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Overview

Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan10/01/1984
  • Net Assets as of 12/31/2019 $1,357,895,299
  • Plan Number78
  • Plan Type Single Employer
  • Is the plan collectively bargained? No
  • Did the plan file for an extension of time or the DFVC Program? No
  • Plan Funding ArrangementInsurance Trust
  • Plan Benefit ArrangementInsurance Trust

Participant Information as of 12/31/2019

  • Active (Eligible) Participants8,429
  • Retired or separated participants receiving benefits135
  • Other retired or separated participants entitled to future benefits2,604
  • Subtotal11,168
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits52
  • Total11,220
  • Total number of participants as of 01/01/201910,955
  • Number of participants with account balances10,654
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested265

Expenses

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

Sponsor Information

  • Address1100 Cassatt Rd.
  • CityBerwyn
  • StatePA
  • Zip19312
  • Telephone(610) 647-2121
  • EIN14-1682544
  • Industry Code339900
  • Named AdministratorElizabeth Callahan
  • Named Plan SponsorElizabeth Callahan

Audit Information

  • Audit StatusAudited
  • AuditorErnst & Young LLP
  • Auditor EIN34-6565596
  • Audit OpinionUnqualified
  • Audit Type Full Audit

Benefits Provided Under the Plan

Code Benefit Description
2A Age/Service Weighted or New Comparability or Similar Plan Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New Comparability or Similar Plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the threshold or additional rate allowed under the permitted disparity rules of section 401(l)
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.
3H Controlled Group Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).

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? Yes $9,479
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 $10,000,000
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? 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 $344,910,681
Contributions $92,044,848
Cash Contributions $92,044,848
Cash from Employers $30,517,510
Cash from Participants $54,850,263
Others (including rollovers) $6,677,075
Noncash Contributions $0
Total Earnings on Investments $249,256,738
Total Interest $942,532
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $942,532
Interest from Other Investments $0
Total Dividends $26,637,909
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 $81,338,086
Net investment gain (loss) from pooled separate accounts $57,076
Net investment gain (loss) from master trust investment accounts $39,554,490
Net investment gain (loss) from 103-12 investment entities $0
Net investment gain (loss) from registered investment companies $100,726,645
Other Income $3,609,095
Expenses $108,450,189
Total Benefit Payments $107,411,449
Directly to participants or beneficiaries, including direct rollovers $107,411,449
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $39,628
Certain deemed distributions of participant loans $29,423
Interest expense $0
Total Administrative Expenses $969,689
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $969,689
Net Income $236,460,492
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 $1,357,895,299 $1,112,564,986 22.05%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $0 $1,280,317 0.0%
Employer Contributions $0 $491,331 0.0%
Participant Contributions $0 $788,986 0.0%
Other Contributions $0 $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 $15,883,448 $18,292,146 -13.17%
Value of interest in common/collective trusts $509,097,293 $481,181,839 5.80%
Value of interest in pooled separate accounts $0 $17,401,643 -100.00%
Value of interest in master trust investment accounts $118,702,831 $85,216,636 39.30%
Value of interest in 103-12 investment entities $0 $0 0.0%
Value of interest in registered investment companies $583,505,034 $509,192,405 14.59%
Value of funds held in insurance co. general account $0 $0 0.0%
Other Investments $130,706,693 $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 $1,357,895,299 $1,112,564,986 22.05%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Voya Institutional Plan Services
  • The Vanguard Group, Inc.

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
Voya Institutional Plan Services Participant loan processing, Other services, Recordkeeping fees Recordkeeping $795,078 $0 $795,078
Ernst & Young Accounting (including auditing) Contractual $90,900 $0 $90,900
Covington & Burling LLP Legal Attorney $41,456 $0 $41,456
Willis Towers Watson Accounting (including auditing) Contractual $41,446 $0 $41,446
Total $968,880 $0 $968,880

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
The Vanguard Group, Inc. Virtus Investment Partners Other fees 25 Bps $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

Name of Investment Investment Manager Type of Investment Dollar Value
Ametek, Inc. Master Trust Ametek, Inc. DFE: Master Trust Investment Account $118,702,831
Vanguard Target Retirement 2025 Tr Vanguard DFE: Common/Collective Trust $118,172,846
Vanguard Target Retirement 2030 Tr Vanguard DFE: Common/Collective Trust $85,768,458
Vanguard Target Retirement 2020 Tr Vanguard DFE: Common/Collective Trust $69,506,364
Vanguard Target Retirement 2035 Tr Vanguard DFE: Common/Collective Trust $59,836,645
Vanguard Target Retirement 2040 Tr Vanguard DFE: Common/Collective Trust $37,513,049
Wells Fargo Discovery Cit E2 Fund Wells Fargo DFE: Common/Collective Trust $34,649,517
Vanguard Target Retirement 2045 Tr Vanguard DFE: Common/Collective Trust $28,367,406
Vanguard Target Retirement 2050 Tr Vanguard DFE: Common/Collective Trust $20,518,056
Vanguard Target Retirement 2015 Tr Vanguard DFE: Common/Collective Trust $19,433,313
Vanguard Target Retirement Income T Vanguard DFE: Common/Collective Trust $17,347,587
Vanguard Target Retirement 2055 Tr Vanguard DFE: Common/Collective Trust $12,563,799
Vanguard Target Retirement 2060 Tr Vanguard DFE: Common/Collective Trust $4,409,885
Vanguard Target Retirement 2065 Tr Vanguard DFE: Common/Collective Trust $1,010,367
Vanguard Retirement Savings Trust I Vanguard DFE: Common/Collective Trust $0
Wells Fargo Stable Value Fund F Wells Fargo DFE: Common/Collective Trust $0
Government Securities Fund Separate Voya Retirement Insurance & Annuity Company DFE: Pooled Separate Account $0
Total $627,800,123

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Voya Retirement Insurance and Annuity Corporation 11,220
EIN 71-0294708
Industry Code 86509
Contract Number 627071
Contract Year 02/11/2019 — 12/31/2019
Value in General Account at Year End $0
Value in Separate Accounts at Year End $130,706,693
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 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
Genworth Life and Annuity Company 10
EIN 54-0596414
Industry Code 63401
Contract Number P4160049
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 Individual Policies
Basis of premium rates Rates as Established By Carrier
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
Voya Retirement Insurance & Annuity Company 0
EIN 71-0294708
Industry Code 62403
Contract Number 627071
Contract Year 01/01/2019 — 02/11/2019
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 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