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403(B) THRIFT PLAN OF BETANCES HEALTH CENTER 401k Plan overview

Plan Name403(B) THRIFT PLAN OF BETANCES HEALTH CENTER
Plan identification number 005

403(B) THRIFT PLAN OF BETANCES HEALTH CENTER Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • ERISA section 404(c) Plan - This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
  • 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.
  • Plan provides for automatic enrollment in plan that has employee contributions deducted from payroll.
  • 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.

401k Sponsoring company profile

BETANCES HEALTH UNIT, INC. has sponsored the creation of one or more 401k plans.

Company Name:BETANCES HEALTH UNIT, INC.
Employer identification number (EIN):132697725
NAIC Classification:813000
NAIC Description: Religious, Grantmaking, Civic, Professional, and Similar Organizations

Form 5500 Filing Information

Submission information for form 5500 for 401k plan 403(B) THRIFT PLAN OF BETANCES HEALTH CENTER

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0052022-01-01
0052021-01-01DEOCHAND NARAIN2022-06-09
0052020-01-01DEOCHAND NARAIN2021-06-15

Plan Statistics for 403(B) THRIFT PLAN OF BETANCES HEALTH CENTER

401k plan membership statisitcs for 403(B) THRIFT PLAN OF BETANCES HEALTH CENTER

Measure Date Value
2022: 403(B) THRIFT PLAN OF BETANCES HEALTH CENTER 2022 401k membership
Total participants, beginning-of-year2022-01-01147
Total number of active participants reported on line 7a of the Form 55002022-01-01115
Number of retired or separated participants receiving benefits2022-01-010
Number of other retired or separated participants entitled to future benefits2022-01-0122
Total of all active and inactive participants2022-01-01137
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2022-01-011
Total participants2022-01-01138
Number of participants with account balances2022-01-01137
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2022-01-0112

Financial Data on 403(B) THRIFT PLAN OF BETANCES HEALTH CENTER

Measure Date Value
2022 : 403(B) THRIFT PLAN OF BETANCES HEALTH CENTER 2022 401k financial data
Total unrealized appreciation/depreciation of assets2022-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2022-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2022-12-31$0
Total income from all sources (including contributions)2022-12-31$194,528
Total loss/gain on sale of assets2022-12-31$0
Total of all expenses incurred2022-12-31$89,172
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2022-12-31$88,097
Expenses. Certain deemed distributions of participant loans2022-12-31$0
Total contributions o plan (from employers,participants, others, non cash contrinutions)2022-12-31$691,589
Value of total assets at end of year2022-12-31$3,277,091
Value of total assets at beginning of year2022-12-31$3,171,735
Total of administrative expenses incurred including professional, contract, advisory and management fees2022-12-31$1,075
Total interest from all sources2022-12-31$814
Total dividends received (eg from common stock, registered investment company shares)2022-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2022-12-31No
Was this plan covered by a fidelity bond2022-12-31Yes
Value of fidelity bond cover2022-12-31$3,000,000
If this is an individual account plan, was there a blackout period2022-12-31No
Were there any nonexempt tranactions with any party-in-interest2022-12-31No
Contributions received from participants2022-12-31$320,700
Participant contributions at end of year2022-12-31$6,852
Participant contributions at beginning of year2022-12-31$33,816
Income. Received or receivable in cash from other sources (including rollovers)2022-12-31$3,847
Other income not declared elsewhere2022-12-31$0
Administrative expenses (other) incurred2022-12-31$1,075
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2022-12-31No
Value of net income/loss2022-12-31$105,356
Value of net assets at end of year (total assets less liabilities)2022-12-31$3,277,091
Value of net assets at beginning of year (total assets less liabilities)2022-12-31$3,171,735
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2022-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2022-12-31No
Were any leases to which the plan was party in default or uncollectible2022-12-31No
Value of interest in registered invesment companies (eg mutual funds) at end of year2022-12-31$2,891,358
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2022-12-31$2,921,729
Interest on participant loans2022-12-31$677
Interest earned on other investments2022-12-31$137
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2022-12-31$378,881
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year2022-12-31$216,190
Expenses. Payments to insurance carriers foe the provision of benefits2022-12-31$0
Net investment gain/loss from pooled separate accounts2022-12-31$-497,875
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2022-12-31No
Was there a failure to transmit to the plan any participant contributions2022-12-31No
Has the plan failed to provide any benefit when due under the plan2022-12-31No
Contributions received in cash from employer2022-12-31$367,042
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2022-12-31$88,097
Did the plan have assets held for investment2022-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2022-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2022-12-31No
Opinion of an independent qualified public accountant for this plan2022-12-31Unqualified
Accountancy firm name2022-12-31JACKSON FRIDAY CPA, LLC
Accountancy firm EIN2022-12-31270414084

Form 5500 Responses for 403(B) THRIFT PLAN OF BETANCES HEALTH CENTER

2022: 403(B) THRIFT PLAN OF BETANCES HEALTH CENTER 2022 form 5500 responses
2022-01-01Type of plan entitySingle employer plan
2022-01-01Submission has been amendedNo
2022-01-01This submission is the final filingNo
2022-01-01This return/report is a short plan year return/report (less than 12 months)No
2022-01-01Plan is a collectively bargained planNo
2022-01-01Plan funding arrangement – InsuranceYes
2022-01-01Plan 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 number061839
Policy instance 1
Insurance contract or identification number061839
Number of Individuals Covered138
Insurance policy start date2022-01-01
Insurance policy end date2022-12-31
Total amount of commissions paid to insurance brokerUSD $0
Total amount of fees paid to insurance companyUSD $1,100
Are there contracts with allocated funds for individual policies?0
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 Administration1
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?No
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 $0
Amount paid for insurance broker fees1100
Additional information about fees paid to insurance brokerINCENTIVE COMPENSATION
Insurance broker organization code?3

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