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Michigan Regional Council of Carpenters' Annuity Fund

Plan Rating
FORM 5500 DATA

Michigan Regional Council of Carpenters' Annuity Fund

Overview

Plan Information

  • Plan Year05/01/2018 — 04/30/2019
  • Date of Plan06/01/1995
  • Net Assets as of 04/30/2019 $341,530,275
  • 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 04/30/2019

  • Active (Eligible) Participants19,316
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits0
  • Subtotal19,316
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total19,316
  • Total number of participants as of 05/01/201818,880
  • Number of participants with account balances19,316
  • 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

  • AddressP.O. Box 4540
  • CityTROY
  • StateMI
  • Zip48099-4540
  • Telephone(248) 641-4950
  • EIN38-3240423
  • Industry Code238300
  • Named AdministratorTom Lutz, Chairman
  • Named Plan SponsorRobert Halik, Secretary

Audit Information

  • Audit StatusAudited
  • AuditorBultynck & Co., P.L.L.C.
  • Auditor EIN20-3920878
  • 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.

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? Yes
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 $42,998,214
Contributions $22,038,438
Cash Contributions $22,038,438
Cash from Employers $22,038,438
Cash from Participants $0
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $20,926,142
Total Interest $1,686,169
Interest-Bearing Cash $552,957
U.S. Government Securities $370,802
Corporate Debt Instruments $762,410
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $0
Total Dividends $3,566,815
Preferred Stock $0
Common Stock $1,598,905
Rents $0
Net gain (loss) on sale of assets $1,515,541
Aggregate Proceeds $122,505,447
Aggregate Carrying Amount $120,989,906
Total Unrealized Appreciation (depreciation) of assets $5,602,352
Real Estate $1,752,264
Other $3,850,088
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 $8,555,265
Other Income $33,634
Expenses $20,765,032
Total Benefit Payments $19,031,120
Directly to participants or beneficiaries, including direct rollovers $19,031,120
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 $1,733,912
Professional Fees $159,284
Contract Administrator Fees $350,268
Investment Advisory and management fees $958,019
Other Administrative Fees $266,341
Net Income $22,233,182
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

04/30/2019 04/30/2018 Change YOY
Total Assets $342,986,068 $324,431,665 5.72%
Total noninterest-bearing cash $4,487,124 $5,216,561 -13.98%
Receivables $2,483,706 $1,960,446 26.69%
Employer Contributions $1,959,921 $1,714,213 14.33%
Participant Contributions $0 $0 0.0%
Other Contributions $523,785 $246,233 112.72%
General Investments $35,062,871 $56,512,706 -37.96%
Interest-bearing cash $15,369,277 $37,595,157 -59.12%
U.S. Government Securities $19,693,594 $18,917,549 4.10%
Corporate Debt Instruments $28,448,346 $25,761,905 10.43%
Preferred $0 $0 0.0%
All Other $28,448,346 $25,761,905 10.43%
Corporate Stocks $135,659,193 $103,585,889 30.96%
Preferred $0 $0 0.0%
Common $135,659,193 $103,585,889 30.96%
Partnership/joint venture interests $13,259,935 $19,135,508 -30.71%
Real estate (other than employer real property) $28,363,482 $28,540,482 -0.62%
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 $95,115,457 $83,595,073 13.78%
Value of funds held in insurance co. general account $0 $0 0.0%
Other Investments $105,954 $123,095 -13.93%
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 $1,455,793 $5,134,572 -71.65%
Benefit Claims Payable (1) $62,952 $62,952 0.00%
Operating Payables (1) $101,269 $256,005 -60.44%
Acquisition Indebtedness (1) $1,291,572 $4,815,615 -73.18%
Other liabilities (1) $0 $0 0.0%
Net Assets $341,530,275 $319,297,093 6.96%

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
Benesys, Inc. Plan Administrator, Recordkeeping and information management (computing, tabulating, data processing, etc.), Direct payment from the plan NONE $367,450 $0 $367,450
Morgan Stanley Global Banking Investment advisory (plan), Investment management, Custodial (securities), Securities brokerage, Named fiduciary, Investment management fees paid directly by plan, Direct payment from the plan NONE $327,516 $0 $327,516
Reinhart Partners, Inc. Investment management, Investment advisory (plan), Custodial (securities), Named fiduciary, Securities brokerage, Investment management fees paid directly by plan, Direct payment from the plan NONE $261,940 $0 $261,940
Seizert Capital Partners Investment management fees paid directly by plan, Custodial (securities), Investment advisory (plan), Investment management, Named fiduciary, Securities brokerage, Direct payment from the plan NONE $223,008 $0 $223,008
Loomis Sayles & Company Securities brokerage, Named fiduciary, Investment management, Investment management fees paid directly by plan, Direct payment from the plan, Investment advisory (plan), Custodial (securities) NONE $198,257 $0 $198,257
Carpenters Fringe Benefit Funds Jdc Other services, Direct payment from the plan NONE $137,886 $0 $137,886
Novara, Tesija & Catenacci, PLLC Legal, Direct payment from the plan NONE $112,088 $0 $112,088
Boyd Watterson Asset Management Custodial (securities), Investment advisory (plan), Investment management, Investment management fees paid directly by plan, Direct payment from the plan, Named fiduciary, Securities brokerage NONE $58,895 $0 $58,895
Aristotle Capital Management Other services, Direct payment from the plan NONE $44,511 $0 $44,511
Bultynck & Co., PLLC Direct payment from the plan, Accounting (including auditing) NONE $31,600 $0 $31,600
American Graphics Printing Co Copying and duplicating, Direct payment from the plan NONE $11,481 $0 $11,481
Total $1,774,632 $0 $1,774,632

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

No investments information available for this plan.

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.