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Insteel Industries, Inc. Retirement Savings Plan


Plan Information

  • Plan Year10/01/2018 — 09/30/2019
  • Date of Plan01/01/1988
  • Net Assets as of 09/30/2019 $45,810,206
  • 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? No
  • Plan Funding Arrangement Trust
  • Plan Benefit Arrangement Trust

Participant Information as of 09/30/2019

  • Active (Eligible) Participants747
  • Retired or separated participants receiving benefits5
  • Other retired or separated participants entitled to future benefits118
  • Subtotal870
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits1
  • Total871
  • Total number of participants as of 10/01/2018870
  • Number of participants with account balances843
  • 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

  • Address1373 Boggs Dr
  • CityMount Airy
  • StateNC
  • Zip27030-2145
  • Telephone(336) 719-9000
  • EIN56-0674867
  • Industry Code332610
  • Named AdministratorMichael Gazmarian

Audit Information

  • Audit StatusAudited
  • AuditorSmith Leonard PLLC
  • Auditor EIN20-5907591
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope Audit

Benefits Provided Under the Plan

Code Benefit Description
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.
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.

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 $5,000,000
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 $3,349,478
Contributions $3,979,263
Cash Contributions $3,979,263
Cash from Employers $1,232,909
Cash from Participants $2,686,809
Others (including rollovers) $59,545
Noncash Contributions $0
Total Earnings on Investments $-623,366
Total Interest $116,752
Interest-Bearing Cash $49,403
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $67,349
Interest from Other Investments $0
Total Dividends $732,149
Preferred Stock $0
Common Stock $0
Rents $0
Net gain (loss) on sale of assets $294,661
Aggregate Proceeds $608,947
Aggregate Carrying Amount $314,286
Total Unrealized Appreciation (depreciation) of assets $0
Real Estate $0
Other $0
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 $-1,766,928
Other Income $-6,419
Expenses $3,706,302
Total Benefit Payments $3,625,480
Directly to participants or beneficiaries, including direct rollovers $3,625,480
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 $80,822
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $80,822
Other Administrative Fees $0
Net Income $-356,824
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

09/30/2019 09/30/2018 Change YOY
Total Assets $45,810,206 $46,173,585 -0.79%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $309,355 $303,637 1.88%
Employer Contributions $289,641 $274,417 5.55%
Participant Contributions $0 $22,168 -100.00%
Other Contributions $19,714 $7,052 179.55%
General Investments $135,644 $173,446 -21.79%
Interest-bearing cash $135,644 $173,446 -21.79%
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 $1,552,465 $1,554,543 -0.13%
Value of interest in common/collective trusts $3,766,588 $2,742,174 37.36%
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 $36,155,631 $34,826,656 3.82%
Value of funds held in insurance co. general account $0 $0 0.0%
Other Investments $1,091,498 $1,100,543 -0.82%
Employer-related Investments $2,799,025 $5,472,586 -48.85%
Employer Securities $2,799,025 $5,472,586 -48.85%
Employer Real Property $0 $0 0.0%
Buildings and other property used in plan operation $0 $0 0.0%
Total Liabilities $0 $6,555 -100.00%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $0 $0 0.0%
Acquisition Indebtedness (1) $0 $6,555 -100.00%
Other liabilities (1) $0 $0 0.0%
Net Assets $45,810,206 $46,167,030 -0.77%

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
Oneamerica Retirement Services LLC Custodial (securities), Securities brokerage commissions and fees, Trustee (bank, trust company, or similar financial institution), Contract Administrator, Recordkeeping and information management (computing, tabulating, data processing, etc.), Recordkeeping fees, Trustee (directed), Participant loan processing, Participant communication, Investment management fees paid indirectly by plan, Other investment fees and expenses Plan Administrator $80,823 $0 $80,823
Bmo Harris Bank N.A. Shareholder servicing fees Plan Administrator $0 $0 $0
Total $80,823 $0 $80,823

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Bmo Harris Bank N.A. Jp Morgan Us Small Company Instl Shareholder servicing fees 10 Bps-Shareholder Services & Other Administrative Services Fees $0
Bmo Harris Bank N.A. Janus Henderson Enterpise Shareholder servicing fees 10 Bps-Shareholder Services & Other Administrative Services Fees $0
Bmo Harris Bank N.A. Principal Diversified Real Asset Shareholder servicing fees 10Bps-Shareholder Services & Other Administrative Services Fees $0
Bmo Harris Bank N.A. Pioneer Strategic Income Y Shareholder servicing fees 35 Bps-Shareholder Services & Other Administrative Services Fees $0
Bmo Harris Bank N.A. Bmo Stable Value Class 1 Shareholder servicing fees 12Bps Shareholder Services & Other Administrative Services Fees $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
Bmo Stable Value Fund Bmo Harris Bank N.A. DFE: Common/Collective Trust $3,766,588
Total $3,766,588

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.