inc. 44,997
EIN 13-5881829
Industry Code 65978
Contract Number 035550
Contract Year 01/01/2017 — 12/31/2017
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 $672,478,218
Additions $11,713,229
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $11,713,229
Transferred from separate account $0
Other $0
Total of Balance and Additions $684,191,447
Deductions $7,500,000
Disbursed from fund to pay benefits or purchase annuities during the year $7,500,000
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $676,691,447
Nationwide Life Insurance Company 44,997
EIN 31-4156830
Industry Code 66869
Contract Number JPM_CHS_IP_0517
Contract Year 01/01/2017 — 12/31/2017
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 $0
Additions $305,005,662
Contributions Deposited during the year $300,449,909
Dividends and credits $0
Interest credited during the year $4,555,753
Transferred from separate account $0
Other $0
Total of Balance and Additions $305,005,662
Deductions $5,000,000
Disbursed from fund to pay benefits or purchase annuities during the year $5,000,000
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $300,005,662
State Street Bank 0
EIN 04-1867445
Industry Code 00000
Contract Number 101004
Contract Year 01/01/2017 — 12/31/2017
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 $349,991,453
Additions $283,860
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $283,860
Transferred from separate account $0
Other $0
Total of Balance and Additions $350,275,313
Deductions $350,275,313
Disbursed from fund to pay benefits or purchase annuities during the year $350,275,313
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $0