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PHILIPS ELECTRONICS NORTH AMERICA CORPORATION PENSION PLAN 401k Plan overview

Plan NamePHILIPS ELECTRONICS NORTH AMERICA CORPORATION PENSION PLAN
Plan identification number 007

PHILIPS ELECTRONICS NORTH AMERICA CORPORATION 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).
  • Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).
  • U.S.-based plan that covers residents of Puerto Rico and is qualified under both Code section 401 and section 1165 of the Puerto Rico Code.

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 PENSION PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0072017-01-01
0072016-08-01
0072016-08-01

Plan Statistics for PHILIPS ELECTRONICS NORTH AMERICA CORPORATION PENSION PLAN

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

Measure Date Value
2017
Total participants, beginning-of-year2017-01-0118,394
Total number of active participants reported on line 7a of the Form 55002017-01-013,297
Number of retired or separated participants receiving benefits2017-01-018,301
Number of other retired or separated participants entitled to future benefits2017-01-015,148
Total of all active and inactive participants2017-01-0116,746
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2017-01-011,062
Total participants2017-01-0117,808
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2017-01-010
2016
Total participants, beginning-of-year2016-08-0118,581
Total number of active participants reported on line 7a of the Form 55002016-08-013,690
Number of retired or separated participants receiving benefits2016-08-018,345
Number of other retired or separated participants entitled to future benefits2016-08-015,383
Total of all active and inactive participants2016-08-0117,418
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2016-08-01976
Total participants2016-08-0118,394
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2016-08-010

Financial Data on PHILIPS ELECTRONICS NORTH AMERICA CORPORATION PENSION PLAN

Measure Date Value
2018
Total unrealized appreciation/depreciation of assets2018-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2018-12-31$440,055
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2018-12-31$134,706
Total income from all sources (including contributions)2018-12-31$-91,330,043
Total loss/gain on sale of assets2018-12-31$0
Total of all expenses incurred2018-12-31$154,463,042
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2018-12-31$149,890,094
Total contributions o plan (from employers,participants, others, non cash contrinutions)2018-12-31$0
Value of total assets at end of year2018-12-31$1,709,474,047
Value of total assets at beginning of year2018-12-31$1,954,961,783
Total of administrative expenses incurred including professional, contract, advisory and management fees2018-12-31$4,572,948
Total interest from all sources2018-12-31$0
Total dividends received (eg from common stock, registered investment company shares)2018-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2018-12-31No
Administrative expenses professional fees incurred2018-12-31$242,864
Was this plan covered by a fidelity bond2018-12-31Yes
Value of fidelity bond cover2018-12-31$1,000,000
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2018-12-31$0
Were there any nonexempt tranactions with any party-in-interest2018-12-31No
Administrative expenses (other) incurred2018-12-31$2,983,968
Liabilities. Value of operating payables at end of year2018-12-31$440,055
Liabilities. Value of operating payables at beginning of year2018-12-31$134,706
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2018-12-31No
Value of net income/loss2018-12-31$-245,793,085
Value of net assets at end of year (total assets less liabilities)2018-12-31$1,709,033,992
Value of net assets at beginning of year (total assets less liabilities)2018-12-31$1,954,827,077
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2018-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2018-12-31No
Were any leases to which the plan was party in default or uncollectible2018-12-31No
Investment advisory and management fees2018-12-31$1,346,116
Value of interest in master investment trust accounts at end of year2018-12-31$1,709,474,047
Value of interest in master investment trust accounts at beginning of year2018-12-31$1,804,961,783
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2018-12-31No
Was there a failure to transmit to the plan any participant contributions2018-12-31No
Has the plan failed to provide any benefit when due under the plan2018-12-31No
Employer contributions (assets) at end of year2018-12-31$0
Employer contributions (assets) at beginning of year2018-12-31$150,000,000
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2018-12-31$149,890,094
Did the plan have assets held for investment2018-12-31No
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2018-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2018-12-31No
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2018-12-31Yes
Opinion of an independent qualified public accountant for this plan2018-12-31Disclaimer
Accountancy firm name2018-12-31JOHNSON O'CONNOR FERON & CARUCCI LL
Accountancy firm EIN2018-12-31203985546
2017
Total unrealized appreciation/depreciation of assets2017-12-31$0
Total transfer of assets to this plan2017-12-31$79,094
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2017-12-31$134,706
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2017-12-31$213,176
Total income from all sources (including contributions)2017-12-31$417,715,192
Total loss/gain on sale of assets2017-12-31$0
Total of all expenses incurred2017-12-31$138,591,306
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2017-12-31$123,265,466
Total contributions o plan (from employers,participants, others, non cash contrinutions)2017-12-31$150,000,000
Value of total assets at end of year2017-12-31$1,954,961,783
Value of total assets at beginning of year2017-12-31$1,675,837,273
Total of administrative expenses incurred including professional, contract, advisory and management fees2017-12-31$15,325,840
Total interest from all sources2017-12-31$0
Total dividends received (eg from common stock, registered investment company shares)2017-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2017-12-31No
Administrative expenses professional fees incurred2017-12-31$196,130
Was this plan covered by a fidelity bond2017-12-31Yes
Value of fidelity bond cover2017-12-31$1,000,000
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2017-12-31$0
Were there any nonexempt tranactions with any party-in-interest2017-12-31No
Administrative expenses (other) incurred2017-12-31$14,052,360
Liabilities. Value of operating payables at end of year2017-12-31$134,706
Liabilities. Value of operating payables at beginning of year2017-12-31$213,176
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2017-12-31No
Value of net income/loss2017-12-31$279,123,886
Value of net assets at end of year (total assets less liabilities)2017-12-31$1,954,827,077
Value of net assets at beginning of year (total assets less liabilities)2017-12-31$1,675,624,097
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2017-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2017-12-31No
Were any leases to which the plan was party in default or uncollectible2017-12-31No
Investment advisory and management fees2017-12-31$1,077,350
Value of interest in master investment trust accounts at end of year2017-12-31$1,804,961,783
Value of interest in master investment trust accounts at beginning of year2017-12-31$1,422,637,273
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2017-12-31No
Was there a failure to transmit to the plan any participant contributions2017-12-31No
Has the plan failed to provide any benefit when due under the plan2017-12-31No
Contributions received in cash from employer2017-12-31$150,000,000
Employer contributions (assets) at end of year2017-12-31$150,000,000
Employer contributions (assets) at beginning of year2017-12-31$253,200,000
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2017-12-31$123,265,466
Did the plan have assets held for investment2017-12-31No
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2017-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2017-12-31No
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2017-12-31Yes
Opinion of an independent qualified public accountant for this plan2017-12-31Disclaimer
Accountancy firm name2017-12-31JOHNSON O'CONNOR FERON & CARUCCI LL
Accountancy firm EIN2017-12-31203985546
2016
Total unrealized appreciation/depreciation of assets2016-12-31$0
Total transfer of assets to this plan2016-12-31$1,675,972,289
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2016-12-31$213,176
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2016-12-31$0
Total income from all sources (including contributions)2016-12-31$52,533,203
Total loss/gain on sale of assets2016-12-31$0
Total of all expenses incurred2016-12-31$52,881,395
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2016-12-31$51,554,987
Total contributions o plan (from employers,participants, others, non cash contrinutions)2016-12-31$254,890,000
Value of total assets at end of year2016-12-31$1,675,837,273
Value of total assets at beginning of year2016-12-31$0
Total of administrative expenses incurred including professional, contract, advisory and management fees2016-12-31$1,326,408
Total interest from all sources2016-12-31$0
Total dividends received (eg from common stock, registered investment company shares)2016-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2016-12-31No
Administrative expenses professional fees incurred2016-12-31$190,261
Was this plan covered by a fidelity bond2016-12-31Yes
Value of fidelity bond cover2016-12-31$1,000,000
If this is an individual account plan, was there a blackout period2016-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2016-12-31$0
Were there any nonexempt tranactions with any party-in-interest2016-12-31No
Administrative expenses (other) incurred2016-12-31$599,719
Liabilities. Value of operating payables at end of year2016-12-31$213,176
Liabilities. Value of operating payables at beginning of year2016-12-31$0
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2016-12-31No
Value of net income/loss2016-12-31$-348,192
Value of net assets at end of year (total assets less liabilities)2016-12-31$1,675,624,097
Value of net assets at beginning of year (total assets less liabilities)2016-12-31$0
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2016-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2016-12-31No
Were any leases to which the plan was party in default or uncollectible2016-12-31No
Investment advisory and management fees2016-12-31$536,428
Value of interest in master investment trust accounts at end of year2016-12-31$1,422,637,273
Value of interest in master investment trust accounts at beginning of year2016-12-31$0
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2016-12-31No
Was there a failure to transmit to the plan any participant contributions2016-12-31No
Has the plan failed to provide any benefit when due under the plan2016-12-31No
Contributions received in cash from employer2016-12-31$254,890,000
Employer contributions (assets) at end of year2016-12-31$253,200,000
Employer contributions (assets) at beginning of year2016-12-31$0
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2016-12-31$51,554,987
Did the plan have assets held for investment2016-12-31No
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2016-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2016-12-31No
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2016-12-31Yes
Opinion of an independent qualified public accountant for this plan2016-12-31Disclaimer
Accountancy firm name2016-12-31JOHNSON O'CONNOR FERON & CARUCCI LL
Accountancy firm EIN2016-12-31203985546

Form 5500 Responses

2017
2017-01-01Type of plan entitySingle employer plan
2017-01-01Submission has been amendedNo
2017-01-01This submission is the final filingNo
2017-01-01This return/report is a short plan year return/report (less than 12 months)No
2017-01-01Plan is a collectively bargained planYes
2017-01-01Plan funding arrangement – TrustYes
2017-01-01Plan benefit arrangement - TrustYes
2016
2016-08-01Type of plan entitySingle employer plan
2016-08-01First time form 5500 has been submittedYes
2016-08-01Submission has been amendedNo
2016-08-01This submission is the final filingNo
2016-08-01This return/report is a short plan year return/report (less than 12 months)Yes
2016-08-01Plan is a collectively bargained planYes
2016-08-01Plan funding arrangement – TrustYes
2016-08-01Plan benefit arrangement - TrustYes

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