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Abatement Workers National Defined Contribution Pension Plan

Plan Rating
FORM 5500 DATA

Abatement Workers National Defined Contribution Pension Plan

Overview

Plan Information

  • Plan Year06/01/2017 — 05/31/2018
  • Date of Plan08/01/1991
  • Net Assets as of 05/31/2018 $34,805,446
  • Plan Number3
  • 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 05/31/2018

  • Active (Eligible) Participants2,310
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits0
  • Subtotal2,310
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total2,310
  • Total number of participants as of 06/01/20172,690
  • Number of participants with account balances2,310
  • 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

  • Address700 Tower Dr Suite 300
  • CityTROY
  • StateMI
  • Zip48098
  • Telephone(248) 813-9800
  • EIN38-3048188
  • Industry Code238900

Audit Information

  • Audit StatusAudited
  • AuditorZakerski & Company
  • Auditor EIN38-3257894
  • Audit OpinionUnqualified
  • Audit Type Full 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.

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 $6,968,650
Contributions $4,142,527
Cash Contributions $4,142,527
Cash from Employers $4,142,527
Cash from Participants $0
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $2,818,023
Total Interest $11,072
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $11,072
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 $-5,816
Aggregate Proceeds $1,498,064
Aggregate Carrying Amount $1,503,880
Total Unrealized Appreciation (depreciation) of assets $0
Real Estate $0
Other $0
Net investment gain (loss) from common/collective trusts $2,726,376
Net investment gain (loss) from pooled separate accounts $68,838
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 $17,553
Other Income $8,100
Expenses $4,075,258
Total Benefit Payments $3,857,107
Directly to participants or beneficiaries, including direct rollovers $3,857,107
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 $218,151
Professional Fees $107,589
Contract Administrator Fees $59,454
Investment Advisory and management fees $0
Other Administrative Fees $51,108
Net Income $2,893,392
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

05/31/2018 05/31/2017 Change YOY
Total Assets $34,815,128 $31,925,690 9.05%
Total noninterest-bearing cash $497,872 $488,497 1.92%
Receivables $376,223 $284,351 32.31%
Employer Contributions $374,046 $281,796 32.74%
Participant Contributions $0 $0 0.0%
Other Contributions $2,177 $2,555 -14.79%
General Investments $2,538 $2,538 0.00%
Interest-bearing cash $2,538 $2,538 0.00%
U.S. Government Securities $0 $0 0.0%
Corporate Debt Instruments $296,026 $295,402 0.21%
Preferred $0 $0 0.0%
All Other $296,026 $295,402 0.21%
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 $32,359,163 $29,807,151 8.56%
Value of interest in pooled separate accounts $950,488 $841,088 13.01%
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 $332,188 $205,730 61.47%
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 $630 $933 -32.48%
Total Liabilities $9,682 $13,636 -29.00%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $9,682 $13,636 -29.00%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $34,805,446 $31,912,054 9.07%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Sbhu Life Agency, Inc.
  • Morgan Stanley

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
Novara Tesija Etal Legal NONE $82,513 $0 $82,513
Benesys, Inc. Plan Administrator NONE $39,704 $0 $39,704
Principal Life Ins Co Contract Administrator, Direct payment from the plan, Recordkeeping fees NONE $19,750 $0 $19,750
Zakerski & Company Accounting (including auditing) NONE $19,301 $0 $19,301
Stefansky, Halloway & Nichols Accounting (including auditing) NONE $6,136 $0 $6,136
Total $167,404 $0 $167,404

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.

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Prin Lifetime Hybr 2030 Cit R4 Principal Global Investors Trust Co DFE: Common/Collective Trust $5,225,103
Prin Lifetime Hybr 2040 Cit R4 Principal Global Investors Trust Co DFE: Common/Collective Trust $5,163,468
Prin Lifetime Hybr 2025 Cit R4 Principal Global Investors Trust Co DFE: Common/Collective Trust $4,388,492
Prin Lifetime Hybr 2035 Cit R4 Principal Global Investors Trust Co DFE: Common/Collective Trust $4,333,616
Prin Lifetime Hybr 2020 Cit R4 Principal Global Investors Trust Co DFE: Common/Collective Trust $3,340,491
Prin Lifetime Hybr 2050 Cit R4 Principal Global Investors Trust Co DFE: Common/Collective Trust $2,923,604
Prin Lifetime Hybr 2045 Cit R4 Principal Global Investors Trust Co DFE: Common/Collective Trust $2,890,407
Prin Lifetime Hybr 2055 Cit R4 Principal Global Investors Trust Co DFE: Common/Collective Trust $1,549,948
Prin Lifetime Hybr 2015 Cit R4 Principal Global Investors Trust Co DFE: Common/Collective Trust $1,233,239
Principal Stable Value Fund Principal Global Investors Trust Co DFE: Common/Collective Trust $903,759
Prin High Yield I Sep Acct-R4 Principal Life Insurance Company DFE: Pooled Separate Account $193,092
Principal Bond Mkt Index Sa-R4 Principal Life Insurance Company DFE: Pooled Separate Account $186,034
Prin Lifetime Hybr 2010 Cit R4 Principal Global Investors Trust Co DFE: Common/Collective Trust $174,962
Prin Lifetime Hybr 2060 Cit R4 Principal Global Investors Trust Co DFE: Common/Collective Trust $169,547
Prin Largecap Growth I Sa-R4 Principal Life Insurance Company DFE: Pooled Separate Account $141,036
Prin Core Plus Bond Sep Act-R4 Principal Life Insurance Company DFE: Pooled Separate Account $122,687
Prin Midcap Value III Sa-R4 Principal Life Insurance Company DFE: Pooled Separate Account $75,223
Prin Smcap S&P 600 Index Sa-R4 Principal Life Insurance Company DFE: Pooled Separate Account $59,334
Prin Lgcap S&P 500 Index Sa-R4 Principal Life Insurance Company DFE: Pooled Separate Account $57,146
Prin Intl Equity Index Sa-R4 Principal Life Insurance Company DFE: Pooled Separate Account $50,676
Prin Lifetime Hybr Inc Cit R4 Principal Global Investors Trust Co DFE: Common/Collective Trust $47,944
Prin Midcap S&P 400 Idx Sa-R4 Principal Life Insurance Company DFE: Pooled Separate Account $45,573
Prin Capital Appr Sa-R4 Principal Life Insurance Company DFE: Pooled Separate Account $19,687
Prin Lifetime Hybr 2065 Cit R4 Principal Global Investors Trust Co DFE: Common/Collective Trust $14,582
Total $33,309,650

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Principal Life Insurance Company 2,050
EIN 42-0127290
Industry Code 61271
Contract Number 617011
Contract Year 06/01/2017 — 05/31/2018
Value in General Account at Year End $0
Value in Separate Accounts at Year End $950,488
Insurance Fees and Commissions $1,784
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Sbhu Life Agency, Inc. 1 New York Plz Fl 12 New York, NY 10004 Insurance Agent or Broker $1,784 $0
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 Unspecified
Balance at the end of the previous year $0
Additions $0
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $0
Transferred from separate account $0
Other $0
Total of Balance and Additions $0
Deductions $0
Disbursed from fund to pay benefits or purchase annuities during the year $0
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $0