| 401k Plan Type | Defined 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).
- Age/Service Weighted or new comparability or similar plan - Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New comparability or similar plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the theshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of section 401(l).
- 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.
- 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.
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MICHAEL S. SCHERER, D.D.S., M.D., S.C. has sponsored the creation of one or more 401k plans.
Submission information for form 5500 for 401k plan MICHAEL S. SCHERER, D. D. S. , M. D. , S. C. 401(K) PLAN AND TRUST
| Measure | Date | Value |
|---|
| 2025 : MICHAEL S. SCHERER, D. D. S. , M. D. , S. C. 401(K) PLAN AND TRUST 2025 401k financial data |
|---|
| Total expenses incurred by plan in this plan year | 2025-06-09 | 15173 |
| Net assets as of the end of the plan year | 2025-06-09 | 1748798 |
| Total assets as of the beginning of the plan year | 2025-06-09 | 1433859 |
| Value of plan covered by a fidelity bond | 2025-06-09 | 160000 |
| Participant contributions to plan in this plan year | 2025-06-09 | 38253 |
| Other income to plan in this plan year | 2025-06-09 | 227228 |
| Plan net income in this plan year | 2025-06-09 | 314939 |
| Net assets as of the end of the plan year | 2025-06-09 | 1748798 |
| Net assets as of the beginning of the plan year | 2025-06-09 | 1433859 |
| Employer contributions to plan in this plan year | 2025-06-09 | 64631 |
| Expensese paid to adminstrative service provicers from plan in this plan year | 2025-06-09 | 7791 |
| 2024 : MICHAEL S. SCHERER, D. D. S. , M. D. , S. C. 401(K) PLAN AND TRUST 2024 401k financial data |
|---|
| Total expenses incurred by plan in this plan year | 2024-06-13 | 6705 |
| Net assets as of the end of the plan year | 2024-06-13 | 1433859 |
| Total assets as of the beginning of the plan year | 2024-06-13 | 1089594 |
| Value of plan covered by a fidelity bond | 2024-06-13 | 160000 |
| Participant contributions to plan in this plan year | 2024-06-13 | 51158 |
| Other income to plan in this plan year | 2024-06-13 | 240960 |
| Plan net income in this plan year | 2024-06-13 | 344265 |
| Net assets as of the end of the plan year | 2024-06-13 | 1433859 |
| Net assets as of the beginning of the plan year | 2024-06-13 | 1089594 |
| Employer contributions to plan in this plan year | 2024-06-13 | 58852 |
| Expensese paid to adminstrative service provicers from plan in this plan year | 2024-06-13 | 5776 |
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