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Overview

Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan06/30/1969
  • Net Assets as of 12/31/2019 $30,538,603
  • 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 ArrangementInsurance Trust

Participant Information as of 12/31/2019

  • Active (Eligible) Participants1,110
  • Retired or separated participants receiving benefits2
  • Other retired or separated participants entitled to future benefits54
  • Subtotal1,166
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total1,166
  • Total number of participants as of 01/01/20191,223
  • Number of participants with account balances1,075
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested83

Expenses

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

Sponsor Information

  • Address765 Dutchess Turnpike
  • CityPoughkeepsie
  • StateNY
  • Zip12603
  • Telephone(845) 454-4330
  • EIN14-1489189
  • Industry Code445110
  • Named AdministratorGaye Mallet
  • Named Plan SponsorGaye Mallet

Audit Information

  • Audit StatusAudited
  • AuditorDay Seckler
  • Auditor EIN26-2310586
  • 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.
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.
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 $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 $7,559,442
Contributions $2,250,720
Cash Contributions $2,250,720
Cash from Employers $624,246
Cash from Participants $1,577,709
Others (including rollovers) $48,765
Noncash Contributions $0
Total Earnings on Investments $5,308,722
Total Interest $137,853
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $41,433
Interest from Other Investments $96,420
Total Dividends $852,629
Preferred Stock $0
Common Stock $0
Rents $0
Net gain (loss) on sale of assets $3,005
Aggregate Proceeds $22,923
Aggregate Carrying Amount $19,918
Total Unrealized Appreciation (depreciation) of assets $1,208
Real Estate $0
Other $1,208
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 $4,314,027
Other Income $0
Expenses $2,989,170
Total Benefit Payments $2,814,020
Directly to participants or beneficiaries, including direct rollovers $2,814,020
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $5,128
Interest expense $0
Total Administrative Expenses $170,022
Professional Fees $20,000
Contract Administrator Fees $21,276
Investment Advisory and management fees $128,507
Other Administrative Fees $239
Net Income $4,570,272
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 $30,538,603 $25,968,331 17.60%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $285 $0 0.0%
Employer Contributions $0 $0 0.0%
Participant Contributions $0 $0 0.0%
Other Contributions $285 $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 $811,616 $733,475 10.65%
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 $26,738,705 $22,608,081 18.27%
Value of funds held in insurance co. general account $2,987,997 $2,626,775 13.75%
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 $30,538,603 $25,968,331 17.60%

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
Massachusetts Mutual Life Ins. Co. Other services, Investment management fees paid indirectly by plan, Float revenue, Recordkeeping fees, Other investment fees and expenses Contract Administrator $119,048 $0 $119,048
Lpl Financial - RP Investment advisory (plan) Investment Advisor $30,973 $0 $30,973
Pkf O'Connor Davies Accounting (including auditing) Auditor $20,000 $0 $20,000
Pkf O'Connor Davies Direct payment from the plan Auditor $20,000 $0 $20,000
American Funds Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Eaton Vance Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Fidelity Investments Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
First Eagle Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Invesco Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
John Hancock Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Pimco Funds Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Pioneer Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Rydex Sgi Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
The Hartford Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Tiaa-Cref Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Vanguard Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Vanguard Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Total $190,021 $0 $190,021

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Massachusetts Mutual Life Ins. Co. Sagic 62540 Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Prem U.S. Govt Mny Mkt Fd Barings Other investment fees and expenses, Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Millennium Trust Company, LLC Other services Referral Fee $0
American Funds American Fnds 2010 Target Dt Ret Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds American Fnds 2015 Target Dt Ret Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds American Fnds 2020 Target Dt Ret Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds American Fnds 2025 Target Dt Ret Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds American Fnds 2030 Target Dt Ret Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds American Fnds 2035 Target Dt Ret Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds American Fnds 2040 Target Dt Ret Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds American Fnds 2045 Target Dt Ret Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds American Fnds 2050 Target Dt Ret Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds American Fnds 2055 Target Dt Ret Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds American Fnds 2060 Target Dt Ret Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
American Funds American Funds New World Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Eaton Vance Eaton Vance Atlanta Cap Smid-Cap Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Fidelity Investments Fidelity Mid Cap Index Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
First Eagle First Eagle Global Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Invesco Invesco Opp Intl Sm-Mid Co Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
John Hancock Jhancock3 International Growth Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Pimco Funds Pimco Diversified Inc Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Pioneer Pioneer Fundamental Growth Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Rydex Sgi Guggenheim Total Return Bond Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
The Hartford Hartford Balanced Income Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Tiaa-Cref Tiaa-Cref Social Choice Equity Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Balanced Index Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Emerg Mrkts Stock Indx Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Equity-Income Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Interm-Term Bond Index Fnd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Real Estate Index Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Total Intl Bond Index Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Total Intl Stock Index Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard 500 Index Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Energy Index Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Growth Index Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Health Care Index Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Information Tech Indx Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Small Cap Index Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Value Index Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $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
Massachusetts Mutual Life Insurance Company 1,166
EIN 04-1590850
Industry Code 65935
Contract Number MR 62540
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 $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 GROUP ANNUITY CONTRACT
Balance at the end of the previous year $2,626,775
Additions $685,860
Contributions Deposited during the year $166,737
Dividends and credits $0
Interest credited during the year $96,419
Transferred from separate account $382,851
Other $39,853
Total of Balance and Additions $3,312,635
Deductions $324,638
Disbursed from fund to pay benefits or purchase annuities during the year $230,137
Administration charge made by carrier $32,199
Transferred to Separate Account $0
Other $62,302
Balance at the end of the current year $2,987,997