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FORM 5500 DATA

Hawaii Carpenters Financial Security Fund

Overview

Plan Information

  • Plan Year01/01/2018 — 12/31/2018
  • Date of Plan03/01/1988
  • Net Assets as of 12/31/2018 $380,974,384
  • Plan Number3
  • Plan Type Multi-Employer
  • Is the plan collectively bargained?Yes
  • 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 12/31/2018

  • Active (Eligible) Participants4,145
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits2,713
  • Subtotal6,858
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total6,858
  • Total number of participants as of 01/01/20186,878
  • Number of participants with account balances6,858
  • 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

  • Address200 N. Vineyard Blvd. Suite 100
  • CityHonolulu
  • StateHI
  • Zip96817-3938
  • Telephone(808) 841-7575
  • EIN99-0264272
  • Industry Code238100
  • Named AdministratorTom Rosa

Plan Administrator Information

  • Administrator NameHawaii Benefit Administrators, Inc.
  • Address200 N. Vineyard Blvd., Suite 100
  • CityHonolulu
  • StateHI
  • Zip96817-3938
  • Telephone(808) 841-7575
  • Administrator EIN99-0329747

Audit Information

  • Audit StatusAudited
  • AuditorJames P Hasselman CPA LLC
  • Auditor EIN20-5496781
  • Audit OpinionUnqualified
  • Audit Type Full Audit

Benefits Provided Under the Plan

Code Benefit Description
2C Money purchase A pension plan, other than a target benefit plan that requires a fixed percentage of compensation to be contributed to each eligible employee.
2E Profit-sharing A defined contribution plan that allows employer discretionary contributions. These plans often contain a 401(k) feature.

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? 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 $5,331,148
Contributions $21,502,358
Cash Contributions $21,502,358
Cash from Employers $21,502,358
Cash from Participants $0
Others (including rollovers) $0
Noncash Contributions $0
Total Earnings on Investments $-16,223,412
Total Interest $2,376,657
Interest-Bearing Cash $120,477
U.S. Government Securities $66,121
Corporate Debt Instruments $2,190,059
Loans (other than to participants) $0
Participant Loans $0
Interest from Other Investments $0
Total Dividends $7,712,422
Preferred Stock $0
Common Stock $0
Rents $0
Net gain (loss) on sale of assets $347,536
Aggregate Proceeds $69,597,470
Aggregate Carrying Amount $69,249,934
Total Unrealized Appreciation (depreciation) of assets $-4,116,111
Real Estate $0
Other $-4,116,111
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 $-22,543,916
Other Income $52,202
Expenses $30,095,756
Total Benefit Payments $28,666,073
Directly to participants or beneficiaries, including direct rollovers $28,666,073
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 $1,429,683
Professional Fees $148,357
Contract Administrator Fees $293,548
Investment Advisory and management fees $826,420
Other Administrative Fees $161,358
Net Income $-24,764,608
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 $381,281,719 $405,824,117 -6.05%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $2,669,459 $2,916,778 -8.48%
Employer Contributions $2,062,170 $1,970,026 4.68%
Participant Contributions $0 $0 0.0%
Other Contributions $607,289 $946,752 -35.86%
General Investments $8,599,306 $16,375,931 -47.49%
Interest-bearing cash $3,810,993 $11,821,738 -67.76%
U.S. Government Securities $4,788,313 $4,554,193 5.14%
Corporate Debt Instruments $116,517,461 $115,854,774 0.57%
Preferred $0 $0 0.0%
All Other $116,517,461 $115,854,774 0.57%
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) $9,000,000 $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 $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 $244,348,149 $270,347,151 -9.62%
Value of funds held in insurance co. general account $0 $0 0.0%
Other Investments $147,344 $329,483 -55.28%
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 $307,335 $85,125 261.04%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $127,987 $85,125 50.35%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $179,348 $0 0.0%
Net Assets $380,974,384 $405,738,992 -6.10%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Raymond James & Associates

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
First Hawaiian Bank Custodial (securities), Investment management, Investment management fees paid directly by plan, Investment management fees paid indirectly by plan NONE $326,353 $0 $326,353
Hawaii Benefit Administrators, Inc. Contract Administrator, Direct payment from the plan Contract Administrator $293,548 $0 $293,548
Raymond James & Associates Investment management fees paid directly by plan, Investment advisory (plan) NONE $283,669 $0 $283,669
Acw Insurance Group Insurance agents and brokers, Insurance brokerage commissions and fees NONE $109,992 $0 $109,992
Focus Investments Investment management fees paid directly by plan, Investment management NONE $99,293 $0 $99,293
Sierra Investment Partners Inc. Investment management, Investment management fees paid directly by plan NONE $97,036 $0 $97,036
The Segal Company Accounting (including auditing), Direct payment from the plan, Consulting (general), Consulting (pension) NONE $56,994 $0 $56,994
Decarlo & Shanley Legal, Direct payment from the plan NONE $47,225 $0 $47,225
James P Hasselman CPA, LLC Accounting (including auditing), Direct payment from the plan NONE $33,948 $0 $33,948
Bank of Hawaii Investment management, Investment management fees paid directly by plan NONE $20,069 $0 $20,069
Law Office of Jeffrey P Miller Legal, Direct payment from the plan NONE $10,190 $0 $10,190
Cardinal Mailing Services Other services, Direct payment from the plan NONE $9,154 $0 $9,154
Total $1,387,471 $0 $1,387,471

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.

Investments

Investments

No investments information available for this plan.

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.