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STATE BANK OF PARK RAPIDS 401K PLAN 401k Plan overview

Plan NameSTATE BANK OF PARK RAPIDS 401K PLAN
Plan identification number 001

STATE BANK OF PARK RAPIDS 401K PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • 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.
  • 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

STATE BANK OF PARK RAPIDS has sponsored the creation of one or more 401k plans.

Company Name:STATE BANK OF PARK RAPIDS
Employer identification number (EIN):410557290
NAIC Classification:522110
NAIC Description:Commercial Banking

Form 5500 Filing Information

Submission information for form 5500 for 401k plan STATE BANK OF PARK RAPIDS 401K PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012015-01-01SUSANNE SMYTHE2016-01-16 SUSANNE SMYTHE2016-01-16
0012014-01-01SUSANNE SMYTHE2015-02-12 SUSANNE SMYTHE2015-02-12
0012013-01-01SUSANNE SMYTHE2014-02-11 SUSANNE SMYTHE2014-02-11
0012012-01-01SUSANNE SMYTHE2013-02-04
0012011-01-01SUSANNE SMYTHE2012-02-06
0012009-01-01SUSANNE SMYTHE

Plan Statistics for STATE BANK OF PARK RAPIDS 401K PLAN

401k plan membership statisitcs for STATE BANK OF PARK RAPIDS 401K PLAN

Measure Date Value
2009: STATE BANK OF PARK RAPIDS 401K PLAN 2009 401k membership
Total participants, beginning-of-year2009-01-0135
Total number of active participants reported on line 7a of the Form 55002009-01-0127
Number of retired or separated participants receiving benefits2009-01-010
Number of other retired or separated participants entitled to future benefits2009-01-013
Total of all active and inactive participants2009-01-0130
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2009-01-010
Total participants2009-01-0130
Number of participants with account balances2009-01-0125
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2009-01-011

Financial Data on STATE BANK OF PARK RAPIDS 401K PLAN

Measure Date Value
2010 : STATE BANK OF PARK RAPIDS 401K PLAN 2010 401k financial data
Total plan liabilities at beginning of year2010-12-31$0
Total income from all sources2010-12-31$158,234
Expenses. Total of all expenses incurred2010-12-31$315,805
Benefits paid (including direct rollovers)2010-12-31$315,805
Total plan assets at end of year2010-12-31$904,503
Total plan assets at beginning of year2010-12-31$1,062,074
Value of fidelity bond covering the plan2010-12-31$1,000,000
Total contributions received or receivable from participants2010-12-31$70,382
Other income received2010-12-31$87,852
Net income (gross income less expenses)2010-12-31$-157,571
Net plan assets at end of year (total assets less liabilities)2010-12-31$904,503
Net plan assets at beginning of year (total assets less liabilities)2010-12-31$1,062,074
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2010-12-31$0
2009 : STATE BANK OF PARK RAPIDS 401K PLAN 2009 401k financial data
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2009-12-31$0

Form 5500 Responses for STATE BANK OF PARK RAPIDS 401K PLAN

2009: STATE BANK OF PARK RAPIDS 401K PLAN 2009 form 5500 responses
2009-01-01Type of plan entitySingle employer plan
2009-01-01Submission has been amendedNo
2009-01-01This submission is the final filingNo
2009-01-01This return/report is a short plan year return/report (less than 12 months)No
2009-01-01Plan is a collectively bargained planNo
2009-01-01Plan funding arrangement – InsuranceYes
2009-01-01Plan funding arrangement – TrustYes
2009-01-01Plan benefit arrangement – InsuranceYes
2009-01-01Plan benefit arrangement - TrustYes

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