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THE RETIREMENT PLAN OF ESSEX SAVINGS BANK 401k Plan overview

Plan NameTHE RETIREMENT PLAN OF ESSEX SAVINGS BANK
Plan identification number 001

THE RETIREMENT PLAN OF ESSEX 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

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

Company Name:ESSEX SAVINGS BANK
Employer identification number (EIN):060336850
NAIC Classification:522120
NAIC Description:Savings Institutions

Form 5500 Filing Information

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

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012022-01-01DIANE ARNOLD2023-10-12 DIANE ARNOLD2023-10-12
0012021-01-01DIANE ARNOLD2022-10-14 DIANE ARNOLD2022-10-14
0012020-01-01DIANE ARNOLD2021-09-09 DIANE ARNOLD2021-09-09
0012019-01-01GREGORY SHOOK2020-10-08 GREGORY SHOOK2020-10-08
0012018-01-01GREGORY SHOOK2019-10-09 GREGORY SHOOK2019-10-09
0012017-01-01GREGORY SHOOK2018-04-02 GREGORY SHOOK2018-04-02
0012016-01-01GREGORY SHOOK2017-06-12 GREGORY SHOOK2017-06-12
0012015-01-01GREGORY SHOOK2016-09-09 GREGORY SHOOK2016-09-09
0012014-01-01GREGORY SHOOK2015-04-14
0012013-01-01GREGORY SHOOK2014-10-06
0012012-01-01GREGORY SHOOK2013-09-27
0012011-01-01GREGORY SHOOK2012-09-25
0012010-01-01GREGORY SHOOK2011-10-05
0012009-01-01GREGORY SHOOK GREGORY SHOOK2010-09-27

Plan Statistics for THE RETIREMENT PLAN OF ESSEX SAVINGS BANK

401k plan membership statisitcs for THE RETIREMENT PLAN OF ESSEX SAVINGS BANK

Measure Date Value
2022: THE RETIREMENT PLAN OF ESSEX SAVINGS BANK 2022 401k membership
Market value of plan assets2022-12-318,302,397
Acturial value of plan assets2022-12-318,003,358
Funding target for retired participants and beneficiaries receiving payment2022-12-314,538,333
Number of terminated vested participants2022-12-3111
Fundng target for terminated vested participants2022-12-31251,168
Active participant vested funding target2022-12-312,112,202
Number of active participants2022-12-3126
Total funding liabilities for active participants2022-12-312,112,202
Total participant count2022-12-3177
Total funding target for all participants2022-12-316,901,703
Balance at beginning of prior year after applicable adjustments2022-12-310
Prefunding balance at beginning of prior year after applicable adjustments2022-12-312,796,422
Carryover balanced portion elected for use to offset prior years funding requirement2022-12-310
Prefunding balanced used to offset prior years funding requirement2022-12-310
Amount remaining of carryover balance2022-12-310
Amount remaining of prefunding balance2022-12-312,796,422
Present value of excess contributions2022-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2022-12-310
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2022-12-310
Reductions in caryover balances due to elections or deemed elections2022-12-310
Reductions in prefunding balances due to elections or deemed elections2022-12-310
Balance of carryovers at beginning of current year2022-12-310
Balance of prefunding at beginning of current year2022-12-313,067,675
Contributions allocated toward unpaid minimum require contributions from prior years2022-12-310
Contributions made to avoid restrictions adjusted to valuation date2022-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2022-12-310
Unpaid minimum required contributions for all prior years2022-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2022-12-310
Remaining amount of unpaid minimum required contributions2022-12-310
Minimum required contributions for current year target normal cost2022-12-310
Net shortfall amortization installment of oustanding balance2022-12-310
Waiver amortization installment2022-12-310
Total funding amount beforereflecting carryover/prefunding balances2022-12-310
Additional cash requirement2022-12-310
Contributions allocatedtoward minimum required contributions for current year2022-12-310
Unpaid minimum required contributions for current year2022-12-310
Unpaid minimum required contributions for all years2022-12-310
2021: THE RETIREMENT PLAN OF ESSEX SAVINGS BANK 2021 401k membership
Market value of plan assets2021-12-317,908,514
Acturial value of plan assets2021-12-317,483,457
Funding target for retired participants and beneficiaries receiving payment2021-12-313,095,631
Number of terminated vested participants2021-12-3112
Fundng target for terminated vested participants2021-12-31358,202
Active participant vested funding target2021-12-312,894,426
Number of active participants2021-12-3131
Total funding liabilities for active participants2021-12-312,894,426
Total participant count2021-12-3177
Total funding target for all participants2021-12-316,348,259
Balance at beginning of prior year after applicable adjustments2021-12-310
Prefunding balance at beginning of prior year after applicable adjustments2021-12-312,556,846
Carryover balanced portion elected for use to offset prior years funding requirement2021-12-310
Prefunding balanced used to offset prior years funding requirement2021-12-310
Amount remaining of carryover balance2021-12-310
Amount remaining of prefunding balance2021-12-312,556,846
Present value of excess contributions2021-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-12-310
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2021-12-310
Reductions in caryover balances due to elections or deemed elections2021-12-310
Reductions in prefunding balances due to elections or deemed elections2021-12-310
Balance of carryovers at beginning of current year2021-12-310
Balance of prefunding at beginning of current year2021-12-312,796,422
Contributions allocated toward unpaid minimum require contributions from prior years2021-12-310
Contributions made to avoid restrictions adjusted to valuation date2021-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2021-12-310
Liquidity shortfalls end of Q12021-12-310
Liquidity shortfalls end of Q22021-12-310
Liquidity shortfalls end of Q32021-12-310
Liquidity shortfalls end of Q42021-12-310
Unpaid minimum required contributions for all prior years2021-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2021-12-310
Remaining amount of unpaid minimum required contributions2021-12-310
Minimum required contributions for current year target normal cost2021-12-310
Net shortfall amortization installment of oustanding balance2021-12-310
Waiver amortization installment2021-12-310
Total funding amount beforereflecting carryover/prefunding balances2021-12-310
Additional cash requirement2021-12-310
Contributions allocatedtoward minimum required contributions for current year2021-12-310
Unpaid minimum required contributions for current year2021-12-310
Unpaid minimum required contributions for all years2021-12-310
2020: THE RETIREMENT PLAN OF ESSEX SAVINGS BANK 2020 401k membership
Market value of plan assets2020-12-317,471,016
Acturial value of plan assets2020-12-317,471,016
Funding target for retired participants and beneficiaries receiving payment2020-12-313,336,747
Number of terminated vested participants2020-12-3116
Fundng target for terminated vested participants2020-12-31294,348
Active participant vested funding target2020-12-313,054,146
Number of active participants2020-12-3132
Total funding liabilities for active participants2020-12-313,054,146
Total participant count2020-12-3183
Total funding target for all participants2020-12-316,685,241
Balance at beginning of prior year after applicable adjustments2020-12-310
Prefunding balance at beginning of prior year after applicable adjustments2020-12-312,204,938
Carryover balanced portion elected for use to offset prior years funding requirement2020-12-310
Prefunding balanced used to offset prior years funding requirement2020-12-310
Amount remaining of carryover balance2020-12-310
Amount remaining of prefunding balance2020-12-312,204,938
Present value of excess contributions2020-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-12-310
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2020-12-310
Reductions in caryover balances due to elections or deemed elections2020-12-310
Reductions in prefunding balances due to elections or deemed elections2020-12-310
Balance of carryovers at beginning of current year2020-12-310
Balance of prefunding at beginning of current year2020-12-312,556,846
Contributions allocated toward unpaid minimum require contributions from prior years2020-12-310
Contributions made to avoid restrictions adjusted to valuation date2020-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2020-12-310
Liquidity shortfalls end of Q12020-12-310
Liquidity shortfalls end of Q22020-12-310
Liquidity shortfalls end of Q32020-12-310
Liquidity shortfalls end of Q42020-12-310
Unpaid minimum required contributions for all prior years2020-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2020-12-310
Remaining amount of unpaid minimum required contributions2020-12-310
Minimum required contributions for current year target normal cost2020-12-310
Net shortfall amortization installment of oustanding balance2020-12-310
Waiver amortization installment2020-12-310
Total funding amount beforereflecting carryover/prefunding balances2020-12-310
Carryover balance elected to use to offset funding requirement2020-12-310
Prefunding balance elected to use to offset funding requirement2020-12-310
Additional cash requirement2020-12-310
Contributions allocatedtoward minimum required contributions for current year2020-12-310
Unpaid minimum required contributions for current year2020-12-310
Unpaid minimum required contributions for all years2020-12-310
2019: THE RETIREMENT PLAN OF ESSEX SAVINGS BANK 2019 401k membership
Market value of plan assets2019-12-316,850,713
Acturial value of plan assets2019-12-317,350,263
Funding target for retired participants and beneficiaries receiving payment2019-12-312,691,312
Number of terminated vested participants2019-12-3115
Fundng target for terminated vested participants2019-12-31234,239
Active participant vested funding target2019-12-313,480,937
Number of active participants2019-12-3138
Total funding liabilities for active participants2019-12-313,480,937
Total participant count2019-12-3185
Total funding target for all participants2019-12-316,406,488
Balance at beginning of prior year after applicable adjustments2019-12-310
Prefunding balance at beginning of prior year after applicable adjustments2019-12-312,353,943
Carryover balanced portion elected for use to offset prior years funding requirement2019-12-310
Prefunding balanced used to offset prior years funding requirement2019-12-310
Amount remaining of carryover balance2019-12-310
Amount remaining of prefunding balance2019-12-312,353,943
Present value of excess contributions2019-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2019-12-310
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2019-12-310
Reductions in caryover balances due to elections or deemed elections2019-12-310
Reductions in prefunding balances due to elections or deemed elections2019-12-310
Balance of carryovers at beginning of current year2019-12-310
Balance of prefunding at beginning of current year2019-12-312,204,938
Contributions allocated toward unpaid minimum require contributions from prior years2019-12-310
Contributions made to avoid restrictions adjusted to valuation date2019-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2019-12-310
Liquidity shortfalls end of Q12019-12-310
Liquidity shortfalls end of Q22019-12-310
Liquidity shortfalls end of Q32019-12-310
Liquidity shortfalls end of Q42019-12-310
Unpaid minimum required contributions for all prior years2019-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2019-12-310
Remaining amount of unpaid minimum required contributions2019-12-310
Minimum required contributions for current year target normal cost2019-12-310
Net shortfall amortization installment of oustanding balance2019-12-310
Waiver amortization installment2019-12-310
Total funding amount beforereflecting carryover/prefunding balances2019-12-310
Carryover balance elected to use to offset funding requirement2019-12-310
Prefunding balance elected to use to offset funding requirement2019-12-310
Additional cash requirement2019-12-310
Contributions allocatedtoward minimum required contributions for current year2019-12-310
Unpaid minimum required contributions for current year2019-12-310
Unpaid minimum required contributions for all years2019-12-310
2018: THE RETIREMENT PLAN OF ESSEX SAVINGS BANK 2018 401k membership
Market value of plan assets2018-12-317,588,876
Acturial value of plan assets2018-12-317,393,362
Funding target for retired participants and beneficiaries receiving payment2018-12-312,751,230
Number of terminated vested participants2018-12-3114
Fundng target for terminated vested participants2018-12-31203,409
Active participant vested funding target2018-12-313,344,634
Number of active participants2018-12-3139
Total funding liabilities for active participants2018-12-313,344,634
Total participant count2018-12-3185
Total funding target for all participants2018-12-316,299,273
Balance at beginning of prior year after applicable adjustments2018-12-3129,099
Prefunding balance at beginning of prior year after applicable adjustments2018-12-311,452,468
Carryover balanced portion elected for use to offset prior years funding requirement2018-12-310
Prefunding balanced used to offset prior years funding requirement2018-12-310
Amount remaining of carryover balance2018-12-3129,099
Amount remaining of prefunding balance2018-12-311,452,468
Present value of excess contributions2018-12-311,134,112
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-12-311,200,798
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2018-12-311,200,798
Reductions in caryover balances due to elections or deemed elections2018-12-3132,216
Reductions in prefunding balances due to elections or deemed elections2018-12-31454,882
Balance of carryovers at beginning of current year2018-12-310
Balance of prefunding at beginning of current year2018-12-312,353,943
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 date2018-12-310
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 cost2018-12-310
Net shortfall amortization installment of oustanding balance2018-12-310
Waiver amortization installment2018-12-310
Total funding amount beforereflecting carryover/prefunding balances2018-12-310
Carryover balance elected to use to offset funding requirement2018-12-310
Prefunding balance elected to use to offset funding requirement2018-12-310
Additional cash requirement2018-12-310
Contributions allocatedtoward minimum required contributions for current year2018-12-310
Unpaid minimum required contributions for current year2018-12-310
Unpaid minimum required contributions for all years2018-12-310
2017: THE RETIREMENT PLAN OF ESSEX SAVINGS BANK 2017 401k membership
Market value of plan assets2017-12-315,952,562
Acturial value of plan assets2017-12-316,168,155
Funding target for retired participants and beneficiaries receiving payment2017-12-312,240,991
Number of terminated vested participants2017-12-3116
Fundng target for terminated vested participants2017-12-31564,064
Active participant vested funding target2017-12-313,053,180
Number of active participants2017-12-3140
Total funding liabilities for active participants2017-12-313,053,180
Total participant count2017-12-3185
Total funding target for all participants2017-12-315,858,235
Balance at beginning of prior year after applicable adjustments2017-12-31229,694
Prefunding balance at beginning of prior year after applicable adjustments2017-12-311,289,122
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 balance2017-12-31229,694
Amount remaining of prefunding balance2017-12-311,289,122
Present value of excess contributions2017-12-31102,336
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2017-12-31108,558
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2017-12-31108,558
Reductions in caryover balances due to elections or deemed elections2017-12-31210,357
Reductions in prefunding balances due to elections or deemed elections2017-12-310
Balance of carryovers at beginning of current year2017-12-3129,099
Balance of prefunding at beginning of current year2017-12-311,452,468
Total employer contributions2017-12-311,200,000
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 date2017-12-311,134,112
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 cost2017-12-310
Net shortfall amortization installment of oustanding balance2017-12-310
Waiver amortization installment2017-12-310
Total funding amount beforereflecting carryover/prefunding balances2017-12-310
Carryover balance elected to use to offset funding requirement2017-12-310
Prefunding balance elected to use to offset funding requirement2017-12-310
Additional cash requirement2017-12-310
Contributions allocatedtoward minimum required contributions for current year2017-12-311,134,112
Unpaid minimum required contributions for current year2017-12-310
Unpaid minimum required contributions for all years2017-12-310
2016: THE RETIREMENT PLAN OF ESSEX SAVINGS BANK 2016 401k membership
Market value of plan assets2016-12-315,997,589
Acturial value of plan assets2016-12-316,330,010
Funding target for retired participants and beneficiaries receiving payment2016-12-312,109,234
Number of terminated vested participants2016-12-3114
Fundng target for terminated vested participants2016-12-31501,862
Active participant vested funding target2016-12-313,045,144
Number of active participants2016-12-3144
Total funding liabilities for active participants2016-12-313,045,144
Total participant count2016-12-3185
Total funding target for all participants2016-12-315,656,240
Balance at beginning of prior year after applicable adjustments2016-12-31233,239
Prefunding balance at beginning of prior year after applicable adjustments2016-12-311,140,671
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 balance2016-12-31233,239
Amount remaining of prefunding balance2016-12-311,140,671
Present value of excess contributions2016-12-31155,978
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2016-12-31165,789
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2016-12-31165,789
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 year2016-12-31229,694
Balance of prefunding at beginning of current year2016-12-311,289,122
Total employer contributions2016-12-31111,002
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 date2016-12-31102,336
Liquidity shortfalls end of Q12016-12-310
Liquidity shortfalls end of Q22016-12-310
Liquidity shortfalls end of Q32016-12-310
Liquidity shortfalls end of Q42016-12-310
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 cost2016-12-310
Net shortfall amortization installment of oustanding balance2016-12-310
Waiver amortization installment2016-12-310
Waived amount of outstanding balance2016-12-310
Total funding amount beforereflecting carryover/prefunding balances2016-12-310
Carryover balance elected to use to offset funding requirement2016-12-310
Prefunding balance elected to use to offset funding requirement2016-12-310
Additional cash requirement2016-12-310
Contributions allocatedtoward minimum required contributions for current year2016-12-31102,336
Unpaid minimum required contributions for current year2016-12-310
Unpaid minimum required contributions for all years2016-12-310
2009: THE RETIREMENT PLAN OF ESSEX SAVINGS BANK 2009 401k membership
Total participants, beginning-of-year2009-01-0193
Total number of active participants reported on line 7a of the Form 55002009-01-0159
Number of retired or separated participants receiving benefits2009-01-0121
Number of other retired or separated participants entitled to future benefits2009-01-0118
Total of all active and inactive participants2009-01-0198
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2009-01-011
Total participants2009-01-0199
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2009-01-013

Financial Data on THE RETIREMENT PLAN OF ESSEX SAVINGS BANK

Measure Date Value
2009 : THE RETIREMENT PLAN OF ESSEX SAVINGS BANK 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 THE RETIREMENT PLAN OF ESSEX SAVINGS BANK

2009: THE RETIREMENT PLAN OF ESSEX SAVINGS BANK 2009 form 5500 responses
2009-01-01Type of plan entitySingle employer plan
2009-01-01Submission has been amendedNo
2009-01-01This submission is the final filingNo
2009-01-01This return/report is a short plan year return/report (less than 12 months)No
2009-01-01Plan is a collectively bargained planNo
2009-01-01Plan funding arrangement – TrustYes
2009-01-01Plan benefit arrangement - TrustYes

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