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Overview

Plan Information

  • Plan Year01/01/2018 — 12/31/2018
  • Date of Plan01/01/1998
  • Net Assets as of 12/31/2018 $4,277,527
  • 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) Participants249
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits16
  • Subtotal265
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total265
  • Total number of participants as of 01/01/2018333
  • Number of participants with account balances255
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested31

Expenses

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

Sponsor Information

  • Address180 Admiral Cochrane Dr Ste 200
  • CityAnnapolis
  • StateMD
  • Zip21401-7419
  • Telephone(443) 716-2552
  • EIN52-1851030
  • Industry Code531390
  • Named AdministratorCatherine Murphy
  • Named Plan SponsorCatherine Murphy

Audit Information

  • Audit StatusAudited
  • AuditorGrandizio, Wilkins, Little Matthews
  • Auditor EIN05-2233486
  • 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.
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? 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

Financials

Income and Expense Statement

Income $278,969
Contributions $552,252
Cash Contributions $552,252
Cash from Employers $117,158
Cash from Participants $433,801
Others (including rollovers) $1,293
Noncash Contributions $0
Total Earnings on Investments $-273,283
Total Interest $15,440
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $14,619
Interest from Other Investments $821
Total Dividends $2,025
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 $-238,232
Net investment gain (loss) from pooled separate accounts $-12,992
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 $-39,524
Other Income $0
Expenses $448,194
Total Benefit Payments $433,232
Directly to participants or beneficiaries, including direct rollovers $433,232
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 $14,962
Professional Fees $0
Contract Administrator Fees $14,962
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $-169,225
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 $4,277,527 $4,446,752 -3.81%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $117,158 $128,676 -8.95%
Employer Contributions $117,158 $128,676 -8.95%
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 $288,761 $283,793 1.75%
Value of interest in common/collective trusts $2,956,934 $3,139,030 -5.80%
Value of interest in pooled separate accounts $552,315 $520,072 6.20%
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 $284,855 $298,522 -4.58%
Value of funds held in insurance co. general account $77,504 $76,659 1.10%
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 $4,277,527 $4,446,752 -3.81%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Principal Life Insurance 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
Principal Life Insurance Company Contract Administrator, Participant loan processing, Direct payment from the plan, Recordkeeping fees Contract Administrator $14,961 $0 $14,961
Northwestern Mutual Investment Serv Other services, Other commissions, Other fees Other Services $0 $12,266 $12,266
Wilshire Associates Incorporated Investment advisory (plan), Other investment fees and expenses Investment Advisory $0 $0 $0
Total $14,961 $12,266 $27,227

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Northwestern Mutual Investment Serv Principal Life Insurance Company Other services, Other commissions, Other fees Commissions and Referral/Service Fee $12,266
Wilshire Associates Incorporated Principal Life Insurance Company Investment advisory (plan), Other investment fees and expenses 1 Basis Point Annually On eligible Plan Assets In Wilshire 3(21) Or Wilshire 3(21) Auto-Execute Fiduciary Service. $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
Prin Lifetime Hybr 2025 Cit R3 Principal Global Investors Trust Co DFE: Common/Collective Trust $675,519
Prin Lifetime Hybr 2030 Cit R3 Principal Global Investors Trust Co DFE: Common/Collective Trust $596,174
Prin Lifetime Hybr 2015 Cit R3 Principal Global Investors Trust Co DFE: Common/Collective Trust $476,488
Prin Lifetime Hybr 2020 Cit R3 Principal Global Investors Trust Co DFE: Common/Collective Trust $410,420
Prin Lifetime Hybr 2035 Cit R3 Principal Global Investors Trust Co DFE: Common/Collective Trust $296,751
Prin Lifetime Hybr 2040 Cit R3 Principal Global Investors Trust Co DFE: Common/Collective Trust $208,872
Prin Income Sep Acct-R3 Principal Life Insurance Company DFE: Pooled Separate Account $177,041
Prin Largecap Growth I Sa-R3 Principal Life Insurance Company DFE: Pooled Separate Account $153,702
Prin Lifetime Hybr 2055 Cit R3 Principal Global Investors Trust Co DFE: Common/Collective Trust $125,098
Prin Lifetime Hybr 2045 Cit R3 Principal Global Investors Trust Co DFE: Common/Collective Trust $81,595
Principal Bond Mkt Index Sa-R3 Principal Life Insurance Company DFE: Pooled Separate Account $78,658
Prin Lifetime Hybr 2050 Cit R3 Principal Global Investors Trust Co DFE: Common/Collective Trust $43,597
Prin Midcap S&P 400 Idx Sa-R3 Principal Life Insurance Company DFE: Pooled Separate Account $37,441
Prin Lifetime Hybr 2010 Cit R3 Principal Global Investors Trust Co DFE: Common/Collective Trust $31,277
Prin Midcap Value I Sa-R3 Principal Life Insurance Company DFE: Pooled Separate Account $26,941
Prin Smcap S&P 600 Index Sa-R3 Principal Life Insurance Company DFE: Pooled Separate Account $21,313
Prin Equity Income Sa-R3 Principal Life Insurance Company DFE: Pooled Separate Account $19,865
Prin Lgcap S&P 500 Index Sa-R3 Principal Life Insurance Company DFE: Pooled Separate Account $19,290
Prin Real Estate Secs Sa-R3 Principal Life Insurance Company DFE: Pooled Separate Account $12,582
Prin Lifetime Hybr 2060 Cit R3 Principal Global Investors Trust Co DFE: Common/Collective Trust $6,968
Prin Intl Equity Index Sa-R3 Principal Life Insurance Company DFE: Pooled Separate Account $5,482
Prin Lifetime Hybr Inc Cit R3 Principal Global Investors Trust Co DFE: Common/Collective Trust $4,174
Total $3,509,248

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Principal Life Insurance Company 265
EIN 42-0127290
Industry Code 61271
Contract Number 613953
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 $269
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Northwestern Mutual Investment Serv Attn Ips Compensation Milwaukee, WI 53202 -4695 Insurance Agent or Broker $269 $0
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 CUSTODIAL GUARANTEED INTEREST CONTRACT
Balance at the end of the previous year $76,659
Additions $23,551
Contributions Deposited during the year $12,407
Dividends and credits $0
Interest credited during the year $821
Transferred from separate account $0
Other $10,323
Total of Balance and Additions $100,210
Deductions $22,706
Disbursed from fund to pay benefits or purchase annuities during the year $20,247
Administration charge made by carrier $359
Transferred to Separate Account $0
Other $2,100
Balance at the end of the current year $77,504
Principal Life Insurance Company 265
EIN 42-0127290
Industry Code 61271
Contract Number 806838
Contract Year 01/01/2018 — 12/31/2018
Value in General Account at Year End $0
Value in Separate Accounts at Year End $552,315
Insurance Fees and Commissions $1,932
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Northwestern Mutual Investment Serv Attn Ips Compensation Milwaukee, WI 53202 -4695 Insurance Agent or Broker $1,932 $0
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 Unspecified
Balance at the end of the previous year $0
Additions $0
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $0
Transferred from separate account $0
Other $0
Total of Balance and Additions $0
Deductions $0
Disbursed from fund to pay benefits or purchase annuities during the year $0
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $0