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BEST HOMETOWN BANK DEFINED BENEFIT PENSION PLAN 401k Plan overview

Plan NameBEST HOMETOWN BANK DEFINED BENEFIT PENSION PLAN
Plan identification number 002

BEST HOMETOWN BANK DEFINED BENEFIT PENSION PLAN Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Benefits are primarily pay related
  • 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).
  • 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

FIRST NATIONAL BANK OF WATERLOO has sponsored the creation of one or more 401k plans.

Company Name:FIRST NATIONAL BANK OF WATERLOO
Employer identification number (EIN):370573575
NAIC Classification:522120
NAIC Description:Savings Institutions

Form 5500 Filing Information

Submission information for form 5500 for 401k plan BEST HOMETOWN BANK DEFINED BENEFIT PENSION PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0022022-10-15RICK PARKS2024-01-24
0022021-10-15RICK PARKS2023-05-18
0022020-10-15RICK PARKS2022-12-20
0022019-10-15RICK PARKS2021-04-23

Plan Statistics for BEST HOMETOWN BANK DEFINED BENEFIT PENSION PLAN

401k plan membership statisitcs for BEST HOMETOWN BANK DEFINED BENEFIT PENSION PLAN

Measure Date Value
2023: BEST HOMETOWN BANK DEFINED BENEFIT PENSION PLAN 2023 401k membership
Market value of plan assets2023-10-141,166,123
Acturial value of plan assets2023-10-141,166,123
Funding target for retired participants and beneficiaries receiving payment2023-10-141,368,677
Number of terminated vested participants2023-10-140
Fundng target for terminated vested participants2023-10-140
Active participant vested funding target2023-10-14227,548
Number of active participants2023-10-142
Total funding liabilities for active participants2023-10-14227,548
Total participant count2023-10-144
Total funding target for all participants2023-10-141,596,225
Balance at beginning of prior year after applicable adjustments2023-10-140
Prefunding balance at beginning of prior year after applicable adjustments2023-10-140
Carryover balanced portion elected for use to offset prior years funding requirement2023-10-140
Prefunding balanced used to offset prior years funding requirement2023-10-140
Amount remaining of carryover balance2023-10-140
Amount remaining of prefunding balance2023-10-140
Present value of excess contributions2023-10-1451
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2023-10-1454
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2023-10-140
Reductions in caryover balances due to elections or deemed elections2023-10-140
Reductions in prefunding balances due to elections or deemed elections2023-10-140
Balance of carryovers at beginning of current year2023-10-140
Balance of prefunding at beginning of current year2023-10-140
Total employer contributions2023-10-14575,200
Total employee contributions2023-10-140
Contributions allocated toward unpaid minimum require contributions from prior years2023-10-140
Contributions made to avoid restrictions adjusted to valuation date2023-10-140
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2023-10-14556,065
Unpaid minimum required contributions for all prior years2023-10-140
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2023-10-140
Remaining amount of unpaid minimum required contributions2023-10-140
Minimum required contributions for current year target normal cost2023-10-140
Net shortfall amortization installment of oustanding balance2023-10-14430,102
Waiver amortization installment2023-10-140
Total funding amount beforereflecting carryover/prefunding balances2023-10-1439,746
Carryover balance elected to use to offset funding requirement2023-10-140
Prefunding balance elected to use to offset funding requirement2023-10-140
Additional cash requirement2023-10-1439,746
Contributions allocatedtoward minimum required contributions for current year2023-10-14556,065
Unpaid minimum required contributions for current year2023-10-140
Unpaid minimum required contributions for all years2023-10-140
2022: BEST HOMETOWN BANK DEFINED BENEFIT PENSION PLAN 2022 401k membership
Market value of plan assets2022-10-141,599,822
Acturial value of plan assets2022-10-141,599,822
Funding target for retired participants and beneficiaries receiving payment2022-10-141,403,183
Number of terminated vested participants2022-10-140
Fundng target for terminated vested participants2022-10-140
Active participant vested funding target2022-10-14206,500
Number of active participants2022-10-142
Total funding liabilities for active participants2022-10-14206,500
Total participant count2022-10-144
Total funding target for all participants2022-10-141,609,683
Balance at beginning of prior year after applicable adjustments2022-10-140
Prefunding balance at beginning of prior year after applicable adjustments2022-10-140
Carryover balanced portion elected for use to offset prior years funding requirement2022-10-140
Prefunding balanced used to offset prior years funding requirement2022-10-140
Amount remaining of carryover balance2022-10-140
Amount remaining of prefunding balance2022-10-140
Present value of excess contributions2022-10-14180
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2022-10-14190
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2022-10-140
Reductions in caryover balances due to elections or deemed elections2022-10-140
Reductions in prefunding balances due to elections or deemed elections2022-10-140
Balance of carryovers at beginning of current year2022-10-140
Balance of prefunding at beginning of current year2022-10-140
Total employer contributions2022-10-143,716
Total employee contributions2022-10-140
Contributions allocated toward unpaid minimum require contributions from prior years2022-10-140
Contributions made to avoid restrictions adjusted to valuation date2022-10-140
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2022-10-143,323
Unpaid minimum required contributions for all prior years2022-10-140
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2022-10-140
Remaining amount of unpaid minimum required contributions2022-10-140
Minimum required contributions for current year target normal cost2022-10-140
Net shortfall amortization installment of oustanding balance2022-10-149,861
Waiver amortization installment2022-10-140
Total funding amount beforereflecting carryover/prefunding balances2022-10-143,272
Carryover balance elected to use to offset funding requirement2022-10-140
Prefunding balance elected to use to offset funding requirement2022-10-140
Additional cash requirement2022-10-143,272
Contributions allocatedtoward minimum required contributions for current year2022-10-143,323
Unpaid minimum required contributions for current year2022-10-140
Unpaid minimum required contributions for all years2022-10-140
2021: BEST HOMETOWN BANK DEFINED BENEFIT PENSION PLAN 2021 401k membership
Market value of plan assets2021-10-141,576,123
Acturial value of plan assets2021-10-141,576,123
Funding target for retired participants and beneficiaries receiving payment2021-10-141,470,362
Number of terminated vested participants2021-10-140
Fundng target for terminated vested participants2021-10-140
Active participant vested funding target2021-10-14188,577
Number of active participants2021-10-142
Total funding liabilities for active participants2021-10-14188,577
Total participant count2021-10-144
Total funding target for all participants2021-10-141,658,939
Balance at beginning of prior year after applicable adjustments2021-10-140
Prefunding balance at beginning of prior year after applicable adjustments2021-10-140
Carryover balanced portion elected for use to offset prior years funding requirement2021-10-140
Prefunding balanced used to offset prior years funding requirement2021-10-140
Amount remaining of carryover balance2021-10-140
Amount remaining of prefunding balance2021-10-140
Present value of excess contributions2021-10-140
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-10-140
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2021-10-140
Reductions in caryover balances due to elections or deemed elections2021-10-140
Reductions in prefunding balances due to elections or deemed elections2021-10-140
Balance of carryovers at beginning of current year2021-10-140
Balance of prefunding at beginning of current year2021-10-140
Total employer contributions2021-10-1414,984
Total employee contributions2021-10-140
Contributions allocated toward unpaid minimum require contributions from prior years2021-10-140
Contributions made to avoid restrictions adjusted to valuation date2021-10-140
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2021-10-1413,853
Unpaid minimum required contributions for all prior years2021-10-140
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2021-10-140
Remaining amount of unpaid minimum required contributions2021-10-140
Minimum required contributions for current year target normal cost2021-10-140
Net shortfall amortization installment of oustanding balance2021-10-1482,816
Waiver amortization installment2021-10-140
Total funding amount beforereflecting carryover/prefunding balances2021-10-1413,673
Carryover balance elected to use to offset funding requirement2021-10-140
Prefunding balance elected to use to offset funding requirement2021-10-140
Additional cash requirement2021-10-1413,673
Contributions allocatedtoward minimum required contributions for current year2021-10-1413,853
Unpaid minimum required contributions for current year2021-10-140
Unpaid minimum required contributions for all years2021-10-140
2020: BEST HOMETOWN BANK DEFINED BENEFIT PENSION PLAN 2020 401k membership
Market value of plan assets2020-10-141,982,503
Acturial value of plan assets2020-10-141,982,503
Funding target for retired participants and beneficiaries receiving payment2020-10-141,565,889
Number of terminated vested participants2020-10-141
Fundng target for terminated vested participants2020-10-14101,063
Active participant vested funding target2020-10-14270,238
Number of active participants2020-10-143
Total funding liabilities for active participants2020-10-14270,238
Total participant count2020-10-146
Total funding target for all participants2020-10-141,937,190
Balance at beginning of prior year after applicable adjustments2020-10-140
Prefunding balance at beginning of prior year after applicable adjustments2020-10-140
Carryover balanced portion elected for use to offset prior years funding requirement2020-10-140
Prefunding balanced used to offset prior years funding requirement2020-10-140
Amount remaining of carryover balance2020-10-140
Amount remaining of prefunding balance2020-10-140
Present value of excess contributions2020-10-140
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-10-140
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2020-10-140
Reductions in caryover balances due to elections or deemed elections2020-10-140
Reductions in prefunding balances due to elections or deemed elections2020-10-140
Balance of carryovers at beginning of current year2020-10-140
Balance of prefunding at beginning of current year2020-10-140
Total employer contributions2020-10-140
Total employee contributions2020-10-140
Contributions allocated toward unpaid minimum require contributions from prior years2020-10-140
Contributions made to avoid restrictions adjusted to valuation date2020-10-140
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2020-10-140
Unpaid minimum required contributions for all prior years2020-10-140
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2020-10-140
Remaining amount of unpaid minimum required contributions2020-10-140
Minimum required contributions for current year target normal cost2020-10-140
Net shortfall amortization installment of oustanding balance2020-10-140
Waiver amortization installment2020-10-140
Total funding amount beforereflecting carryover/prefunding balances2020-10-140
Carryover balance elected to use to offset funding requirement2020-10-140
Prefunding balance elected to use to offset funding requirement2020-10-140
Additional cash requirement2020-10-140
Contributions allocatedtoward minimum required contributions for current year2020-10-140
Unpaid minimum required contributions for current year2020-10-140
Unpaid minimum required contributions for all years2020-10-140

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