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RETIREMENT PLAN FOR EMPLOYEES OF BFG FEDERAL CREDIT UNION 401k Plan overview

Plan NameRETIREMENT PLAN FOR EMPLOYEES OF BFG FEDERAL CREDIT UNION
Plan identification number 001

RETIREMENT PLAN FOR EMPLOYEES OF BFG FEDERAL CREDIT UNION Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Benefits are primarily pay related
  • Covered by PBGC - Plan is covered under the PBGC insurance program (see ERISA section 4021).
  • 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).
  • 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.
  • 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

BFG FEDERAL CREDIT UNION has sponsored the creation of one or more 401k plans.

Company Name:BFG FEDERAL CREDIT UNION
Employer identification number (EIN):340714303
NAIC Classification:522130
NAIC Description:Credit Unions

Form 5500 Filing Information

Submission information for form 5500 for 401k plan RETIREMENT PLAN FOR EMPLOYEES OF BFG FEDERAL CREDIT UNION

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012021-08-01CHERYL J. FOSTER2023-04-25
0012021-01-01CHERYL J. FOSTER2022-05-25
0012020-08-01CHERYL J. FOSTER2022-05-09
0012019-08-01CHERYL J. FOSTER2021-05-07
0012018-08-01CHERYL J. FOSTER2020-05-12
0012017-08-01CHERYL J. FOSTER2019-05-09 CHERYL J. FOSTER2019-05-09
0012016-08-01CHERYL J. FOSTER2018-05-08 CHERYL J. FOSTER2018-05-08
0012015-08-01CHERYL J. FOSTER2017-05-01 CHERYL J. FOSTER2017-05-01
0012014-08-01CHERYL J. FOSTER2016-05-09 CHERYL J. FOSTER2016-05-09
0012013-08-01CHERYL J. FOSTER2015-05-05 CHERYL J. FOSTER2015-05-05
0012012-08-01CHERYL J. FOSTER2014-02-26 CHERYL J. FOSTER2014-02-26
0012011-08-01CHERYL J. FOSTER2013-10-16 CHERYL J. FOSTER2013-10-16
0012010-08-01CHERYL J. FOSTER2012-02-21 CHERYL J. FOSTER2012-02-21

Plan Statistics for RETIREMENT PLAN FOR EMPLOYEES OF BFG FEDERAL CREDIT UNION

401k plan membership statisitcs for RETIREMENT PLAN FOR EMPLOYEES OF BFG FEDERAL CREDIT UNION

Measure Date Value
2022: RETIREMENT PLAN FOR EMPLOYEES OF BFG FEDERAL CREDIT UNION 2022 401k membership
Market value of plan assets2022-07-3114,072,318
Acturial value of plan assets2022-07-3114,072,318
Funding target for retired participants and beneficiaries receiving payment2022-07-314,935,759
Number of terminated vested participants2022-07-3116
Fundng target for terminated vested participants2022-07-311,104,345
Active participant vested funding target2022-07-312,622,614
Number of active participants2022-07-3119
Total funding liabilities for active participants2022-07-312,658,813
Total participant count2022-07-3176
Total funding target for all participants2022-07-318,698,917
Balance at beginning of prior year after applicable adjustments2022-07-310
Prefunding balance at beginning of prior year after applicable adjustments2022-07-31110,226
Amount remaining of carryover balance2022-07-310
Amount remaining of prefunding balance2022-07-31110,226
Present value of excess contributions2022-07-312,254,051
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2022-07-312,374,960
Balance of carryovers at beginning of current year2022-07-310
Balance of prefunding at beginning of current year2022-07-31114,690
Total employer contributions2022-07-31324,000
Total employee contributions2022-07-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2022-07-31316,882
Unpaid minimum required contributions for all prior years2022-07-310
Remaining amount of unpaid minimum required contributions2022-07-310
Minimum required contributions for current year target normal cost2022-07-313,246
Net shortfall amortization installment of oustanding balance2022-07-310
Waiver amortization installment2022-07-310
Total funding amount beforereflecting carryover/prefunding balances2022-07-310
Carryover balance elected to use to offset funding requirement2022-07-310
Prefunding balance elected to use to offset funding requirement2022-07-310
Additional cash requirement2022-07-310
Contributions allocatedtoward minimum required contributions for current year2022-07-31316,882
Unpaid minimum required contributions for current year2022-07-310
Unpaid minimum required contributions for all years2022-07-310
2021: RETIREMENT PLAN FOR EMPLOYEES OF BFG FEDERAL CREDIT UNION 2021 401k membership
Market value of plan assets2021-07-3111,806,960
Acturial value of plan assets2021-07-3111,806,960
Funding target for retired participants and beneficiaries receiving payment2021-07-313,197,726
Number of terminated vested participants2021-07-3114
Fundng target for terminated vested participants2021-07-31944,659
Active participant vested funding target2021-07-314,784,223
Number of active participants2021-07-3122
Total funding liabilities for active participants2021-07-314,784,223
Total participant count2021-07-3177
Total funding target for all participants2021-07-318,926,608
Balance at beginning of prior year after applicable adjustments2021-07-310
Prefunding balance at beginning of prior year after applicable adjustments2021-07-31109,863
Carryover balanced portion elected for use to offset prior years funding requirement2021-07-310
Prefunding balanced used to offset prior years funding requirement2021-07-310
Amount remaining of carryover balance2021-07-310
Amount remaining of prefunding balance2021-07-31109,863
Present value of excess contributions2021-07-31316,125
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-07-31333,575
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2021-07-310
Reductions in caryover balances due to elections or deemed elections2021-07-310
Reductions in prefunding balances due to elections or deemed elections2021-07-310
Balance of carryovers at beginning of current year2021-07-310
Balance of prefunding at beginning of current year2021-07-31110,226
Total employer contributions2021-07-312,324,000
Total employee contributions2021-07-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2021-07-312,254,051
Unpaid minimum required contributions for all prior years2021-07-310
Remaining amount of unpaid minimum required contributions2021-07-310
Minimum required contributions for current year target normal cost2021-07-313,343
Net shortfall amortization installment of oustanding balance2021-07-310
Waiver amortization installment2021-07-310
Total funding amount beforereflecting carryover/prefunding balances2021-07-310
Additional cash requirement2021-07-310
Contributions allocatedtoward minimum required contributions for current year2021-07-312,254,051
Unpaid minimum required contributions for current year2021-07-310
Unpaid minimum required contributions for all years2021-07-310
2020: RETIREMENT PLAN FOR EMPLOYEES OF BFG FEDERAL CREDIT UNION 2020 401k membership
Market value of plan assets2020-07-3111,975,233
Acturial value of plan assets2020-07-3111,975,233
Funding target for retired participants and beneficiaries receiving payment2020-07-314,912,578
Number of terminated vested participants2020-07-3114
Fundng target for terminated vested participants2020-07-31866,439
Active participant vested funding target2020-07-312,979,655
Number of active participants2020-07-3122
Total funding liabilities for active participants2020-07-313,026,272
Total participant count2020-07-3178
Total funding target for all participants2020-07-318,805,289
Balance at beginning of prior year after applicable adjustments2020-07-310
Prefunding balance at beginning of prior year after applicable adjustments2020-07-31105,994
Carryover balanced portion elected for use to offset prior years funding requirement2020-07-310
Prefunding balanced used to offset prior years funding requirement2020-07-310
Amount remaining of carryover balance2020-07-310
Amount remaining of prefunding balance2020-07-31105,994
Present value of excess contributions2020-07-31315,602
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-07-31333,607
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2020-07-310
Balance of carryovers at beginning of current year2020-07-310
Balance of prefunding at beginning of current year2020-07-31109,863
Total employer contributions2020-07-31324,000
Total employee contributions2020-07-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2020-07-31316,125
Unpaid minimum required contributions for all prior years2020-07-310
Remaining amount of unpaid minimum required contributions2020-07-310
Minimum required contributions for current year target normal cost2020-07-313,747
Net shortfall amortization installment of oustanding balance2020-07-310
Waiver amortization installment2020-07-310
Total funding amount beforereflecting carryover/prefunding balances2020-07-310
Additional cash requirement2020-07-310
Contributions allocatedtoward minimum required contributions for current year2020-07-31316,125
Unpaid minimum required contributions for current year2020-07-310
Unpaid minimum required contributions for all years2020-07-310
2019: RETIREMENT PLAN FOR EMPLOYEES OF BFG FEDERAL CREDIT UNION 2019 401k membership
Market value of plan assets2019-07-3111,749,212
Acturial value of plan assets2019-07-3111,749,212
Funding target for retired participants and beneficiaries receiving payment2019-07-314,321,147
Number of terminated vested participants2019-07-3113
Fundng target for terminated vested participants2019-07-31791,538
Active participant vested funding target2019-07-313,440,803
Number of active participants2019-07-3125
Total funding liabilities for active participants2019-07-313,483,205
Total participant count2019-07-3178
Total funding target for all participants2019-07-318,595,890
Balance at beginning of prior year after applicable adjustments2019-07-310
Prefunding balance at beginning of prior year after applicable adjustments2019-07-31102,997
Carryover balanced portion elected for use to offset prior years funding requirement2019-07-310
Prefunding balanced used to offset prior years funding requirement2019-07-310
Amount remaining of carryover balance2019-07-310
Amount remaining of prefunding balance2019-07-31102,997
Present value of excess contributions2019-07-31315,578
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2019-07-31315,578
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2019-07-310
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 year2019-07-31105,994
Total employer contributions2019-07-31324,000
Total employee contributions2019-07-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2019-07-31315,602
Unpaid minimum required contributions for all prior years2019-07-310
Remaining amount of unpaid minimum required contributions2019-07-310
Minimum required contributions for current year target normal cost2019-07-316,894
Net shortfall amortization installment of oustanding balance2019-07-310
Waiver amortization installment2019-07-310
Total funding amount beforereflecting carryover/prefunding balances2019-07-310
Carryover balance elected to use to offset funding requirement2019-07-310
Prefunding balance elected to use to offset funding requirement2019-07-310
Additional cash requirement2019-07-310
Contributions allocatedtoward minimum required contributions for current year2019-07-31315,602
Unpaid minimum required contributions for current year2019-07-310
Unpaid minimum required contributions for all years2019-07-310
2018: RETIREMENT PLAN FOR EMPLOYEES OF BFG FEDERAL CREDIT UNION 2018 401k membership
Market value of plan assets2018-07-3111,801,442
Acturial value of plan assets2018-07-3111,801,442
Funding target for retired participants and beneficiaries receiving payment2018-07-313,726,454
Number of terminated vested participants2018-07-3129
Fundng target for terminated vested participants2018-07-311,072,236
Active participant vested funding target2018-07-313,392,934
Number of active participants2018-07-3128
Total funding liabilities for active participants2018-07-313,439,305
Total participant count2018-07-3194
Total funding target for all participants2018-07-318,237,995
Balance at beginning of prior year after applicable adjustments2018-07-310
Prefunding balance at beginning of prior year after applicable adjustments2018-07-31100,036
Amount remaining of carryover balance2018-07-310
Amount remaining of prefunding balance2018-07-31100,036
Present value of excess contributions2018-07-31315,289
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-07-31334,624
Balance of carryovers at beginning of current year2018-07-310
Balance of prefunding at beginning of current year2018-07-31102,997
Total employer contributions2018-07-31324,000
Total employee contributions2018-07-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2018-07-31315,578
Unpaid minimum required contributions for all prior years2018-07-310
Remaining amount of unpaid minimum required contributions2018-07-310
Minimum required contributions for current year target normal cost2018-07-314,805
Net shortfall amortization installment of oustanding balance2018-07-310
Waiver amortization installment2018-07-310
Total funding amount beforereflecting carryover/prefunding balances2018-07-310
Carryover balance elected to use to offset funding requirement2018-07-310
Prefunding balance elected to use to offset funding requirement2018-07-310
Additional cash requirement2018-07-310
Contributions allocatedtoward minimum required contributions for current year2018-07-31315,578
Unpaid minimum required contributions for current year2018-07-310
Unpaid minimum required contributions for all years2018-07-310
2017: RETIREMENT PLAN FOR EMPLOYEES OF BFG FEDERAL CREDIT UNION 2017 401k membership
Market value of plan assets2017-07-3111,532,378
Acturial value of plan assets2017-07-3111,532,378
Funding target for retired participants and beneficiaries receiving payment2017-07-313,042,304
Number of terminated vested participants2017-07-3133
Fundng target for terminated vested participants2017-07-311,219,704
Active participant vested funding target2017-07-313,621,521
Number of active participants2017-07-3131
Total funding liabilities for active participants2017-07-313,663,129
Total participant count2017-07-3195
Total funding target for all participants2017-07-317,925,137
Balance at beginning of prior year after applicable adjustments2017-07-310
Prefunding balance at beginning of prior year after applicable adjustments2017-07-3197,075
Amount remaining of carryover balance2017-07-310
Amount remaining of prefunding balance2017-07-3197,075
Present value of excess contributions2017-07-31315,040
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2017-07-31669,902
Balance of carryovers at beginning of current year2017-07-310
Balance of prefunding at beginning of current year2017-07-31100,036
Total employer contributions2017-07-31324,000
Total employee contributions2017-07-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2017-07-31315,289
Remaining amount of unpaid minimum required contributions2017-07-310
Minimum required contributions for current year target normal cost2017-07-313,775
Net shortfall amortization installment of oustanding balance2017-07-310
Total funding amount beforereflecting carryover/prefunding balances2017-07-310
Additional cash requirement2017-07-310
Contributions allocatedtoward minimum required contributions for current year2017-07-31315,289
Unpaid minimum required contributions for current year2017-07-310
Unpaid minimum required contributions for all years2017-07-310

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