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NEW HOPE EYE CENTER PENSION PLAN 401k Plan overview

Plan NameNEW HOPE EYE CENTER PENSION PLAN
Plan identification number 003

NEW HOPE EYE CENTER PENSION PLAN Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Benefits are primarily pay related
  • Floor-offset plan - Plan benefits are subject to offset for retirement benefits provided by an employer-sponsored defined contribution plan.
  • 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).
  • Plan covering Self-Employed individuals.
  • 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

NEW HOPE EYE CENTER has sponsored the creation of one or more 401k plans.

Company Name:NEW HOPE EYE CENTER
Employer identification number (EIN):270462847
NAIC Classification:621320
NAIC Description:Offices of Optometrists

Form 5500 Filing Information

Submission information for form 5500 for 401k plan NEW HOPE EYE CENTER PENSION PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0032019-01-01HYE SUNG CHUNG2019-11-12 HYE SUNG CHUNG2019-11-12
0032018-01-01HYE SUNG CHUNG2019-06-21 HYE SUNG CHUNG2019-06-21
0032017-01-01HYE SUNG CHUNG2018-06-08 HYE SUNG CHUNG2018-06-08
0032017-01-01HYE SUNG CHUNG2018-10-11 HYE SUNG CHUNG2018-10-11
0032016-01-01HAK SUNG CHUNG, MD2017-07-27 HAK SUNG CHUNG, MD2017-07-27
0032015-01-01HAK SUNG CHUNG2016-07-17 HAK SUNG CHUNG2016-07-17

Plan Statistics for NEW HOPE EYE CENTER PENSION PLAN

401k plan membership statisitcs for NEW HOPE EYE CENTER PENSION PLAN

Measure Date Value
2019: NEW HOPE EYE CENTER PENSION PLAN 2019 401k membership
Market value of plan assets2019-07-31786,444
Acturial value of plan assets2019-07-31786,444
Funding target for retired participants and beneficiaries receiving payment2019-07-310
Number of terminated vested participants2019-07-311
Fundng target for terminated vested participants2019-07-31169,502
Active participant vested funding target2019-07-31288,598
Number of active participants2019-07-316
Total funding liabilities for active participants2019-07-31288,598
Total participant count2019-07-317
Total funding target for all participants2019-07-31458,100
Balance at beginning of prior year after applicable adjustments2019-07-310
Prefunding balance at beginning of prior year after applicable adjustments2019-07-31320,589
Carryover balanced portion elected for use to offset prior years funding requirement2019-07-310
Prefunding balanced used to offset prior years funding requirement2019-07-3131,840
Amount remaining of carryover balance2019-07-310
Amount remaining of prefunding balance2019-07-31288,749
Present value of excess contributions2019-07-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2019-07-310
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2019-07-310
Reductions in caryover balances due to elections or deemed elections2019-07-310
Reductions in prefunding balances due to elections or deemed elections2019-07-310
Balance of carryovers at beginning of current year2019-07-310
Balance of prefunding at beginning of current year2019-07-31275,091
Contributions allocated toward unpaid minimum require contributions from prior years2019-07-310
Contributions made to avoid restrictions adjusted to valuation date2019-07-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2019-07-310
Unpaid minimum required contributions for all prior years2019-07-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2019-07-310
Remaining amount of unpaid minimum required contributions2019-07-310
Minimum required contributions for current year target normal cost2019-07-31197,586
Net shortfall amortization installment of oustanding balance2019-07-310
Waiver amortization installment2019-07-310
Total funding amount beforereflecting carryover/prefunding balances2019-07-31154,319
Prefunding balance elected to use to offset funding requirement2019-07-31154,319
Additional cash requirement2019-07-310
Contributions allocatedtoward minimum required contributions for current year2019-07-310
Unpaid minimum required contributions for current year2019-07-310
Unpaid minimum required contributions for all years2019-07-310
2018: NEW HOPE EYE CENTER PENSION PLAN 2018 401k membership
Market value of plan assets2018-12-31697,348
Acturial value of plan assets2018-12-31697,348
Funding target for retired participants and beneficiaries receiving payment2018-12-310
Number of terminated vested participants2018-12-311
Fundng target for terminated vested participants2018-12-31165,870
Active participant vested funding target2018-12-31196,250
Number of active participants2018-12-316
Total funding liabilities for active participants2018-12-31196,250
Total participant count2018-12-317
Total funding target for all participants2018-12-31362,120
Balance at beginning of prior year after applicable adjustments2018-12-310
Prefunding balance at beginning of prior year after applicable adjustments2018-12-31162,239
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 balance2018-12-310
Amount remaining of prefunding balance2018-12-31162,239
Present value of excess contributions2018-12-31148,956
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-12-31148,956
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2018-12-31148,956
Reductions in caryover balances due to elections or deemed elections2018-12-310
Reductions in prefunding balances due to elections or deemed elections2018-12-310
Balance of carryovers at beginning of current year2018-12-310
Balance of prefunding at beginning of current year2018-12-31320,589
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
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 cost2018-12-3130,445
Net shortfall amortization installment of oustanding balance2018-12-314,244
Waiver amortization installment2018-12-310
Total funding amount beforereflecting carryover/prefunding balances2018-12-3131,840
Prefunding balance elected to use to offset funding requirement2018-12-3131,840
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: NEW HOPE EYE CENTER PENSION PLAN 2017 401k membership
Market value of plan assets2017-12-31450,804
Acturial value of plan assets2017-12-31450,804
Funding target for retired participants and beneficiaries receiving payment2017-12-310
Number of terminated vested participants2017-12-311
Fundng target for terminated vested participants2017-12-31107,387
Active participant vested funding target2017-12-3167,780
Number of active participants2017-12-316
Total funding liabilities for active participants2017-12-31169,449
Total participant count2017-12-317
Total funding target for all participants2017-12-31276,836
Balance at beginning of prior year after applicable adjustments2017-12-310
Prefunding balance at beginning of prior year after applicable adjustments2017-12-3152,238
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 balance2017-12-310
Amount remaining of prefunding balance2017-12-3152,238
Present value of excess contributions2017-12-31107,896
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2017-12-31107,896
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2017-12-31107,896
Reductions in caryover balances due to elections or deemed elections2017-12-310
Reductions in prefunding balances due to elections or deemed elections2017-12-310
Balance of carryovers at beginning of current year2017-12-310
Balance of prefunding at beginning of current year2017-12-31162,239
Total employer contributions2017-12-3180,000
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 date2017-12-3180,356
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 cost2017-12-31124,527
Net shortfall amortization installment of oustanding balance2017-12-310
Waiver amortization installment2017-12-310
Total funding amount beforereflecting carryover/prefunding balances2017-12-31122,662
Prefunding balance elected to use to offset funding requirement2017-12-3142,306
Additional cash requirement2017-12-3180,356
Contributions allocatedtoward minimum required contributions for current year2017-12-3180,356
Unpaid minimum required contributions for current year2017-12-310
Unpaid minimum required contributions for all years2017-12-310
2016: NEW HOPE EYE CENTER PENSION PLAN 2016 401k membership
Market value of plan assets2016-12-31164,106
Acturial value of plan assets2016-12-31164,106
Funding target for retired participants and beneficiaries receiving payment2016-12-310
Number of terminated vested participants2016-12-310
Fundng target for terminated vested participants2016-12-310
Active participant vested funding target2016-12-3125,098
Number of active participants2016-12-317
Total funding liabilities for active participants2016-12-31125,490
Total participant count2016-12-317
Total funding target for all participants2016-12-31125,490
Balance at beginning of prior year after applicable adjustments2016-12-310
Prefunding balance at beginning of prior year after applicable adjustments2016-12-310
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 balance2016-12-310
Amount remaining of prefunding balance2016-12-310
Present value of excess contributions2016-12-3152,238
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2016-12-3152,238
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2016-12-3152,238
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 year2016-12-310
Balance of prefunding at beginning of current year2016-12-3152,238
Total employer contributions2016-12-31245,000
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 date2016-12-31236,919
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 cost2016-12-31126,230
Net shortfall amortization installment of oustanding balance2016-12-3116,903
Waiver amortization installment2016-12-310
Total funding amount beforereflecting carryover/prefunding balances2016-12-31129,023
Additional cash requirement2016-12-31129,023
Contributions allocatedtoward minimum required contributions for current year2016-12-31236,919
Unpaid minimum required contributions for current year2016-12-310
Unpaid minimum required contributions for all years2016-12-310

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