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FORM 5500 DATA

The Arc of Southern Maryland Retirement Savings Plan

Overview

Plan Information

  • Plan Year07/01/2018 — 06/30/2019
  • Date of Plan08/01/1981
  • Net Assets as of 06/30/2019 $2,875,733
  • 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
  • Report Description This is an amended report.
  • Plan Funding ArrangementInsurance Trust
  • Plan Benefit ArrangementInsurance Trust

Participant Information as of 06/30/2019

  • Active (Eligible) Participants388
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits15
  • Subtotal403
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total403
  • Total number of participants as of 07/01/2018371
  • Number of participants with account balances130
  • 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

  • AddressPo Box 1860
  • CityPrince Frederick
  • StateMD
  • Zip20678
  • Telephone(410) 535-2413
  • EIN52-1062351
  • Industry Code624100

Audit Information

  • Audit StatusAudited
  • AuditorMullen, Sondberg, Wimbish & Stone
  • Auditor EIN52-1197902
  • Audit Opinion Disclaimer
  • Audit Type Full Audit

Benefits Provided Under the Plan

Code Benefit Description
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.
2L Code section 403(b)(1) arrangement A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers.
2M Code section 403(b)(7) accounts A 403(b)(7) plan is a tax-deferred retirement plan often available to employees of public schools or non-profit organizations.
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? 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 $350,000
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 $450,865
Contributions $322,903
Cash Contributions $322,903
Cash from Employers $62,259
Cash from Participants $211,488
Others (including rollovers) $49,156
Noncash Contributions $0
Total Earnings on Investments $127,962
Total Interest $0
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $0
Total Dividends $164,414
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 $-36,452
Other Income $0
Expenses $202,967
Total Benefit Payments $201,599
Directly to participants or beneficiaries, including direct rollovers $201,599
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 $1,368
Professional Fees $0
Contract Administrator Fees $1,368
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $247,898
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

06/30/2019 06/30/2018 Change YOY
Total Assets $2,875,733 $2,627,835 9.43%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $0 $0 0.0%
Employer Contributions $0 $0 0.0%
Participant Contributions $0 $0 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 $0 $0 0.0%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $47,311 $44,276 6.85%
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 $2,097,033 $1,819,967 15.22%
Value of funds held in insurance co. general account $731,389 $763,592 -4.22%
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 $2,875,733 $2,627,835 9.43%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Lincoln National Corporation

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
Lincoln Financial Advisors Corporat Other services, Other commissions, Other fees Other Services $0 $4,604 $4,604
Principal Life Insurance Company Contract Administrator, Participant loan processing, Direct payment from the plan, Recordkeeping fees Contract Administrator $1,139 $0 $1,139
Lincoln National Corporation Contract Administrator Service Provider $225 $0 $225
Total $1,364 $4,604 $5,968

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Lincoln Financial Advisors Corporat Principal Life Insurance Company Other services, Other commissions, Other fees Commissions and Referral/Service Fee $4,604
*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
Lincoln Financial Group Lincoln Variable Annuities DFE: Pooled Separate Account $47,311
Total $47,311

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Principal Life Insurance Company 403
EIN 42-0127290
Industry Code 61271
Contract Number 441463
Contract Year 07/01/2018 — 06/30/2019
Value in General Account at Year End $0
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $1,785
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Lincoln Financial Advisors Corporat Attn Todd France Fort Wayne, IN 46801 -2239 Insurance Agent or Broker $1,785 $0
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 CUSTODIAL GUARANTEED FUND CONTRACT
Balance at the end of the previous year $717,209
Additions $47,663
Contributions Deposited during the year $35,465
Dividends and credits $0
Interest credited during the year $12,198
Transferred from separate account $0
Other $0
Total of Balance and Additions $764,872
Deductions $75,712
Disbursed from fund to pay benefits or purchase annuities during the year $71,707
Administration charge made by carrier $528
Transferred to Separate Account $0
Other $3,477
Balance at the end of the current year $689,160
The Lincoln National Life Insurance Company 21
EIN 35-0472300
Industry Code 65676
Contract Number CR25087
Contract Year 07/01/2018 — 06/30/2019
Value in General Account at Year End $24,191
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $246
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Lincoln Financial Advisors 1300 S. Clinton St, Ste #150 Fort Wayne, ID 46802 -9999 Agent or Broker other than Insurance $246 $0
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 $24,052
Additions $817
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $817
Transferred from separate account $0
Other $0
Total of Balance and Additions $24,869
Deductions $678
Disbursed from fund to pay benefits or purchase annuities during the year $648
Administration charge made by carrier $30
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $24,191
Transamerica Financial Life Insurance Company 2
EIN 36-6071399
Industry Code 70688
Contract Number FA053876
Contract Year 07/01/2018 — 06/30/2019
Value in General Account at Year End $18,037
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 Guaranteed Investment
Balance at the end of the previous year $22,331
Additions $688
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $688
Transferred from separate account $0
Other $0
Total of Balance and Additions $23,019
Deductions $4,982
Disbursed from fund to pay benefits or purchase annuities during the year $4,982
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $18,037