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Philip Morris International Deferred Profit-Sharing Plan


Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan01/01/2008
  • Net Assets as of 12/31/2019 $282,800,328
  • 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 12/31/2019

  • Active (Eligible) Participants151
  • Retired or separated participants receiving benefits23
  • Other retired or separated participants entitled to future benefits269
  • Subtotal443
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits2
  • Total445
  • Total number of participants as of 01/01/2019444
  • Number of participants with account balances435
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested0


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

Sponsor Information

  • Address120 Park Avenue 7th Floor
  • CityNew York
  • StateNY
  • Zip10017
  • Telephone(917) 663-2000
  • EIN03-0494952
  • Industry Code312200
  • Named AdministratorTimothy Mccarthy

Audit Information

  • Audit StatusAudited
  • AuditorPricewaterhousecoopers LLP
  • Auditor EIN13-4008324
  • Audit OpinionUnqualified
  • 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.
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.

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 $1,000,000
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


Income and Expense Statement

Income $60,047,138
Contributions $5,860,034
Cash Contributions $5,860,034
Cash from Employers $3,734,000
Cash from Participants $2,119,851
Others (including rollovers) $6,183
Noncash Contributions $0
Total Earnings on Investments $48,919,069
Total Interest $45,907
Interest-Bearing Cash $12,017
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $33,890
Interest from Other Investments $0
Total Dividends $4,163,307
Preferred Stock $0
Common Stock $4,163,307
Rents $0
Net gain (loss) on sale of assets $0
Aggregate Proceeds $0
Aggregate Carrying Amount $0
Total Unrealized Appreciation (depreciation) of assets $35,947,903
Real Estate $0
Other $35,947,903
Net investment gain (loss) from common/collective trusts $904,107
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 $7,857,845
Other Income $5,268,035
Expenses $24,057,619
Total Benefit Payments $23,985,170
Directly to participants or beneficiaries, including direct rollovers $23,985,170
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 $72,449
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $0
Other Administrative Fees $72,449
Net Income $35,989,519
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 $282,800,328 $246,810,809 14.58%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $4,612,997 $2,751,208 67.67%
Employer Contributions $3,218,245 $1,674,247 92.22%
Participant Contributions $150,923 $148,600 1.56%
Other Contributions $1,243,829 $928,361 33.98%
General Investments $549,418 $341,054 61.09%
Interest-bearing cash $549,418 $341,054 61.09%
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 $19,126,228 $19,371,043 -1.26%
Preferred $0 $0 0.0%
Common $19,126,228 $19,371,043 -1.26%
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 $703,108 $562,634 24.97%
Value of interest in common/collective trusts $36,896,271 $33,154,347 11.29%
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 $157,113,315 $135,734,544 15.75%
Value of funds held in insurance co. general account $0 $0 0.0%
Other Investments $0 $0 0.0%
Employer-related Investments $63,798,991 $54,895,979 16.22%
Employer Securities $63,798,991 $54,895,979 16.22%
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 $282,800,328 $246,810,809 14.58%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Fidelity Investments Institutional

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
Fidelity Investments Institutional Participant loan processing, Recordkeeping fees, Account maintenance fees, Securities brokerage commissions and fees Recordkeeper $60,328 $0 $60,328
Financial Engines Investment advisory (plan) Advisor $11,717 $0 $11,717
Total $72,045 $0 $72,045

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Fidelity Investments Institutional Financial Engines Other fees An Annual Fee Based On The Assets Held In Financial Engines' Managed Account Program ("Aum") Not To Exceed Amounts (I) .13% First $500 Million (Up To $650000) (Ii) .065% Next $500 Million (Up To $325000) With No Additional Fees Above $975000 $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.



Name of Investment Investment Manager Type of Investment Dollar Value
Mellon Stable Val M The Bank of New York Mellon DFE: Common/Collective Trust $37,351,705
Total $37,351,705

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.