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Overview

Plan Information

  • Plan Year01/01/2014 — 12/31/2014
  • Date of Plan06/12/1961
  • Net Assets as of 12/31/2014 $637,871,205
  • 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 Arrangement Trust
  • Plan Benefit Arrangement Trust

Participant Information as of 12/31/2014

  • Active (Eligible) Participants1,781
  • Retired or separated participants receiving benefits132
  • Other retired or separated participants entitled to future benefits1,499
  • Subtotal3,412
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total3,412
  • Total number of participants as of 01/01/20143,382
  • Number of participants with account balances3,389
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested174

Expenses

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

Sponsor Information

  • AddressOne Post Office Square
  • CityBoston
  • StateMA
  • Zip02109
  • Telephone(617) 760-6534
  • EIN26-1080669
  • Industry Code523900
  • Named AdministratorEdward F. Whalen

Plan Administrator Information

  • Administrator NamePutnam Benefits Adminsitration Committee
  • AddressOne Post Office Square
  • CityBoston
  • StateMA
  • Zip02109
  • Telephone(617) 760-6534
  • Administrator EIN26-1080669

Audit Information

  • Audit StatusAudited
  • AuditorDeliotte & Touche LLP
  • Auditor EIN13-3891517
  • 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.
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.
2R Brokerage Window Participant-directed brokerage accounts provided as an investment option under the plan.
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.
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 $40,000,000
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

Financials

Income and Expense Statement

Income $70,474,565
Contributions $31,962,483
Cash Contributions $31,962,483
Cash from Employers $14,553,649
Cash from Participants $13,908,609
Others (including rollovers) $3,500,225
Noncash Contributions $0
Total Earnings on Investments $38,506,908
Total Interest $227,559
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $227,559
Interest from Other Investments $0
Total Dividends $33,098,429
Preferred Stock $0
Common Stock $0
Rents $0
Net gain (loss) on sale of assets $1,047,058
Aggregate Proceeds $138,429,408
Aggregate Carrying Amount $137,382,350
Total Unrealized Appreciation (depreciation) of assets $0
Real Estate $0
Other $0
Net investment gain (loss) from common/collective trusts $3,155,324
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 $978,538
Other Income $5,174
Expenses $28,659,686
Total Benefit Payments $28,192,086
Directly to participants or beneficiaries, including direct rollovers $28,192,086
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $27,103
Certain deemed distributions of participant loans $432,805
Interest expense $0
Total Administrative Expenses $7,692
Professional Fees $0
Contract Administrator Fees $7,692
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $41,814,879
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $107,198

Asset and Liability Statement

12/31/2014 12/31/2013 Change YOY
Total Assets $637,871,205 $596,160,341 7.00%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $7,851,982 $7,138,848 9.99%
Employer Contributions $7,851,982 $7,138,848 9.99%
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 $8,112,061 $7,975,464 1.71%
Value of interest in common/collective trusts $57,446,992 $50,701,269 13.30%
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 $555,017,593 $522,050,676 6.31%
Value of funds held in insurance co. general account $0 $0 0.0%
Other Investments $9,442,577 $8,294,084 13.85%
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 $637,871,205 $596,160,341 7.00%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Putnam Fiduciary Trust Company

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
Td Ameritrade, Inc Securities brokerage Brokerage Services $3,882 $0 $3,882
Deloitte & Touche LLP Accounting (including auditing) Auditor $3,810 $0 $3,810
Great-West Life and Annuity Insuran Recordkeeping fees Recordkeeper $0 $0 $0
Total $7,692 $0 $7,692

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Td Ameritrade, Inc. Gabelli Asset Fund Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Pimco Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Fidelity Contrafund Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Vanguard Specialized Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Wells Fargo Funds Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Fidelity Puritan Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Ssga Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Virtus Insight Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Franklin Custodian Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Permanent Portfolio Family of Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. T. Rowe Price Us Treasury Funds, In Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Fidelity Commonwealth Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Amg Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Aim Investment Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Allianz Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Aston Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Manning & Napier Fund, Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Aim Sector Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Doubleline Funds Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Credit Suisse Opportunity Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Janus Investment Fund Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Artisan Partners Funds, Inc. Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. T. Rowe Price International Funds, Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. World Funds Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Greenspring Fund Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Fidelity Phillips Street Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Vanguard Index Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. James Advantage Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. First Eagle Fund Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Baron Investment Funds Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Fpa Funds Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Harris Associates Investment Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Metropolitan West Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Matthews Asia Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Harbor Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Fidelity Select Portfolios Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Fidelity Investment Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Homestead Funds Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Sequoia Fund Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Profunds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. T. Rowe Price High Yield Fund, Inc. Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Merger Fund Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Brown Advisory Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Royce Fund Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. T. Rowe Price Equity Income Fund Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Community Capital Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Vanguard International Equity Index Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. T. Rowe Price Value Fund, Inc. Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Aqr Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Aim Counselor Series Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. T. Rowe Price Retirement Funds, Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Franklin Mutual Series Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Vanguard Star Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Matthews International Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Aegis Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Loomis Sayles Funds I Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Vanguard Fixed Income Securities Fu Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. T. Rowe Price Global Real Estt Fd, Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Parnassus Income Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Direxion Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Fidelity Securities Fund Securities brokerage Range From 0-100 Bps $0
Great-West Life and Annuity Td Ameritrade, Inc Recordkeeping and information management (computing, tabulating, data processing, etc.), Recordkeeping fees 0.06% of Plan Assets In Td Ameritrade Sdbas $0
Td Ameritrade, Inc. Fidelity Hastings Street Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Professionally Managed Port (Akre) Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. T. Rowe Price Health Sciences Fund, Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Jensen Portfolio Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Templeton Growth Fund Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Hussman Investment Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Cohen & Steers Realty Shares Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Growth Fund of America Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Meridian Fund Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Vanguard Bond Index Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Fidelity Salem Street Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. T. Rowe Price Blue Chip Growth Fund Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Vanguard Chester Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Matrix Advisors Value Fund Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Touchstone Funds Group Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Guinness Atkinson Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Lazard Funds Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Capital World Growth & Income Fund Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Neuberger Berman Equity Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Fidelity Devonshire Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Hennessy Funds Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Third Avenue Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Adirondack Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Tcw Funds Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Mairs & Power Funds Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Scout Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Marsico Investment Fund Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Clipper Fund Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Jpmorgan Trust I Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Fidelity Concord Street Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Vanguard Whitehall Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Icon Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Heartland Group Inc Securities brokerage Range From 0-100 Bps $0
Td Ameritrace, Inc. Open Brokerage Window Securities brokerage Income From Market of Approx $2.50 Per Qualified Trade. -0- Bps Annually On Avg Daily Assets In Tdam Money Market. 12(B)(1) Mutual Fund Fees of 0-25 Bps On Balances In Respective Fund Families. $0
Td Ameritrade, Inc. Diamond Hill Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Dodge & Cox Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Masters Select Funds Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. T.Rowe Price Real Estate Fund, Inc. Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. T. Rowe Price Spectrum Fund, Inc. Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Tiaa-Cref Funds Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Tocqueville Trust Securities brokerage Range From 0-100 Bps $0
Td Ameritrade, Inc. Voya Corporate Leaders Trust Securities brokerage Range From 0-100 Bps $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

Name of Investment Investment Manager Type of Investment Dollar Value
Putnam Stable Value Fund Putnam Fiduciary Trust Company DFE: Common/Collective Trust $39,145,805
Putnam S&P 500 Index Fund Putnam Fiduciary Trust Company DFE: Common/Collective Trust $15,150,479
Putnam Bond Index Fund Putnam Fiduciary Trust Company DFE: Common/Collective Trust $2,719,284
Panagora Us Large Cap Stock Selecto Sei Trust Company DFE: Common/Collective Trust $431,424
Total $57,446,992

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.