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EMPLOYEE BENEFITS PLAN OF LIFE INSURANCE COUNCIL OF NEW YORK 401k Plan overview

Plan NameEMPLOYEE BENEFITS PLAN OF LIFE INSURANCE COUNCIL OF NEW YORK
Plan identification number 001

EMPLOYEE BENEFITS PLAN OF LIFE INSURANCE COUNCIL OF NEW YORK Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Benefits are primarily pay related
  • Covered by PBGC - Plan is covered under the PBGC insurance program (see ERISA section 4021).
  • Frozen Plan - As of the last day of the plan year, the plan provides that no participant will get any new benefit accrual (whether because of service or compensation).

401k Sponsoring company profile

LIFE INSURANCE COUNCIL OF NEW YORK, INCORPORATED has sponsored the creation of one or more 401k plans.

Company Name:LIFE INSURANCE COUNCIL OF NEW YORK, INCORPORATED
Employer identification number (EIN):132928479
NAIC Classification:624100
NAIC Description: Individual and Family Services

Additional information about LIFE INSURANCE COUNCIL OF NEW YORK, INCORPORATED

Jurisdiction of Incorporation: New York Department of State
Incorporation Date: 1977-12-01
Company Identification Number: 457022
Legal Registered Office Address: 111 WASHINGTON AVENUE
SUITE 300
ALBANY
United States of America (USA)
12210

More information about LIFE INSURANCE COUNCIL OF NEW YORK, INCORPORATED

Form 5500 Filing Information

Submission information for form 5500 for 401k plan EMPLOYEE BENEFITS PLAN OF LIFE INSURANCE COUNCIL OF NEW YORK

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012019-01-01MARY A GRIFFIN2019-11-19 MARY A GRIFFIN2019-11-19
0012018-01-01MARY A GRIFFIN2019-10-10 MARY A GRIFFIN2019-10-10
0012017-01-01MARY GRIFFIN2018-07-30 MARY GRIFFIN2018-07-30
0012016-01-01MARY A. GRIFFIN2017-05-19
0012015-01-01THOMAS E. WORKMAN2016-06-10
0012014-01-01THOMAS E. WORKMAN2015-07-10
0012013-01-01THOMAS E. WORKMAN2014-06-24
0012012-01-01THOMAS E. WORKMAN2014-05-22
0012011-01-01THOMAS E. WORKMAN2012-10-04
0012009-01-01THOMAS E. WORKMAN

Plan Statistics for EMPLOYEE BENEFITS PLAN OF LIFE INSURANCE COUNCIL OF NEW YORK

401k plan membership statisitcs for EMPLOYEE BENEFITS PLAN OF LIFE INSURANCE COUNCIL OF NEW YORK

Measure Date Value
2018: EMPLOYEE BENEFITS PLAN OF LIFE INSURANCE COUNCIL OF NEW YORK 2018 401k membership
Market value of plan assets2018-12-314,036,303
Acturial value of plan assets2018-12-314,005,673
Funding target for retired participants and beneficiaries receiving payment2018-12-31685,518
Number of terminated vested participants2018-12-3119
Fundng target for terminated vested participants2018-12-313,282,904
Number of active participants2018-12-310
Total participant count2018-12-3120
Total funding target for all participants2018-12-313,968,422
Balance at beginning of prior year after applicable adjustments2018-12-31380,955
Prefunding balance at beginning of prior year after applicable adjustments2018-12-310
Carryover balanced portion elected for use to offset prior years funding requirement2018-12-312,098
Prefunding balanced used to offset prior years funding requirement2018-12-310
Amount remaining of carryover balance2018-12-31378,857
Amount remaining of prefunding balance2018-12-310
Present value of excess contributions2018-12-31461
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-12-31496
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2018-12-310
Reductions in caryover balances due to elections or deemed elections2018-12-310
Reductions in prefunding balances due to elections or deemed elections2018-12-310
Balance of carryovers at beginning of current year2018-12-31407,688
Balance of prefunding at beginning of current year2018-12-310
Total employer contributions2018-12-31914,980
Total employee contributions2018-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2018-12-310
Contributions made to avoid restrictions adjusted to valuation date2018-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2018-12-31855,649
Liquidity shortfalls end of Q12018-12-310
Liquidity shortfalls end of Q22018-12-310
Liquidity shortfalls end of Q32018-12-310
Liquidity shortfalls end of Q42018-12-310
Unpaid minimum required contributions for all prior years2018-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2018-12-310
Remaining amount of unpaid minimum required contributions2018-12-310
Minimum required contributions for current year target normal cost2018-12-314,975
Net shortfall amortization installment of oustanding balance2018-12-310
Waiver amortization installment2018-12-310
Total funding amount beforereflecting carryover/prefunding balances2018-12-314,975
Additional cash requirement2018-12-314,975
Contributions allocatedtoward minimum required contributions for current year2018-12-31855,649
Unpaid minimum required contributions for current year2018-12-310
Unpaid minimum required contributions for all years2018-12-310
2017: EMPLOYEE BENEFITS PLAN OF LIFE INSURANCE COUNCIL OF NEW YORK 2017 401k membership
Market value of plan assets2017-12-313,808,135
Acturial value of plan assets2017-12-313,898,288
Funding target for retired participants and beneficiaries receiving payment2017-12-31672,766
Number of terminated vested participants2017-12-3119
Fundng target for terminated vested participants2017-12-312,967,498
Active participant vested funding target2017-12-310
Number of active participants2017-12-310
Total funding liabilities for active participants2017-12-310
Total participant count2017-12-3120
Total funding target for all participants2017-12-313,640,264
Balance at beginning of prior year after applicable adjustments2017-12-31361,403
Prefunding balance at beginning of prior year after applicable adjustments2017-12-310
Carryover balanced portion elected for use to offset prior years funding requirement2017-12-310
Prefunding balanced used to offset prior years funding requirement2017-12-310
Amount remaining of carryover balance2017-12-31361,403
Amount remaining of prefunding balance2017-12-310
Present value of excess contributions2017-12-3161,459
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2017-12-3165,276
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2017-12-310
Reductions in caryover balances due to elections or deemed elections2017-12-310
Reductions in prefunding balances due to elections or deemed elections2017-12-310
Balance of carryovers at beginning of current year2017-12-31380,955
Balance of prefunding at beginning of current year2017-12-310
Total employer contributions2017-12-313,147
Total employee contributions2017-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2017-12-310
Contributions made to avoid restrictions adjusted to valuation date2017-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2017-12-313,023
Liquidity shortfalls end of Q12017-12-310
Liquidity shortfalls end of Q22017-12-310
Liquidity shortfalls end of Q32017-12-310
Liquidity shortfalls end of Q42017-12-310
Unpaid minimum required contributions for all prior years2017-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2017-12-310
Remaining amount of unpaid minimum required contributions2017-12-310
Minimum required contributions for current year target normal cost2017-12-314,660
Net shortfall amortization installment of oustanding balance2017-12-310
Waiver amortization installment2017-12-310
Total funding amount beforereflecting carryover/prefunding balances2017-12-314,660
Carryover balance elected to use to offset funding requirement2017-12-312,098
Additional cash requirement2017-12-312,562
Contributions allocatedtoward minimum required contributions for current year2017-12-313,023
Unpaid minimum required contributions for current year2017-12-310
Unpaid minimum required contributions for all years2017-12-310
2016: EMPLOYEE BENEFITS PLAN OF LIFE INSURANCE COUNCIL OF NEW YORK 2016 401k membership
Market value of plan assets2016-12-313,398,322
Acturial value of plan assets2016-12-313,559,756
Funding target for retired participants and beneficiaries receiving payment2016-12-31678,617
Number of terminated vested participants2016-12-3112
Fundng target for terminated vested participants2016-12-31325,583
Active participant vested funding target2016-12-312,212,516
Number of active participants2016-12-318
Total funding liabilities for active participants2016-12-312,212,516
Total participant count2016-12-3121
Total funding target for all participants2016-12-313,216,716
Balance at beginning of prior year after applicable adjustments2016-12-31360,214
Prefunding balance at beginning of prior year after applicable adjustments2016-12-310
Carryover balanced portion elected for use to offset prior years funding requirement2016-12-310
Prefunding balanced used to offset prior years funding requirement2016-12-310
Amount remaining of carryover balance2016-12-31360,214
Amount remaining of prefunding balance2016-12-310
Present value of excess contributions2016-12-31179,907
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2016-12-31191,439
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2016-12-310
Reductions in caryover balances due to elections or deemed elections2016-12-310
Reductions in prefunding balances due to elections or deemed elections2016-12-310
Balance of carryovers at beginning of current year2016-12-31361,403
Balance of prefunding at beginning of current year2016-12-310
Total employer contributions2016-12-31289,768
Total employee contributions2016-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2016-12-310
Contributions made to avoid restrictions adjusted to valuation date2016-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2016-12-31281,660
Unpaid minimum required contributions for all prior years2016-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2016-12-310
Remaining amount of unpaid minimum required contributions2016-12-310
Minimum required contributions for current year target normal cost2016-12-31220,201
Net shortfall amortization installment of oustanding balance2016-12-310
Waiver amortization installment2016-12-310
Total funding amount beforereflecting carryover/prefunding balances2016-12-31220,201
Carryover balance elected to use to offset funding requirement2016-12-310
Prefunding balance elected to use to offset funding requirement2016-12-310
Additional cash requirement2016-12-31220,201
Contributions allocatedtoward minimum required contributions for current year2016-12-31281,660
Unpaid minimum required contributions for current year2016-12-310
Unpaid minimum required contributions for all years2016-12-310
2009: EMPLOYEE BENEFITS PLAN OF LIFE INSURANCE COUNCIL OF NEW YORK 2009 401k membership
Total participants, beginning-of-year2009-01-0124
Total number of active participants reported on line 7a of the Form 55002009-01-018
Number of retired or separated participants receiving benefits2009-01-010
Number of other retired or separated participants entitled to future benefits2009-01-0115
Total of all active and inactive participants2009-01-0123
Total participants2009-01-0123

Financial Data on EMPLOYEE BENEFITS PLAN OF LIFE INSURANCE COUNCIL OF NEW YORK

Measure Date Value
2010 : EMPLOYEE BENEFITS PLAN OF LIFE INSURANCE COUNCIL OF NEW YORK 2010 401k financial data
Total income from all sources2010-12-31$447,027
Expenses. Total of all expenses incurred2010-12-31$19,377
Total plan assets at end of year2010-12-31$2,727,825
Total plan assets at beginning of year2010-12-31$2,300,175
Value of fidelity bond covering the plan2010-12-31$125,000
Expenses. Other expenses not covered elsewhere2010-12-31$7,872
Other income received2010-12-31$213,393
Net income (gross income less expenses)2010-12-31$427,650
Net plan assets at end of year (total assets less liabilities)2010-12-31$2,727,825
Net plan assets at beginning of year (total assets less liabilities)2010-12-31$2,300,175
Total contributions received or receivable from employer(s)2010-12-31$233,634
Expenses. Administrative service providers (salaries,fees and commissions)2010-12-31$11,505
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2010-12-31$0
2009 : EMPLOYEE BENEFITS PLAN OF LIFE INSURANCE COUNCIL OF NEW YORK 2009 401k financial data
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2009-12-31$0

Form 5500 Responses for EMPLOYEE BENEFITS PLAN OF LIFE INSURANCE COUNCIL OF NEW YORK

2009: EMPLOYEE BENEFITS PLAN OF LIFE INSURANCE COUNCIL OF NEW YORK 2009 form 5500 responses
2009-01-01Type of plan entitySingle employer plan
2009-01-01This submission is the final filingNo
2009-01-01Plan funding arrangement – InsuranceYes
2009-01-01Plan benefit arrangement – InsuranceYes

Insurance Providers Used on plan

MUTUAL OF AMERICA LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 88668 )
Policy contract number052645-I
Policy instance 1
Insurance contract or identification number052645-I
Number of Individuals Covered23
Insurance policy start date2010-01-01
Insurance policy end date2010-12-31
Total amount of commissions paid to insurance brokerUSD $0
Total amount of fees paid to insurance companyUSD $426
Contract purchased, in whole or in part, to distribute benefits from a terminating planNo
Contracts With Unallocated Funds Deposit Administration0
Are there contracts with unallocated funds for contracts of type guaranteed investment?Yes
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No

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