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City Mill Company, Limited Profit Sharing 401k Plan


Plan Information

  • Plan Year01/01/2009 — 12/31/2009
  • Date of Plan01/01/1956
  • Net Assets as of 12/31/2009 $5,420,912
  • Plan Number2
  • 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 Arrangement Trust
  • Plan Benefit Arrangement Trust

Participant Information as of 12/31/2009

  • Active (Eligible) Participants397
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits76
  • Subtotal473
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total473
  • Total number of participants as of 01/01/2009409
  • Number of participants with account balances449
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested82


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

Sponsor Information

  • Address660 North Nimitz Highway
  • CityHonolulu
  • StateHI
  • Zip96817
  • Telephone(808) 529-5830
  • EIN99-0036090
  • Industry Code444110
  • Named AdministratorElise Burkart
  • Named Plan SponsorElise Burkart

Plan Administrator Information

  • Administrator NameProfit Sharing Administrative Committee
  • Address660 North Nimitz Highway
  • CityHonolulu
  • StateHI
  • Zip96817
  • Telephone(808) 533-3811
  • Administrator EIN99-0170045

Audit Information

  • Audit StatusAudited
  • AuditorWikoff Combs & Co, LLC
  • Auditor EIN65-1203311
  • 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.
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 $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? 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? 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


Income and Expense Statement

Income $1,194,556
Contributions $483,561
Cash Contributions $483,561
Cash from Employers $302,592
Cash from Participants $172,778
Others (including rollovers) $8,191
Noncash Contributions $0
Total Earnings on Investments $710,995
Total Interest $101,137
Interest-Bearing Cash $3,386
U.S. Government Securities $65,453
Corporate Debt Instruments $26,939
Loans (other than to participants) $0
Participant Loans $3,508
Interest from Other Investments $1,851
Total Dividends $31,950
Preferred Stock $0
Common Stock $31,950
Rents $0
Net gain (loss) on sale of assets $307,986
Aggregate Proceeds $16,892,613
Aggregate Carrying Amount $16,584,627
Total Unrealized Appreciation (depreciation) of assets $97,533
Real Estate $0
Other $97,533
Net investment gain (loss) from common/collective trusts $21
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 $172,368
Other Income $0
Expenses $119,176
Total Benefit Payments $49,839
Directly to participants or beneficiaries, including direct rollovers $49,839
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 $69,337
Professional Fees $29,444
Contract Administrator Fees $0
Investment Advisory and management fees $25,304
Other Administrative Fees $14,589
Net Income $1,075,380
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2009 12/31/2008 Change YOY
Total Assets $5,428,749 $4,356,380 24.62%
Total noninterest-bearing cash $57 $0 0.0%
Receivables $279,152 $174,562 59.92%
Employer Contributions $229,527 $150,000 53.02%
Participant Contributions $27,431 $0 0.0%
Other Contributions $22,194 $24,562 -9.64%
General Investments $1,373,687 $1,911,214 -28.12%
Interest-bearing cash $213,601 $202,547 5.46%
U.S. Government Securities $1,160,086 $1,708,667 -32.11%
Corporate Debt Instruments $885,834 $434,294 103.97%
Preferred $0 $0 0.0%
All Other $885,834 $434,294 103.97%
Corporate Stocks $2,502,786 $1,107,781 125.93%
Preferred $0 $0 0.0%
Common $2,502,786 $1,107,781 125.93%
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 $76,616 $71,312 7.44%
Value of interest in common/collective trusts $5,241 $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 $224,008 $610,510 -63.31%
Value of funds held in insurance co. general account $0 $0 0.0%
Other Investments $81,368 $46,707 74.21%
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 $7,837 $10,848 -27.76%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $7,837 $10,848 -27.76%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $5,420,912 $4,345,532 24.75%

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
Aon Consulting, Inc Recordkeeping and information management (computing, tabulating, data processing, etc.) Recordkeeper $18,740 $0 $18,740
Mellon Trust of California Investment advisory (plan) Investment Management $16,312 $0 $16,312
First Hawaiian Bank Trustee (bank, trust company, or similar financial institution) Trustee $13,611 $0 $13,611
Bank of Hawaii Trustee (bank, trust company, or similar financial institution) Trustee $9,971 $0 $9,971
Wikoff Combs & Company, LLC Accounting (including auditing) Accounting $8,442 $0 $8,442
Cades Schutte Legal Legal $2,262 $0 $2,262
Total $69,338 $0 $69,338

Indirect Compensation

There are no service providers with indirect compensation listed for this plan.

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.



Name of Investment Investment Manager Type of Investment Dollar Value
Wells Fargo Stable Value Fund E Wells Fargo Bank, Na DFE: Common/Collective Trust $5,241
Total $5,241

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.