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THE FIRST MEDICAL CENTER, INC. CASH BALANCE PLAN 401k Plan overview

Plan NameTHE FIRST MEDICAL CENTER, INC. CASH BALANCE PLAN
Plan identification number 002

THE FIRST MEDICAL CENTER, INC. CASH BALANCE PLAN Benefits

401k Plan TypeDefined 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).

401k Sponsoring company profile

THE FIRST MEDICAL CENTER, INC. has sponsored the creation of one or more 401k plans.

Company Name:THE FIRST MEDICAL CENTER, INC.
Employer identification number (EIN):330791088
NAIC Classification:621111
NAIC Description:Offices of Physicians (except Mental Health Specialists)

Form 5500 Filing Information

Submission information for form 5500 for 401k plan THE FIRST MEDICAL CENTER, INC. CASH BALANCE PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0022022-01-01JAESOO PAK2023-10-16
0022021-01-01JAESOO PAK2022-10-15
0022020-01-01JAESOO PAK2021-10-04
0022019-01-01JAESOO PAK2020-10-15
0022018-01-01JAESOO PAK2019-10-14
0022017-01-01JAESOO PAK2018-10-15
0022016-01-01JAESOO PAK2017-10-16
0022015-01-01JAESOO PAK2016-10-15
0022014-01-01JAESOO PAK2015-10-09
0022013-01-01JAESOO PAK2014-10-13
0022012-01-01JAESOO PAK2013-10-02
0022011-01-01JAESOO PAK2012-10-11

Plan Statistics for THE FIRST MEDICAL CENTER, INC. CASH BALANCE PLAN

401k plan membership statisitcs for THE FIRST MEDICAL CENTER, INC. CASH BALANCE PLAN

Measure Date Value
2022: THE FIRST MEDICAL CENTER, INC. CASH BALANCE PLAN 2022 401k membership
Market value of plan assets2022-12-312,465,927
Acturial value of plan assets2022-12-312,465,927
Funding target for retired participants and beneficiaries receiving payment2022-12-310
Number of terminated vested participants2022-12-319
Fundng target for terminated vested participants2022-12-3182,034
Active participant vested funding target2022-12-312,104,732
Number of active participants2022-12-3111
Total funding liabilities for active participants2022-12-312,106,652
Total participant count2022-12-3120
Total funding target for all participants2022-12-312,188,686
Balance at beginning of prior year after applicable adjustments2022-12-310
Prefunding balance at beginning of prior year after applicable adjustments2022-12-310
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 balance2022-12-310
Present value of excess contributions2022-12-31288,354
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2022-12-31288,354
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 year2022-12-310
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 cost2022-12-31130,104
Net shortfall amortization installment of oustanding balance2022-12-310
Waiver amortization installment2022-12-310
Total funding amount beforereflecting carryover/prefunding balances2022-12-310
Carryover balance elected to use to offset funding requirement2022-12-310
Prefunding balance elected to use to offset funding requirement2022-12-310
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 FIRST MEDICAL CENTER, INC. CASH BALANCE PLAN 2021 401k membership
Market value of plan assets2021-12-312,524,905
Acturial value of plan assets2021-12-312,524,905
Funding target for retired participants and beneficiaries receiving payment2021-12-310
Number of terminated vested participants2021-12-317
Fundng target for terminated vested participants2021-12-3162,556
Active participant vested funding target2021-12-311,856,847
Number of active participants2021-12-3114
Total funding liabilities for active participants2021-12-311,856,847
Total participant count2021-12-3121
Total funding target for all participants2021-12-311,919,403
Balance at beginning of prior year after applicable adjustments2021-12-310
Prefunding balance at beginning of prior year after applicable adjustments2021-12-310
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 balance2021-12-310
Present value of excess contributions2021-12-31288,709
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-12-31288,709
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 year2021-12-310
Total employer contributions2021-12-31300,000
Total employee contributions2021-12-310
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 date2021-12-31288,354
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 cost2021-12-3184,697
Net shortfall amortization installment of oustanding balance2021-12-310
Waiver amortization installment2021-12-310
Total funding amount beforereflecting carryover/prefunding balances2021-12-310
Carryover balance elected to use to offset funding requirement2021-12-310
Prefunding balance elected to use to offset funding requirement2021-12-310
Additional cash requirement2021-12-310
Contributions allocatedtoward minimum required contributions for current year2021-12-31288,354
Unpaid minimum required contributions for current year2021-12-310
Unpaid minimum required contributions for all years2021-12-310
2020: THE FIRST MEDICAL CENTER, INC. CASH BALANCE PLAN 2020 401k membership
Market value of plan assets2020-12-312,057,648
Acturial value of plan assets2020-12-312,057,648
Funding target for retired participants and beneficiaries receiving payment2020-12-310
Number of terminated vested participants2020-12-316
Fundng target for terminated vested participants2020-12-3156,608
Active participant vested funding target2020-12-311,751,721
Number of active participants2020-12-3114
Total funding liabilities for active participants2020-12-311,751,721
Total participant count2020-12-3120
Total funding target for all participants2020-12-311,808,329
Balance at beginning of prior year after applicable adjustments2020-12-310
Prefunding balance at beginning of prior year after applicable adjustments2020-12-310
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 balance2020-12-310
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 year2020-12-310
Total employer contributions2020-12-31300,000
Total employee contributions2020-12-310
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 date2020-12-31288,709
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 cost2020-12-3152,751
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 year2020-12-31288,709
Unpaid minimum required contributions for current year2020-12-310
Unpaid minimum required contributions for all years2020-12-310
2019: THE FIRST MEDICAL CENTER, INC. CASH BALANCE PLAN 2019 401k membership
Market value of plan assets2019-12-311,891,989
Acturial value of plan assets2019-12-311,891,989
Funding target for retired participants and beneficiaries receiving payment2019-12-310
Number of terminated vested participants2019-12-316
Fundng target for terminated vested participants2019-12-3151,166
Active participant vested funding target2019-12-311,443,777
Number of active participants2019-12-3112
Total funding liabilities for active participants2019-12-311,443,777
Total participant count2019-12-3118
Total funding target for all participants2019-12-311,494,943
Balance at beginning of prior year after applicable adjustments2019-12-310
Prefunding balance at beginning of prior year after applicable adjustments2019-12-310
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 balance2019-12-310
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 year2019-12-310
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
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 cost2019-12-31164,353
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 FIRST MEDICAL CENTER, INC. CASH BALANCE PLAN 2018 401k membership
Market value of plan assets2018-12-311,655,289
Acturial value of plan assets2018-12-311,655,289
Funding target for retired participants and beneficiaries receiving payment2018-12-310
Number of terminated vested participants2018-12-316
Fundng target for terminated vested participants2018-12-3137,584
Active participant vested funding target2018-12-311,147,646
Number of active participants2018-12-3112
Total funding liabilities for active participants2018-12-311,147,646
Total participant count2018-12-3118
Total funding target for all participants2018-12-311,185,230
Balance at beginning of prior year after applicable adjustments2018-12-310
Prefunding balance at beginning of prior year after applicable adjustments2018-12-310
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 balance2018-12-310
Present value of excess contributions2018-12-31268,464
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-12-31268,464
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2018-12-310
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 year2018-12-310
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 cost2018-12-31179,791
Net shortfall amortization installment of oustanding balance2018-12-310
Waiver amortization installment2018-12-310
Total funding amount beforereflecting carryover/prefunding balances2018-12-310
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 FIRST MEDICAL CENTER, INC. CASH BALANCE PLAN 2017 401k membership
Market value of plan assets2017-12-311,445,446
Acturial value of plan assets2017-12-311,445,446
Funding target for retired participants and beneficiaries receiving payment2017-12-310
Number of terminated vested participants2017-12-316
Fundng target for terminated vested participants2017-12-3144,503
Active participant vested funding target2017-12-31884,963
Number of active participants2017-12-3114
Total funding liabilities for active participants2017-12-31884,963
Total participant count2017-12-3120
Total funding target for all participants2017-12-31929,466
Balance at beginning of prior year after applicable adjustments2017-12-310
Prefunding balance at beginning of prior year after applicable adjustments2017-12-310
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 balance2017-12-310
Present value of excess contributions2017-12-31268,021
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2017-12-31268,021
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2017-12-310
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 year2017-12-310
Total employer contributions2017-12-31280,000
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 date2017-12-31268,464
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 cost2017-12-31144,124
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 year2017-12-31268,464
Unpaid minimum required contributions for current year2017-12-310
Unpaid minimum required contributions for all years2017-12-310
2016: THE FIRST MEDICAL CENTER, INC. CASH BALANCE PLAN 2016 401k membership
Market value of plan assets2016-12-311,073,536
Acturial value of plan assets2016-12-311,073,536
Funding target for retired participants and beneficiaries receiving payment2016-12-310
Number of terminated vested participants2016-12-316
Fundng target for terminated vested participants2016-12-3138,204
Active participant vested funding target2016-12-31674,014
Number of active participants2016-12-3110
Total funding liabilities for active participants2016-12-31674,014
Total participant count2016-12-3116
Total funding target for all participants2016-12-31712,218
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 contributions2016-12-31191,202
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2016-12-31191,202
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2016-12-310
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 year2016-12-310
Total employer contributions2016-12-31280,000
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 date2016-12-31268,021
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 cost2016-12-31127,984
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
Additional cash requirement2016-12-310
Contributions allocatedtoward minimum required contributions for current year2016-12-31268,021
Unpaid minimum required contributions for current year2016-12-310
Unpaid minimum required contributions for all years2016-12-310

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