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FORM 5500 DATA

Carmel Partners, Inc. 401k Profit Sharing Plan

Overview

Plan Information

  • Plan Year01/01/2018 — 12/31/2018
  • Date of Plan01/01/1999
  • Net Assets as of 12/31/2018 $21,588,613
  • 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 12/31/2018

  • Active (Eligible) Participants254
  • Retired or separated participants receiving benefits2
  • Other retired or separated participants entitled to future benefits131
  • Subtotal387
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total387
  • Total number of participants as of 01/01/2018343
  • Number of participants with account balances304
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested9

Expenses

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

Sponsor Information

  • Address1000 Sansome Street 1st Floor
  • CitySan Francisco
  • StateCA
  • Zip94111
  • Telephone(415) 273-2900
  • EIN94-3411519
  • Industry Code531310
  • Named AdministratorBrandy Fulton
  • Named Plan SponsorBrandy Fulton

Audit Information

  • Audit StatusAudited
  • AuditorCrowe LLP
  • Auditor EIN35-0921680
  • Audit Opinion Disclaimer
  • Audit Type Full 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? No
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? 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 $2,215,774
Contributions $3,387,269
Cash Contributions $3,387,269
Cash from Employers $768,941
Cash from Participants $2,052,527
Others (including rollovers) $565,801
Noncash Contributions $0
Total Earnings on Investments $-1,171,495
Total Interest $67,329
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $6,705
Interest from Other Investments $60,624
Total Dividends $754,468
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 $-1,993,292
Other Income $0
Expenses $2,348,026
Total Benefit Payments $2,324,552
Directly to participants or beneficiaries, including direct rollovers $2,324,552
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $502
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $22,972
Professional Fees $13,230
Contract Administrator Fees $2,938
Investment Advisory and management fees $6,804
Other Administrative Fees $0
Net Income $-132,252
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2018 12/31/2017 Change YOY
Total Assets $21,588,613 $21,720,865 -0.61%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $56,145 $0 0.0%
Employer Contributions $56,145 $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 $142,173 $131,209 8.36%
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 $19,405,456 $19,981,935 -2.89%
Value of funds held in insurance co. general account $1,984,839 $1,607,721 23.46%
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 $21,588,613 $21,720,865 -0.61%

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
Raymond James Financial Services Ad Investment advisory (plan) Investment Advisor $0 $39,068 $39,068
Crowe LLP Direct payment from the plan 401K Auditor $13,230 $0 $13,230
Massachusetts Mutual Life Ins. Co. Other services, Investment management fees paid indirectly by plan, Sub-transfer agency fees, Distribution (12b-1) fees, Recordkeeping fees, Soft dollars commissions, Other investment fees and expenses Contract Administrator $9,741 $0 $9,741
Artisan Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Blackrock Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Columbia Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Davis Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Dws Funds 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
Ivy Funds Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Janus Henderson Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Jp Morgan Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Mfs Investment Management Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Mfs Investment Management 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
T. Rowe Price 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
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
Victory Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Wells Fargo Investment management fees paid indirectly by plan Investment Provider $0 $0 $0
Total $22,971 $39,068 $62,039

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Raymond James Financial Services Ad Massachusetts Mutual Life Ins. Co. Investment advisory (plan) Plan Related Expenses $39,068
Massachusetts Mutual Life Ins. Co. Core Bond Sagic Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Mfs Total Return Bond Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Mfs Intl Diversification Fd Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Mfs Value Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Prem U.S. Govt Mny Mkt Fd Barings Investment management fees paid indirectly by plan, Other investment fees and expenses Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Select Mid Cap Gr Fd Trp Frontier Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Select Trp Ls Blue Chip Growth Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Select Trpls Blue Chip Growth Fund Distribution (12b-1) fees, Other investment fees and expenses Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Ivy Small Cap Growth Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Davis New York Venture Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Dws Equity 500 Index Fund Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Blackrock Ishares Small Cap Ind Fd Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Victory Sycamore Est Value Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Millennium Trust Company, LLC Other services Referral Fee $0
Massachusetts Mutual Life Ins. Co. Artisan Mid Cap Fund Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Wells Fargo Specialized Tech Fd Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Mm Msci Eafe Intl Indx Fd Nrtn Tr Investment management fees paid indirectly by plan, Other investment fees and expenses Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. T. Rowe Price Retirement 2005 Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. T. Rowe Price Retirement 2010 Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. T. Rowe Price Retirement 2015 Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. T. Rowe Price Retirement 2020 Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. T. Rowe Price Retirement 2025 Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. T. Rowe Price Retirement 2030 Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. T. Rowe Price Retirement 2035 Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. T. Rowe Price Retirement 2040 Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. T. Rowe Price Retirement 2045 Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. T. Rowe Price Retirement 2050 Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. T. Rowe Price Retirement 2055 Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. T. Rowe Price Retirement 2060 Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Invesco Real Estate Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Janus Henderson Balanced Fd Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Janus Henderson Small Cap Value Fd Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Columbia Mid Cap Index Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Massachusetts Mutual Life Ins. Co. Pimco Real Return Fund Distribution (12b-1) fees, Sub-transfer agency fees Basis Points * Plan Assets $0
Artisan Artisan Mid Cap Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Blackrock Blackrock Ishares Small Cap Ind Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Columbia Columbia Mid Cap Index Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Davis Davis New York Venture Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Dws Funds Dws Equity 500 Index Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Invesco Invesco Real Estate Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Ivy Funds Ivy Small Cap Growth Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Janus Henderson Janus Henderson Balanced Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Janus Henderson Janus Henderson Small Cap Value Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Jp Morgan Undiscovered Mgrs Behavioral Val Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Mfs Investment Management Mfs Total Return Bond Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Mfs Investment Management Mfs Intl Diversification Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Mfs Investment Management Mfs Technology Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Mfs Investment Management Mfs Value Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Pimco Funds Pimco Real Return Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2005 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2010 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2015 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2020 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2025 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2030 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2035 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2040 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2045 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2050 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2055 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
T. Rowe Price T. Rowe Price Retirement 2060 Fund Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Total Bond Mrkt Index Fund 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 Inflation-Protectd Secs 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 Mid Cap Index Fund 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 Target Retirement 2015 Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Target Retirement 2020 Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Target Retirement 2025 Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Target Retirement 2030 Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Target Retirement 2035 Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Target Retirement 2040 Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Target Retirement 2045 Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Target Retirement 2050 Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Target Retirement 2055 Fd Investment management fees paid indirectly by plan Basis Points * Plan Assets $0
Vanguard Vanguard Target Retirement 2060 Fd 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 387
EIN 04-1590850
Industry Code 65935
Contract Number MR 60422
Contract Year 01/01/2018 — 12/31/2018
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 $1,607,721
Additions $845,007
Contributions Deposited during the year $105,537
Dividends and credits $0
Interest credited during the year $60,623
Transferred from separate account $619,613
Other $59,234
Total of Balance and Additions $2,452,728
Deductions $467,889
Disbursed from fund to pay benefits or purchase annuities during the year $451,350
Administration charge made by carrier $14,952
Transferred to Separate Account $0
Other $1,587
Balance at the end of the current year $1,984,839