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RETIREMENT PLAN OF MECHANICS SAVINGS BANK 401k Plan overview

Plan NameRETIREMENT PLAN OF MECHANICS SAVINGS BANK
Plan identification number 001

RETIREMENT PLAN OF MECHANICS SAVINGS BANK 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).
  • 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.

401k Sponsoring company profile

MECHANICS SAVINGS BANK has sponsored the creation of one or more 401k plans.

Company Name:MECHANICS SAVINGS BANK
Employer identification number (EIN):010119280
NAIC Classification:522120
NAIC Description:Savings Institutions

Form 5500 Filing Information

Submission information for form 5500 for 401k plan RETIREMENT PLAN OF MECHANICS SAVINGS BANK

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012022-10-01SUZANNE CARNEY2024-06-27
0012021-10-01SUZANNE CARNEY2023-07-10
0012020-10-01SUZANNE CARNEY2022-07-01
0012019-10-01SUZANNE CARNEY2021-07-07
0012015-10-01DEBORA WHITTLE2017-06-14
0012014-10-01
0012013-10-01DEBORA L. WHITTLE2015-04-23
0012012-10-01DEBORA L. WHITTLE2014-04-15
0012011-10-01DEBORA L. WHITTLE2013-05-02
0012010-10-01DEBORA L. WHITTLE2012-07-11
0012008-10-01

Plan Statistics for RETIREMENT PLAN OF MECHANICS SAVINGS BANK

401k plan membership statisitcs for RETIREMENT PLAN OF MECHANICS SAVINGS BANK

Measure Date Value
2025: RETIREMENT PLAN OF MECHANICS SAVINGS BANK 2025 401k membership
Total number of particpants at beginning of year2025-07-01103
Total number of particpants at end of year2025-07-01103
2023: RETIREMENT PLAN OF MECHANICS SAVINGS BANK 2023 401k membership
Market value of plan assets2023-09-3010,119,056
Acturial value of plan assets2023-09-3010,119,056
Funding target for retired participants and beneficiaries receiving payment2023-09-303,720,672
Number of terminated vested participants2023-09-3039
Fundng target for terminated vested participants2023-09-301,532,016
Active participant vested funding target2023-09-301,499,428
Number of active participants2023-09-3034
Total funding liabilities for active participants2023-09-301,499,428
Total participant count2023-09-30104
Total funding target for all participants2023-09-306,752,116
Balance at beginning of prior year after applicable adjustments2023-09-300
Prefunding balance at beginning of prior year after applicable adjustments2023-09-303,353,400
Carryover balanced portion elected for use to offset prior years funding requirement2023-09-300
Prefunding balanced used to offset prior years funding requirement2023-09-300
Amount remaining of carryover balance2023-09-300
Amount remaining of prefunding balance2023-09-303,353,400
Present value of excess contributions2023-09-300
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2023-09-300
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2023-09-300
Reductions in caryover balances due to elections or deemed elections2023-09-300
Reductions in prefunding balances due to elections or deemed elections2023-09-300
Balance of carryovers at beginning of current year2023-09-300
Balance of prefunding at beginning of current year2023-09-302,905,721
Total employer contributions2023-09-300
Total employee contributions2023-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2023-09-300
Contributions made to avoid restrictions adjusted to valuation date2023-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2023-09-300
Unpaid minimum required contributions for all prior years2023-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2023-09-300
Remaining amount of unpaid minimum required contributions2023-09-300
Minimum required contributions for current year target normal cost2023-09-300
Net shortfall amortization installment of oustanding balance2023-09-300
Waiver amortization installment2023-09-300
Total funding amount beforereflecting carryover/prefunding balances2023-09-300
Carryover balance elected to use to offset funding requirement2023-09-300
Prefunding balance elected to use to offset funding requirement2023-09-300
Additional cash requirement2023-09-300
Contributions allocatedtoward minimum required contributions for current year2023-09-300
Unpaid minimum required contributions for current year2023-09-300
Unpaid minimum required contributions for all years2023-09-300
Total number of particpants at beginning of year2023-07-10106
Total number of particpants at end of year2023-07-10104
2022: RETIREMENT PLAN OF MECHANICS SAVINGS BANK 2022 401k membership
Market value of plan assets2022-09-3012,167,645
Acturial value of plan assets2022-09-3012,167,645
Funding target for retired participants and beneficiaries receiving payment2022-09-303,801,994
Number of terminated vested participants2022-09-3038
Fundng target for terminated vested participants2022-09-301,194,080
Active participant vested funding target2022-09-301,561,997
Number of active participants2022-09-3038
Total funding liabilities for active participants2022-09-301,561,997
Total participant count2022-09-30106
Total funding target for all participants2022-09-306,558,071
Balance at beginning of prior year after applicable adjustments2022-09-300
Prefunding balance at beginning of prior year after applicable adjustments2022-09-302,917,776
Amount remaining of carryover balance2022-09-300
Amount remaining of prefunding balance2022-09-302,917,776
Present value of excess contributions2022-09-30381,356
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2022-09-30403,856
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2022-09-300
Reductions in caryover balances due to elections or deemed elections2022-09-300
Reductions in prefunding balances due to elections or deemed elections2022-09-300
Balance of carryovers at beginning of current year2022-09-300
Balance of prefunding at beginning of current year2022-09-303,353,400
Total employer contributions2022-09-300
Total employee contributions2022-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2022-09-300
Contributions made to avoid restrictions adjusted to valuation date2022-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2022-09-300
Unpaid minimum required contributions for all prior years2022-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2022-09-300
Remaining amount of unpaid minimum required contributions2022-09-300
Minimum required contributions for current year target normal cost2022-09-300
Net shortfall amortization installment of oustanding balance2022-09-300
Waiver amortization installment2022-09-300
Total funding amount beforereflecting carryover/prefunding balances2022-09-300
Carryover balance elected to use to offset funding requirement2022-09-300
Prefunding balance elected to use to offset funding requirement2022-09-300
Additional cash requirement2022-09-300
Contributions allocatedtoward minimum required contributions for current year2022-09-300
Unpaid minimum required contributions for current year2022-09-300
Unpaid minimum required contributions for all years2022-09-300
2021: RETIREMENT PLAN OF MECHANICS SAVINGS BANK 2021 401k membership
Market value of plan assets2021-09-3010,609,955
Acturial value of plan assets2021-09-3010,609,955
Funding target for retired participants and beneficiaries receiving payment2021-09-303,665,948
Number of terminated vested participants2021-09-3036
Fundng target for terminated vested participants2021-09-301,094,428
Active participant vested funding target2021-09-301,730,269
Number of active participants2021-09-3043
Total funding liabilities for active participants2021-09-301,730,269
Total participant count2021-09-30107
Total funding target for all participants2021-09-306,490,645
Balance at beginning of prior year after applicable adjustments2021-09-300
Prefunding balance at beginning of prior year after applicable adjustments2021-09-302,751,840
Carryover balanced portion elected for use to offset prior years funding requirement2021-09-300
Prefunding balanced used to offset prior years funding requirement2021-09-300
Amount remaining of carryover balance2021-09-300
Amount remaining of prefunding balance2021-09-302,751,840
Present value of excess contributions2021-09-30390,711
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-09-30412,708
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2021-09-300
Reductions in caryover balances due to elections or deemed elections2021-09-300
Reductions in prefunding balances due to elections or deemed elections2021-09-300
Balance of carryovers at beginning of current year2021-09-300
Balance of prefunding at beginning of current year2021-09-302,917,776
Total employer contributions2021-09-30400,000
Total employee contributions2021-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2021-09-300
Contributions made to avoid restrictions adjusted to valuation date2021-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2021-09-30381,356
Unpaid minimum required contributions for all prior years2021-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2021-09-300
Remaining amount of unpaid minimum required contributions2021-09-300
Minimum required contributions for current year target normal cost2021-09-300
Net shortfall amortization installment of oustanding balance2021-09-300
Waiver amortization installment2021-09-300
Total funding amount beforereflecting carryover/prefunding balances2021-09-300
Additional cash requirement2021-09-300
Contributions allocatedtoward minimum required contributions for current year2021-09-30381,356
Unpaid minimum required contributions for current year2021-09-300
Unpaid minimum required contributions for all years2021-09-300
2020: RETIREMENT PLAN OF MECHANICS SAVINGS BANK 2020 401k membership
Market value of plan assets2020-09-309,989,208
Acturial value of plan assets2020-09-309,989,208
Funding target for retired participants and beneficiaries receiving payment2020-09-302,815,146
Number of terminated vested participants2020-09-3037
Fundng target for terminated vested participants2020-09-301,751,784
Active participant vested funding target2020-09-302,048,703
Number of active participants2020-09-3044
Total funding liabilities for active participants2020-09-302,056,961
Total participant count2020-09-30109
Total funding target for all participants2020-09-306,623,891
Balance at beginning of prior year after applicable adjustments2020-09-300
Prefunding balance at beginning of prior year after applicable adjustments2020-09-302,629,565
Carryover balanced portion elected for use to offset prior years funding requirement2020-09-300
Prefunding balanced used to offset prior years funding requirement2020-09-300
Amount remaining of carryover balance2020-09-300
Amount remaining of prefunding balance2020-09-302,629,565
Present value of excess contributions2020-09-30391,596
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-09-30414,387
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2020-09-300
Reductions in caryover balances due to elections or deemed elections2020-09-300
Reductions in prefunding balances due to elections or deemed elections2020-09-300
Balance of carryovers at beginning of current year2020-09-300
Balance of prefunding at beginning of current year2020-09-302,751,840
Total employer contributions2020-09-30400,000
Total employee contributions2020-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2020-09-300
Contributions made to avoid restrictions adjusted to valuation date2020-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2020-09-30390,711
Unpaid minimum required contributions for all prior years2020-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2020-09-300
Remaining amount of unpaid minimum required contributions2020-09-300
Minimum required contributions for current year target normal cost2020-09-300
Net shortfall amortization installment of oustanding balance2020-09-300
Waiver amortization installment2020-09-300
Total funding amount beforereflecting carryover/prefunding balances2020-09-300
Carryover balance elected to use to offset funding requirement2020-09-300
Prefunding balance elected to use to offset funding requirement2020-09-300
Additional cash requirement2020-09-300
Contributions allocatedtoward minimum required contributions for current year2020-09-30390,711
Unpaid minimum required contributions for current year2020-09-300
Unpaid minimum required contributions for all years2020-09-300
2019: RETIREMENT PLAN OF MECHANICS SAVINGS BANK 2019 401k membership
Market value of plan assets2019-09-309,494,117
Acturial value of plan assets2019-09-309,494,117
Funding target for retired participants and beneficiaries receiving payment2019-09-302,800,505
Number of terminated vested participants2019-09-3035
Fundng target for terminated vested participants2019-09-301,275,411
Active participant vested funding target2019-09-302,295,874
Number of active participants2019-09-3048
Total funding liabilities for active participants2019-09-302,302,941
Total participant count2019-09-30110
Total funding target for all participants2019-09-306,378,857
Balance at beginning of prior year after applicable adjustments2019-09-300
Prefunding balance at beginning of prior year after applicable adjustments2019-09-302,464,447
Carryover balanced portion elected for use to offset prior years funding requirement2019-09-300
Prefunding balanced used to offset prior years funding requirement2019-09-300
Amount remaining of carryover balance2019-09-300
Amount remaining of prefunding balance2019-09-302,464,447
Present value of excess contributions2019-09-30783,767
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2019-09-30830,950
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2019-09-300
Reductions in caryover balances due to elections or deemed elections2019-09-300
Reductions in prefunding balances due to elections or deemed elections2019-09-300
Balance of carryovers at beginning of current year2019-09-300
Balance of prefunding at beginning of current year2019-09-302,629,565
Total employer contributions2019-09-30400,000
Total employee contributions2019-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2019-09-300
Contributions made to avoid restrictions adjusted to valuation date2019-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2019-09-30391,596
Unpaid minimum required contributions for all prior years2019-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2019-09-300
Remaining amount of unpaid minimum required contributions2019-09-300
Minimum required contributions for current year target normal cost2019-09-300
Net shortfall amortization installment of oustanding balance2019-09-300
Waiver amortization installment2019-09-300
Total funding amount beforereflecting carryover/prefunding balances2019-09-300
Carryover balance elected to use to offset funding requirement2019-09-300
Prefunding balance elected to use to offset funding requirement2019-09-300
Additional cash requirement2019-09-300
Contributions allocatedtoward minimum required contributions for current year2019-09-30391,596
Unpaid minimum required contributions for current year2019-09-300
Unpaid minimum required contributions for all years2019-09-300
2018: RETIREMENT PLAN OF MECHANICS SAVINGS BANK 2018 401k membership
Market value of plan assets2018-09-308,440,999
Acturial value of plan assets2018-09-308,440,999
Funding target for retired participants and beneficiaries receiving payment2018-09-302,546,766
Number of terminated vested participants2018-09-3033
Fundng target for terminated vested participants2018-09-30920,477
Active participant vested funding target2018-09-302,288,764
Number of active participants2018-09-3053
Total funding liabilities for active participants2018-09-302,303,527
Total participant count2018-09-30109
Total funding target for all participants2018-09-305,770,770
Balance at beginning of prior year after applicable adjustments2018-09-300
Prefunding balance at beginning of prior year after applicable adjustments2018-09-302,231,076
Carryover balanced portion elected for use to offset prior years funding requirement2018-09-300
Prefunding balanced used to offset prior years funding requirement2018-09-300
Amount remaining of carryover balance2018-09-300
Amount remaining of prefunding balance2018-09-302,231,076
Present value of excess contributions2018-09-30391,508
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-09-30415,821
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2018-09-300
Reductions in caryover balances due to elections or deemed elections2018-09-300
Reductions in prefunding balances due to elections or deemed elections2018-09-300
Balance of carryovers at beginning of current year2018-09-300
Balance of prefunding at beginning of current year2018-09-302,464,447
Total employer contributions2018-09-30800,000
Total employee contributions2018-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2018-09-300
Contributions made to avoid restrictions adjusted to valuation date2018-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2018-09-30783,767
Liquidity shortfalls end of Q12018-09-300
Liquidity shortfalls end of Q22018-09-300
Liquidity shortfalls end of Q32018-09-300
Liquidity shortfalls end of Q42018-09-300
Unpaid minimum required contributions for all prior years2018-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2018-09-300
Remaining amount of unpaid minimum required contributions2018-09-300
Minimum required contributions for current year target normal cost2018-09-300
Net shortfall amortization installment of oustanding balance2018-09-300
Waiver amortization installment2018-09-300
Total funding amount beforereflecting carryover/prefunding balances2018-09-300
Carryover balance elected to use to offset funding requirement2018-09-300
Prefunding balance elected to use to offset funding requirement2018-09-300
Additional cash requirement2018-09-300
Contributions allocatedtoward minimum required contributions for current year2018-09-30783,767
Unpaid minimum required contributions for current year2018-09-300
Unpaid minimum required contributions for all years2018-09-300
2017: RETIREMENT PLAN OF MECHANICS SAVINGS BANK 2017 401k membership
Market value of plan assets2017-09-307,560,477
Acturial value of plan assets2017-09-307,560,477
Funding target for retired participants and beneficiaries receiving payment2017-09-302,433,177
Number of terminated vested participants2017-09-3033
Fundng target for terminated vested participants2017-09-30857,222
Active participant vested funding target2017-09-302,231,560
Number of active participants2017-09-3056
Total funding liabilities for active participants2017-09-302,245,152
Total participant count2017-09-30109
Total funding target for all participants2017-09-305,535,551
Balance at beginning of prior year after applicable adjustments2017-09-300
Prefunding balance at beginning of prior year after applicable adjustments2017-09-302,037,698
Carryover balanced portion elected for use to offset prior years funding requirement2017-09-300
Prefunding balanced used to offset prior years funding requirement2017-09-300
Amount remaining of carryover balance2017-09-300
Amount remaining of prefunding balance2017-09-302,037,698
Present value of excess contributions2017-09-30386,451
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2017-09-30411,223
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2017-09-300
Reductions in caryover balances due to elections or deemed elections2017-09-300
Reductions in prefunding balances due to elections or deemed elections2017-09-300
Balance of carryovers at beginning of current year2017-09-300
Balance of prefunding at beginning of current year2017-09-302,231,076
Total employer contributions2017-09-30400,000
Total employee contributions2017-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2017-09-300
Contributions made to avoid restrictions adjusted to valuation date2017-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2017-09-30391,508
Liquidity shortfalls end of Q12017-09-300
Liquidity shortfalls end of Q22017-09-300
Liquidity shortfalls end of Q32017-09-300
Liquidity shortfalls end of Q42017-09-300
Unpaid minimum required contributions for all prior years2017-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2017-09-300
Remaining amount of unpaid minimum required contributions2017-09-300
Minimum required contributions for current year target normal cost2017-09-300
Net shortfall amortization installment of oustanding balance2017-09-300
Waiver amortization installment2017-09-300
Total funding amount beforereflecting carryover/prefunding balances2017-09-300
Carryover balance elected to use to offset funding requirement2017-09-300
Prefunding balance elected to use to offset funding requirement2017-09-300
Additional cash requirement2017-09-300
Contributions allocatedtoward minimum required contributions for current year2017-09-30391,508
Unpaid minimum required contributions for current year2017-09-300
Unpaid minimum required contributions for all years2017-09-300

Financial Data on RETIREMENT PLAN OF MECHANICS SAVINGS BANK

Measure Date Value
2025 : RETIREMENT PLAN OF MECHANICS SAVINGS BANK 2025 401k financial data
Total expenses incurred by plan in this plan year2025-07-01409566
Net assets as of the end of the plan year2025-07-0113577928
Total assets as of the beginning of the plan year2025-07-0111221399
Value of plan covered by a fidelity bond2025-07-015000000
Other income to plan in this plan year2025-07-012766095
Plan net income in this plan year2025-07-012356529
Net assets as of the end of the plan year2025-07-0113577928
Net assets as of the beginning of the plan year2025-07-0111221399
Expensese paid to adminstrative service provicers from plan in this plan year2025-07-0152156
2023 : RETIREMENT PLAN OF MECHANICS SAVINGS BANK 2023 401k financial data
Total expenses incurred by plan in this plan year2023-07-10424335
Net assets as of the end of the plan year2023-07-1010119056
Total assets as of the beginning of the plan year2023-07-1012167645
Value of plan covered by a fidelity bond2023-07-105000000
Other income to plan in this plan year2023-07-10-1624254
Plan net income in this plan year2023-07-10-2048589
Net assets as of the end of the plan year2023-07-1010119056
Net assets as of the beginning of the plan year2023-07-1012167645
Expensese paid to adminstrative service provicers from plan in this plan year2023-07-1048210

Form 5500 Responses for RETIREMENT PLAN OF MECHANICS SAVINGS BANK

2008: RETIREMENT PLAN OF MECHANICS SAVINGS BANK 2008 form 5500 responses
2008-10-01Type of plan entitySingle employer plan
2008-10-01Submission has been amendedNo
2008-10-01This submission is the final filingNo
2008-10-01This return/report is a short plan year return/report (less than 12 months)No
2008-10-01Plan is a collectively bargained planNo

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