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NORTH COUNTRY INSURANCE COMPANY 401K PROFIT SHARING PLAN 401k Plan overview

Plan NameNORTH COUNTRY INSURANCE COMPANY 401K PROFIT SHARING PLAN
Plan identification number 003

NORTH COUNTRY INSURANCE COMPANY 401K PROFIT SHARING PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Profit-sharing
  • 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.
  • 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.
  • 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

FAIR BUSINESS COUNCIL OF ROCHESTER has sponsored the creation of one or more 401k plans.

Company Name:FAIR BUSINESS COUNCIL OF ROCHESTER
Employer identification number (EIN):160350460
NAIC Classification:524210
NAIC Description:Insurance Agencies and Brokerages

Form 5500 Filing Information

Submission information for form 5500 for 401k plan NORTH COUNTRY INSURANCE COMPANY 401K PROFIT SHARING PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0032022-01-01MARC E. LADOUCEUR2023-10-02 MARC E. LADOUCEUR2023-10-02

Plan Statistics for NORTH COUNTRY INSURANCE COMPANY 401K PROFIT SHARING PLAN

401k plan membership statisitcs for NORTH COUNTRY INSURANCE COMPANY 401K PROFIT SHARING PLAN

Measure Date Value
2022: NORTH COUNTRY INSURANCE COMPANY 401K PROFIT SHARING PLAN 2022 401k membership
Total participants, beginning-of-year2022-01-0124
Total number of active participants reported on line 7a of the Form 55002022-01-0118
Number of retired or separated participants receiving benefits2022-01-010
Number of other retired or separated participants entitled to future benefits2022-01-013
Total of all active and inactive participants2022-01-0121
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2022-01-010
Total participants2022-01-0121
Number of participants with account balances2022-01-0119
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2022-01-010

Financial Data on NORTH COUNTRY INSURANCE COMPANY 401K PROFIT SHARING PLAN

Measure Date Value
2022 : NORTH COUNTRY INSURANCE COMPANY 401K PROFIT SHARING PLAN 2022 401k financial data
Total income from all sources2022-12-31$-302,774
Expenses. Total of all expenses incurred2022-12-31$344,535
Benefits paid (including direct rollovers)2022-12-31$342,700
Total plan assets at end of year2022-12-31$3,084,788
Total plan assets at beginning of year2022-12-31$3,732,097
Value of fidelity bond covering the plan2022-12-31$3,000,000
Total contributions received or receivable from participants2022-12-31$82,918
Expenses. Other expenses not covered elsewhere2022-12-31$1,547
Other income received2022-12-31$-441,330
Net income (gross income less expenses)2022-12-31$-647,309
Net plan assets at end of year (total assets less liabilities)2022-12-31$3,084,788
Net plan assets at beginning of year (total assets less liabilities)2022-12-31$3,732,097
Assets. Value of participant loans2022-12-31$39,435
Total contributions received or receivable from employer(s)2022-12-31$55,638
Expenses. Administrative service providers (salaries,fees and commissions)2022-12-31$288

Form 5500 Responses for NORTH COUNTRY INSURANCE COMPANY 401K PROFIT SHARING PLAN

2022: NORTH COUNTRY INSURANCE COMPANY 401K PROFIT SHARING PLAN 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 funding arrangement – TrustYes
2022-01-01Plan benefit arrangement – InsuranceYes
2022-01-01Plan benefit arrangement - TrustYes

Insurance Providers Used on plan

FIRST GREAT WEST LIFE INSURANCE & ANNUITY CO (National Association of Insurance Commissioners NAIC id number: 60214 )
Policy contract number386100-01
Policy instance 1
Insurance contract or identification number386100-01
Number of Individuals Covered7
Insurance policy start date2022-01-01
Insurance policy end date2022-12-31
Total amount of commissions paid to insurance brokerUSD $6,891
Total amount of fees paid to insurance companyUSD $0
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?Yes
Commission paid to Insurance BrokerUSD $6,891
Insurance broker organization code?3
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 65935 )
Policy contract number3308018
Policy instance 2
Insurance contract or identification number3308018
Number of Individuals Covered9
Insurance policy start date2022-01-01
Insurance policy end date2022-12-31
Total amount of commissions paid to insurance brokerUSD $8
Are there contracts with allocated funds for individual policies?1
Commission paid to Insurance BrokerUSD $8
Insurance broker organization code?3

Potentially related plans

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