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401k Plan overview

Plan NamePHILIPS ELECTRONICS NORTH AMERICA CORPORATION LEGACY PENSION PLAN
Plan identification number 006

PHILIPS ELECTRONICS NORTH AMERICA CORPORATION LEGACY PENSION PLAN Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Benefits are primarily pay related
  • Cash balance or similar plan - Plan has a "cash balance" formula. For this purpose, a "cash balance" formula is a benefit formula in a defined benefit plan by whatever name (for example, personal account plan, pension equity plan, life cycle plan, cash account plan, etc.) that rather than, or in addition to, expressing the accrued benefit as a life annuity commencing at normal retirement age, defines benefits for each employee in terms more common to a defined contribution plan such as a single sum distribution amount (for example, 10 percent of final average pay times years of service, or the amount of the employee's hypothetical account balance).
  • Floor-offset plan - Plan benefits are subject to offset for retirement benefits provided by an employer-sponsored defined contribution plan.
  • 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).
  • Profit-sharing
  • 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.
  • 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.
  • 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 contribtions 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.
  • Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.
  • 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.
  • Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).

401k Sponsoring company profile

PHILIPS ELECTRONICS NORTH AMERICA CORPORATION has sponsored the creation of one or more 401k plans.

Company Name:PHILIPS ELECTRONICS NORTH AMERICA CORPORATION
Employer identification number (EIN):133429115
NAIC Classification:334310
NAIC Description:Audio and Video Equipment Manufacturing

Additional information about PHILIPS ELECTRONICS NORTH AMERICA CORPORATION

Jurisdiction of Incorporation: Commonwealth of Massachusetts Corporations Division
Incorporation Date:
Company Identification Number: 133429115

More information about PHILIPS ELECTRONICS NORTH AMERICA CORPORATION

Form 5500 Filing Information

Submission information for form 5500 for 401k plan PHILIPS ELECTRONICS NORTH AMERICA CORPORATION LEGACY PENSION PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0062015-08-03KRISTINE FORTIN
0062015-08-03KRISTINE FORTIN
0062012-01-01ELIZABETH GRELLA
0062011-05-01ELIZABETH GRELLA

Plan Statistics for PHILIPS ELECTRONICS NORTH AMERICA CORPORATION LEGACY PENSION PLAN

401k plan membership statisitcs for PHILIPS ELECTRONICS NORTH AMERICA CORPORATION LEGACY PENSION PLAN

Measure Date Value
2015
Total participants, beginning-of-year2015-08-0316,948
Total number of active participants reported on line 7a of the Form 55002015-08-030
Number of retired or separated participants receiving benefits2015-08-030
Number of other retired or separated participants entitled to future benefits2015-08-030
Total of all active and inactive participants2015-08-030
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2015-08-030
Total participants2015-08-030
Number of participants with account balances2015-08-030
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2015-08-030
2012
Total participants, beginning-of-year2012-01-0130
Total number of active participants reported on line 7a of the Form 55002012-01-010
Number of retired or separated participants receiving benefits2012-01-010
Number of other retired or separated participants entitled to future benefits2012-01-010
Total of all active and inactive participants2012-01-010
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2012-01-010
Total participants2012-01-010
Number of participants with account balances2012-01-010
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2012-01-010
2011
Total participants, beginning-of-year2011-05-0133
Total number of active participants reported on line 7a of the Form 55002011-05-0131
Number of retired or separated participants receiving benefits2011-05-010
Number of other retired or separated participants entitled to future benefits2011-05-010
Total of all active and inactive participants2011-05-0131
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2011-05-010
Total participants2011-05-0131
Number of participants with account balances2011-05-0130
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2011-05-010

Financial Data on PHILIPS ELECTRONICS NORTH AMERICA CORPORATION LEGACY PENSION PLAN

Measure Date Value
2015
Total unrealized appreciation/depreciation of assets2015-12-07$0
Total transfer of assets to this plan2015-12-07$1,041,806,304
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2015-12-07$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2015-12-07$0
Total income from all sources (including contributions)2015-12-07$128,221,707
Total loss/gain on sale of assets2015-12-07$0
Total of all expenses incurred2015-12-07$1,170,028,011
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2015-12-07$1,167,353,535
Total contributions o plan (from employers,participants, others, non cash contrinutions)2015-12-07$150,414,121
Value of total assets at end of year2015-12-07$0
Value of total assets at beginning of year2015-12-07$0
Total of administrative expenses incurred including professional, contract, advisory and management fees2015-12-07$2,674,476
Total interest from all sources2015-12-07$0
Total dividends received (eg from common stock, registered investment company shares)2015-12-07$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2015-12-07Yes
Value of any plan assets that reverted to the employer resulting from resoluton to terminate the plan2015-12-07$0
Was this plan covered by a fidelity bond2015-12-07Yes
Value of fidelity bond cover2015-12-07$1,000,000
If this is an individual account plan, was there a blackout period2015-12-07No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2015-12-07$0
Were there any nonexempt tranactions with any party-in-interest2015-12-07No
Administrative expenses (other) incurred2015-12-07$2,231,048
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2015-12-07No
Value of net income/loss2015-12-07$-1,041,806,304
Value of net assets at end of year (total assets less liabilities)2015-12-07$0
Value of net assets at beginning of year (total assets less liabilities)2015-12-07$0
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2015-12-07No
Were any loans by the plan or fixed income obligations due to the plan in default2015-12-07No
Were any leases to which the plan was party in default or uncollectible2015-12-07No
Investment advisory and management fees2015-12-07$443,428
Value of interest in master investment trust accounts at end of year2015-12-07$0
Value of interest in master investment trust accounts at beginning of year2015-12-07$0
Expenses. Payments to insurance carriers foe the provision of benefits2015-12-07$1,139,739,540
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2015-12-07No
Was there a failure to transmit to the plan any participant contributions2015-12-07No
Has the plan failed to provide any benefit when due under the plan2015-12-07No
Contributions received in cash from employer2015-12-07$150,414,121
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2015-12-07$27,613,995
Did the plan have assets held for investment2015-12-07No
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2015-12-07No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2015-12-07Yes
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2015-12-07Yes
Opinion of an independent qualified public accountant for this plan2015-12-07Disclaimer
Accountancy firm name2015-12-07KPMG LLP
Accountancy firm EIN2015-12-07135565207
2012
Transfers to/from the plan2012-09-30$-838,839
Total income from all sources2012-09-30$200,453
Expenses. Total of all expenses incurred2012-09-30$155,058
Benefits paid (including direct rollovers)2012-09-30$153,566
Total plan assets at end of year2012-09-30$0
Total plan assets at beginning of year2012-09-30$793,444
Total contributions received or receivable from participants2012-09-30$64,482
Expenses. Other expenses not covered elsewhere2012-09-30$1,492
Other income received2012-09-30$72,356
Net income (gross income less expenses)2012-09-30$45,395
Net plan assets at end of year (total assets less liabilities)2012-09-30$0
Net plan assets at beginning of year (total assets less liabilities)2012-09-30$793,444
Assets. Value of participant loans2012-09-30$0
Total contributions received or receivable from employer(s)2012-09-30$63,615
Funding deficiency by the employer to the plan for this plan year2012-09-30$0
Minimum employer required contribution for this plan year2012-09-30$0
Amount contributed by the employer to the plan for this plan year2012-09-30$0
2011
Transfers to/from the plan2011-12-31$671,543
Total income from all sources2011-12-31$138,289
Expenses. Total of all expenses incurred2011-12-31$16,388
Benefits paid (including direct rollovers)2011-12-31$16,258
Total plan assets at end of year2011-12-31$793,444
Total plan assets at beginning of year2011-12-31$0
Total contributions received or receivable from participants2011-12-31$88,480
Expenses. Other expenses not covered elsewhere2011-12-31$130
Contributions received from other sources (not participants or employers)2011-12-31$0
Other income received2011-12-31$-54,824
Net income (gross income less expenses)2011-12-31$121,901
Net plan assets at end of year (total assets less liabilities)2011-12-31$793,444
Net plan assets at beginning of year (total assets less liabilities)2011-12-31$0
Assets. Value of participant loans2011-12-31$39,003
Total contributions received or receivable from employer(s)2011-12-31$104,633
Value of certain deemed distributions of participant loans2011-12-31$0
Value of corrective distributions2011-12-31$0

Form 5500 Responses

2015
2015-08-03Type of plan entitySingle employer plan
2015-08-03First time form 5500 has been submittedYes
2015-08-03Submission has been amendedNo
2015-08-03This submission is the final filingYes
2015-08-03This return/report is a short plan year return/report (less than 12 months)Yes
2015-08-03Plan is a collectively bargained planYes
2015-08-03Plan funding arrangement – TrustYes
2015-08-03Plan benefit arrangement – InsuranceYes
2015-08-03Plan benefit arrangement - TrustYes
2012
2012-01-01Type of plan entitySingle employer plan
2012-01-01Submission has been amendedNo
2012-01-01This submission is the final filingYes
2012-01-01This return/report is a short plan year return/report (less than 12 months)Yes
2012-01-01Plan is a collectively bargained planNo
2012-01-01Plan funding arrangement – InsuranceYes
2012-01-01Plan funding arrangement – TrustYes
2012-01-01Plan benefit arrangement – InsuranceYes
2011
2011-05-01Type of plan entitySingle employer plan
2011-05-01Submission has been amendedYes
2011-05-01This submission is the final filingNo
2011-05-01This return/report is a short plan year return/report (less than 12 months)Yes
2011-05-01Plan is a collectively bargained planNo
2011-05-01Plan funding arrangement – InsuranceYes
2011-05-01Plan funding arrangement – TrustYes
2011-05-01Plan benefit arrangement – InsuranceYes

Insurance Providers Used on plan

HARTFORD LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 88072 )
Policy contract numberGA-826548
Policy instance 1
Insurance contract or identification numberGA-826548
Number of Individuals Covered0
Insurance policy start date2012-01-01
Insurance policy end date2012-09-30
Total amount of commissions paid to insurance brokerUSD $1,106
Total amount of fees paid to insurance companyUSD $0
Are there contracts with allocated funds for individual policies?No
Are there contracts with allocated funds for group deferred annuity?No
Are there contracts with allocated funds for types other than group deferred annuity or individual?No
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 immediate participation guarantee?No
Are there contracts with unallocated funds for contracts of type guaranteed investment?No
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?Yes
Health Insurance Welfare BenefitNo
Dental Insurance Welfare BenefitNo
Vision Insurance Welfare BenefitNo
Life Insurance Welfare BenefitNo
Temporary Disability Insurance Welfare BenefitNo
Long Term Disability Insurance Welfare BenefitNo
Unemployment Insurance Welfare BenefitNo
Were dividends or retroactive rate refunds paid in cash?No
Were dividends or retroactive rate refunds paid as a credit?No
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
Commission paid to Insurance BrokerUSD $1,106
Insurance broker organization code?3
Insurance broker nameWELLS FARGO ADVISORS INS AGENCY LLC
HARTFORD LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 88072 )
Policy contract numberGA-826548
Policy instance 1
Insurance contract or identification numberGA-826548
Number of Individuals Covered30
Insurance policy start date2011-05-01
Insurance policy end date2011-12-31
Total amount of commissions paid to insurance brokerUSD $966
Total amount of fees paid to insurance companyUSD $0
Are there contracts with allocated funds for individual policies?No
Are there contracts with allocated funds for group deferred annuity?No
Are there contracts with allocated funds for types other than group deferred annuity or individual?No
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 immediate participation guarantee?No
Are there contracts with unallocated funds for contracts of type guaranteed investment?No
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?Yes
Health Insurance Welfare BenefitNo
Dental Insurance Welfare BenefitNo
Vision Insurance Welfare BenefitNo
Life Insurance Welfare BenefitNo
Temporary Disability Insurance Welfare BenefitNo
Long Term Disability Insurance Welfare BenefitNo
Unemployment Insurance Welfare BenefitNo
Were dividends or retroactive rate refunds paid in cash?No
Were dividends or retroactive rate refunds paid as a credit?No
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No

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