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Joint Board of Trustees Operating Engineers' Local 324 Defined Contribution Pension Plan

Plan Rating
FORM 5500 DATA

Operating Engineers' Local 324 Defined Contribution Pension Plan

Overview

Plan Information

  • Plan Year05/01/2014 — 04/30/2015
  • Date of Plan05/01/1997
  • Net Assets as of 04/30/2015 $130,068,796
  • Plan Number2
  • 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 04/30/2015

  • Active (Eligible) Participants5,392
  • Retired or separated participants receiving benefits35
  • Other retired or separated participants entitled to future benefits7,409
  • Subtotal12,836
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total12,836
  • Total number of participants as of 05/01/201412,314
  • Number of participants with account balances12,836
  • 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 Drive, Suite 300
  • CityTROY
  • StateMI
  • Zip48098-2808
  • Telephone(248) 641-4900
  • EIN38-3386104
  • Industry Code237310
  • Named AdministratorScott Hart

Audit Information

  • Audit StatusAudited
  • AuditorPlante & Moran, PLLC
  • Auditor EIN38-1357951
  • 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 $1,000,000
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? Yes $52,096,519
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 $17,701,891
Contributions $7,038,346
Cash Contributions $7,038,346
Cash from Employers $7,038,346
Cash from Participants $0
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $10,616,605
Total Interest $168,064
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $168,064
Interest from Other Investments $0
Total Dividends $2,627,338
Preferred Stock $0
Common Stock $707,236
Rents $0
Net gain (loss) on sale of assets $3,064,976
Aggregate Proceeds $16,169,058
Aggregate Carrying Amount $13,104,082
Total Unrealized Appreciation (depreciation) of assets $5,423,538
Real Estate $0
Other $5,423,538
Net investment gain (loss) from common/collective trusts $679,048
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 $-1,346,359
Other Income $46,940
Expenses $6,290,753
Total Benefit Payments $5,233,948
Directly to participants or beneficiaries, including direct rollovers $5,233,948
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 $1,056,805
Professional Fees $241,816
Contract Administrator Fees $151,523
Investment Advisory and management fees $533,399
Other Administrative Fees $130,067
Net Income $11,411,138
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

04/30/2015 04/30/2014 Change YOY
Total Assets $130,541,511 $119,010,793 9.69%
Total noninterest-bearing cash $105,237 $207,261 -49.22%
Receivables $906,259 $788,299 14.96%
Employer Contributions $456,724 $437,377 4.42%
Participant Contributions $0 $0 0.0%
Other Contributions $449,535 $350,922 28.10%
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 $48,227,694 $41,980,441 14.88%
Preferred $0 $0 0.0%
Common $48,227,694 $41,980,441 14.88%
Partnership/joint venture interests $36,966,413 $16,522,226 123.74%
Real estate (other than employer real property) $0 $0 0.0%
Loans (other than to participants) $0 $0 0.0%
Participants Loans $5,513,929 $5,188,410 6.27%
Value of interest in common/collective trusts $15,130,106 $14,485,049 4.45%
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 $23,691,873 $39,839,107 -40.53%
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 $472,715 $353,135 33.86%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $222,231 $143,255 55.13%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $250,484 $209,880 19.35%
Net Assets $130,068,796 $118,657,658 9.62%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • The Bank of New York Mellon
  • Entrust Partners Offshore Lp
  • Gmo Glob Asset Alloc Fund - Cl III
  • Bny Mellon
  • Pimco
  • Mesirow Advanced Strategies, Inc.
  • Permal Private Equity Opportunities
  • First Eagle Global Value Fund, L.P.

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, Direct payment from the plan None known $152,017 $0 $152,017
Quest Investment Management Investment management, Direct payment from the plan, Investment management fees paid directly by plan, Non-monetary compensation, Soft dollars commissions None known $110,360 $0 $110,360
Seizert Capital Partners Investment management, Direct payment from the plan, Investment management fees paid directly by plan, Investment management fees paid indirectly by plan, Soft dollars commissions None known $97,166 $0 $97,166
Groom Law Group Legal, Direct payment from the plan None known $80,944 $0 $80,944
Prudential Real Estate Investors Investment management, Direct payment from the plan, Investment management fees paid directly by plan None known $71,226 $0 $71,226
Plante & Moran, PLLC Accounting (including auditing), Direct payment from the plan known known $59,330 $0 $59,330
Earnest Partners, LLC Investment management, Direct payment from the plan, Investment management fees paid directly by plan, Investment management fees paid indirectly by plan, Soft dollars commissions None known $57,474 $308 $57,782
Loomis,Sayles & Company, L.P Investment management, Direct payment from the plan, Investment management fees paid directly by plan, Investment management fees paid indirectly by plan, Soft dollars commissions None known $30,568 $0 $30,568
Bayview Ins Grp Dba Union Services Consulting (general), Direct payment from the plan None known $0 $26,761 $26,761
National Investment Services, Inc. Investment management, Direct payment from the plan, Investment management fees paid directly by plan None known $22,777 $0 $22,777
NEPC Consulting (pension), Direct payment from the plan None known $21,056 $0 $21,056
The Bank of New York Mellon Custodial (securities), Direct payment from the plan, Shareholder servicing fees, Float revenue None known $17,046 $0 $17,046
Stefansky, Holloway & Nichols, Inc. Accounting (including auditing), Direct payment from the plan None known $13,414 $0 $13,414
Finkel Whitefield Selik Legal, Direct payment from the plan None known $7,451 $0 $7,451
Jpmorgan Chase Bank, N.A. Custodial (other than securities), Custodial (securities), Direct payment from the plan, Float revenue None known $5,815 $0 $5,815
Jeffrey M. Lesser, P.C. Legal, Direct payment from the plan None known $5,332 $0 $5,332
Total $751,976 $27,069 $779,045

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
Earnest Partners Mult Inv Trust Sei Trust Company DFE: Common/Collective Trust $8,035,582
Loomis Sayles Multisector Full Disc Loomis Sayles Trust Company, LLC DFE: Common/Collective Trust $5,623,750
Government Short Term Investment Bank of New York Mellon DFE: Common/Collective Trust $1,470,774
Total $15,130,106

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.