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FORM 5500 DATA

The Center for Discovery Retirement Plan

Overview

Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan07/01/1983
  • Net Assets as of 12/31/2019 $51,995,147
  • Plan Number1
  • 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 12/31/2019

  • Active (Eligible) Participants1,555
  • Retired or separated participants receiving benefits2
  • Other retired or separated participants entitled to future benefits401
  • Subtotal1,958
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits5
  • Total1,963
  • Total number of participants as of 01/01/20191,851
  • Number of participants with account balances1,691
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested166

Expenses

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

Sponsor Information

  • Address641 Old Route 17 P.O. Box 840
  • CityHarris
  • StateNY
  • Zip12742
  • Telephone(845) 794-1400
  • EIN14-1395426
  • Industry Code624100
  • Named AdministratorClaude D'Alessandro

Audit Information

  • Audit StatusAudited
  • AuditorBaker Tilly Us, LLP
  • Auditor EIN39-0859910
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope 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.
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.
3D Master plan A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium (for example, a trust or custodial account) is established for the joint use of all adopting employers.

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? 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? Yes
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? Yes

Financials

Income and Expense Statement

Income $10,868,964
Contributions $3,246,969
Cash Contributions $3,246,969
Cash from Employers $710,316
Cash from Participants $2,436,394
Others (including rollovers) $100,259
Noncash Contributions $0
Total Earnings on Investments $7,621,995
Total Interest $92,775
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $92,775
Interest from Other Investments $0
Total Dividends $1,122,759
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 $6,406,461
Other Income $0
Expenses $3,014,742
Total Benefit Payments $2,724,143
Directly to participants or beneficiaries, including direct rollovers $2,724,143
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $40,777
Interest expense $0
Total Administrative Expenses $249,822
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $1,218
Other Administrative Fees $248,604
Net Income $7,854,222
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2019 12/31/2018 Change YOY
Total Assets $51,995,147 $44,140,925 17.79%
Total noninterest-bearing cash $0 $277 -100.00%
Receivables $635,740 $1,383,888 -54.06%
Employer Contributions $532,822 $1,299,009 -58.98%
Participant Contributions $94,662 $84,879 11.53%
Other Contributions $8,256 $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 $1,688,144 $1,257,005 34.30%
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 $49,671,263 $38,759,120 28.15%
Value of funds held in insurance co. general account $0 $2,740,635 -100.00%
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 $0 $0 0.0%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $0 $0 0.0%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $51,995,147 $44,140,925 17.79%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Transamerica Retirement Solutions

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
Nationwide Life Insurance Company Recordkeeping and information management (computing, tabulating, data processing, etc.), Investment advisory (participants), Investment management, Participant loan processing, Participant communication, Direct payment from the plan, Investment management fees paid directly by plan, Recordkeeping fees, Other insurance wrap fees Recordkeeper $127,841 $30,596 $158,437
Long Island Employee Benefits Group Contract Administrator, Recordkeeping and information management (computing, tabulating, data processing, etc.), Consulting (pension), Copying and duplicating, Participant loan processing, Participant communication, Direct payment from the plan, Recordkeeping fees TPA $37,791 $26,325 $64,116
Cetera Advisor Networks LLC Consulting (general), Direct payment from the plan Consultant $0 $51,324 $51,324
Meeder Investment Management Investment advisory (participants), Direct payment from the plan Registered Invest Adviso $43,133 $0 $43,133
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 Record Keeper $41,074 $0 $41,074
North Ridge Securities Corp Securities brokerage Securities Broker $0 $10,842 $10,842
National Financial Services Securities brokerage, Securities brokerage commissions and fees Securities Broker $0 $0 $0
Total $249,839 $119,087 $368,926

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
National Financial Services Blackrock Securities brokerage, Securities brokerage commissions and fees Revenue Sharing See Attachment To Line 2(H) $0
National Financial Services Dfa-Dimensional Securities brokerage, Securities brokerage commissions and fees Revenue Sharing See Attachment To Line 2(H) $0
National Financial Services Doubleline Securities brokerage, Securities brokerage commissions and fees Revenue Sharing See Attachment To Line 2(H) $0
National Financial Services Frost Securities brokerage, Securities brokerage commissions and fees Revenue Sharing See Attachment To Line 2(H) $0
National Financial Services Guggenheim Securities brokerage, Securities brokerage commissions and fees Revenue Sharing See Attachment To Line 2(H) $0
National Financial Services Morgan Stanley Securities brokerage, Securities brokerage commissions and fees Revenue Sharing See Attachment To Line 2(H) $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

There is no termination information for this plan.

Investments

Investments

No investments information available for this plan.

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Nationwide Life Insurance Company 0
EIN 31-4156830
Industry Code 66869
Contract Number GAP-CP-GJ2C
Contract Year 01/01/2019 — 12/31/2019
Value in General Account at Year End $0
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $2,448
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Cetera Advisor Networks LLC 200 N Sepulveda Blvd El Segundo, CA 90245 -5670 Third Party Administrator $1,326 $0
North Ridge Securities Corp 1895 Walt Whitman Rd Melville, NY 11747 -3031 Insurance Agent or Broker $632 $490
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 $2,740,635
Additions $66,199
Contributions Deposited during the year $32,959
Dividends and credits $0
Interest credited during the year $20,480
Transferred from separate account $0
Other $12,760
Total of Balance and Additions $2,806,834
Deductions $2,806,834
Disbursed from fund to pay benefits or purchase annuities during the year $521,242
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $2,285,592
Balance at the end of the current year $0