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RETIREMENT PLAN FOR THE UPPER PENINSULA STATE BAN 401k Plan overview

Plan NameRETIREMENT PLAN FOR THE UPPER PENINSULA STATE BAN
Plan identification number 001

RETIREMENT PLAN FOR THE UPPER PENINSULA STATE BAN 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).

401k Sponsoring company profile

UPPER PENINSULA STATE BANK has sponsored the creation of one or more 401k plans.

Company Name:UPPER PENINSULA STATE BANK
Employer identification number (EIN):381067360
NAIC Classification:522110
NAIC Description:Commercial Banking

Form 5500 Filing Information

Submission information for form 5500 for 401k plan RETIREMENT PLAN FOR THE UPPER PENINSULA STATE BAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012022-01-01SCOTT M. BEAUDRY2023-10-13
0012021-01-01SCOTT M. BEAUDRY2022-10-11
0012020-01-01SCOTT M. BEAUDRY2021-10-12
0012019-01-01SCOTT M. BEAUDRY2021-10-12
0012018-01-01SCOTT M. BEAUDRY2019-10-11
0012017-01-01SCOTT M. BEAUDRY2018-10-12
0012016-01-01SCOTT M. BEAUDRY2017-10-11
0012015-01-01SCOTT M. BEAUDRY2016-10-13
0012014-01-01SCOTT M. BEAUDRY2015-10-14
0012013-01-01SCOTT M. BEAUDRY2014-10-13
0012012-01-01SCOTT M. BEAUDRY2013-10-09
0012011-01-01SCOTT M. BEAUDRY2012-10-11
0012010-01-01SCOTT M. BEAUDRY2011-10-14

Plan Statistics for RETIREMENT PLAN FOR THE UPPER PENINSULA STATE BAN

401k plan membership statisitcs for RETIREMENT PLAN FOR THE UPPER PENINSULA STATE BAN

Measure Date Value
2022: RETIREMENT PLAN FOR THE UPPER PENINSULA STATE BAN 2022 401k membership
Market value of plan assets2022-12-3110,230,629
Acturial value of plan assets2022-12-319,659,376
Funding target for retired participants and beneficiaries receiving payment2022-12-311,958,706
Number of terminated vested participants2022-12-3122
Fundng target for terminated vested participants2022-12-311,134,864
Active participant vested funding target2022-12-313,162,657
Number of active participants2022-12-3140
Total funding liabilities for active participants2022-12-313,229,067
Total participant count2022-12-3180
Total funding target for all participants2022-12-316,322,637
Balance at beginning of prior year after applicable adjustments2022-12-310
Prefunding balance at beginning of prior year after applicable adjustments2022-12-311,237,790
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 balance2022-12-311,237,790
Present value of excess contributions2022-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2022-12-310
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 year2022-12-311,383,849
Total employer contributions2022-12-310
Total employee contributions2022-12-310
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 cost2022-12-31254,829
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: RETIREMENT PLAN FOR THE UPPER PENINSULA STATE BAN 2021 401k membership
Market value of plan assets2021-12-319,319,774
Acturial value of plan assets2021-12-318,597,186
Funding target for retired participants and beneficiaries receiving payment2021-12-311,595,850
Number of terminated vested participants2021-12-3121
Fundng target for terminated vested participants2021-12-311,015,408
Active participant vested funding target2021-12-313,124,968
Number of active participants2021-12-3141
Total funding liabilities for active participants2021-12-313,221,192
Total participant count2021-12-3177
Total funding target for all participants2021-12-315,832,450
Balance at beginning of prior year after applicable adjustments2021-12-310
Prefunding balance at beginning of prior year after applicable adjustments2021-12-311,088,263
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 balance2021-12-311,088,263
Present value of excess contributions2021-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-12-310
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 year2021-12-311,237,790
Total employer contributions2021-12-310
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 date2021-12-310
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 cost2021-12-31258,776
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 year2021-12-310
Unpaid minimum required contributions for current year2021-12-310
Unpaid minimum required contributions for all years2021-12-310
2020: RETIREMENT PLAN FOR THE UPPER PENINSULA STATE BAN 2020 401k membership
Market value of plan assets2020-12-318,379,005
Acturial value of plan assets2020-12-318,043,258
Funding target for retired participants and beneficiaries receiving payment2020-12-311,907,108
Number of terminated vested participants2020-12-3122
Fundng target for terminated vested participants2020-12-311,006,988
Active participant vested funding target2020-12-312,786,518
Number of active participants2020-12-3141
Total funding liabilities for active participants2020-12-312,859,081
Total participant count2020-12-3181
Total funding target for all participants2020-12-315,773,177
Balance at beginning of prior year after applicable adjustments2020-12-310
Prefunding balance at beginning of prior year after applicable adjustments2020-12-31919,996
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 balance2020-12-31919,996
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 year2020-12-311,088,263
Total employer contributions2020-12-310
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 date2020-12-310
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 cost2020-12-31234,290
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 year2020-12-310
Unpaid minimum required contributions for current year2020-12-310
Unpaid minimum required contributions for all years2020-12-310
2019: RETIREMENT PLAN FOR THE UPPER PENINSULA STATE BAN 2019 401k membership
Market value of plan assets2019-12-317,267,657
Acturial value of plan assets2019-12-317,626,209
Funding target for retired participants and beneficiaries receiving payment2019-12-311,921,972
Number of terminated vested participants2019-12-3120
Fundng target for terminated vested participants2019-12-31675,523
Active participant vested funding target2019-12-312,646,954
Number of active participants2019-12-3137
Total funding liabilities for active participants2019-12-312,706,595
Total participant count2019-12-3174
Total funding target for all participants2019-12-315,304,090
Balance at beginning of prior year after applicable adjustments2019-12-310
Prefunding balance at beginning of prior year after applicable adjustments2019-12-31966,585
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 balance2019-12-31966,585
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 year2019-12-31919,996
Total employer contributions2019-12-310
Total employee contributions2019-12-310
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 cost2019-12-31209,623
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: RETIREMENT PLAN FOR THE UPPER PENINSULA STATE BAN 2018 401k membership
Market value of plan assets2018-12-317,787,046
Acturial value of plan assets2018-12-317,541,218
Funding target for retired participants and beneficiaries receiving payment2018-12-311,960,100
Number of terminated vested participants2018-12-3118
Fundng target for terminated vested participants2018-12-31579,518
Active participant vested funding target2018-12-312,198,245
Number of active participants2018-12-3134
Total funding liabilities for active participants2018-12-312,236,377
Total participant count2018-12-3169
Total funding target for all participants2018-12-314,775,995
Balance at beginning of prior year after applicable adjustments2018-12-310
Prefunding balance at beginning of prior year after applicable adjustments2018-12-31845,952
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 balance2018-12-31845,952
Present value of excess contributions2018-12-311,798,361
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-12-311,906,802
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 year2018-12-31966,585
Total employer contributions2018-12-310
Total employee contributions2018-12-310
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 cost2018-12-31152,762
Net shortfall amortization installment of oustanding balance2018-12-310
Waiver amortization installment2018-12-310
Total funding amount beforereflecting carryover/prefunding balances2018-12-310
Carryover balance elected to use to offset funding requirement2018-12-310
Prefunding balance elected to use to offset funding requirement2018-12-310
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: RETIREMENT PLAN FOR THE UPPER PENINSULA STATE BAN 2017 401k membership
Market value of plan assets2017-12-315,279,974
Acturial value of plan assets2017-12-315,433,118
Funding target for retired participants and beneficiaries receiving payment2017-12-312,109,417
Number of terminated vested participants2017-12-3119
Fundng target for terminated vested participants2017-12-31493,456
Active participant vested funding target2017-12-311,830,281
Number of active participants2017-12-3136
Total funding liabilities for active participants2017-12-311,903,311
Total participant count2017-12-3173
Total funding target for all participants2017-12-314,506,184
Balance at beginning of prior year after applicable adjustments2017-12-310
Prefunding balance at beginning of prior year after applicable adjustments2017-12-31815,061
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 balance2017-12-31815,061
Present value of excess contributions2017-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2017-12-310
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 year2017-12-31845,952
Total employer contributions2017-12-312,000,000
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 date2017-12-311,860,713
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 cost2017-12-31143,334
Net shortfall amortization installment of oustanding balance2017-12-310
Waiver amortization installment2017-12-310
Total funding amount beforereflecting carryover/prefunding balances2017-12-3162,352
Carryover balance elected to use to offset funding requirement2017-12-310
Prefunding balance elected to use to offset funding requirement2017-12-310
Additional cash requirement2017-12-3162,352
Contributions allocatedtoward minimum required contributions for current year2017-12-311,860,713
Unpaid minimum required contributions for current year2017-12-310
Unpaid minimum required contributions for all years2017-12-310
2016: RETIREMENT PLAN FOR THE UPPER PENINSULA STATE BAN 2016 401k membership
Market value of plan assets2016-12-315,310,216
Acturial value of plan assets2016-12-315,435,844
Funding target for retired participants and beneficiaries receiving payment2016-12-312,028,013
Number of terminated vested participants2016-12-3118
Fundng target for terminated vested participants2016-12-31622,185
Active participant vested funding target2016-12-311,545,115
Number of active participants2016-12-3134
Total funding liabilities for active participants2016-12-311,611,245
Total participant count2016-12-3170
Total funding target for all participants2016-12-314,261,443
Balance at beginning of prior year after applicable adjustments2016-12-310
Prefunding balance at beginning of prior year after applicable adjustments2016-12-31801,279
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 balance2016-12-31801,279
Present value of excess contributions2016-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2016-12-310
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 year2016-12-31815,061
Total employer contributions2016-12-310
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 date2016-12-310
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 cost2016-12-31119,401
Net shortfall amortization installment of oustanding balance2016-12-310
Waiver amortization installment2016-12-310
Total funding amount beforereflecting carryover/prefunding balances2016-12-310
Carryover balance elected to use to offset funding requirement2016-12-310
Prefunding balance elected to use to offset funding requirement2016-12-310
Additional cash requirement2016-12-310
Contributions allocatedtoward minimum required contributions for current year2016-12-310
Unpaid minimum required contributions for current year2016-12-310
Unpaid minimum required contributions for all years2016-12-310

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