BANK OF SALEM has sponsored the creation of one or more 401k plans.
| Measure | Date | Value |
|---|
| 2023: BANK OF SALEM PENSION TRUST 2023 401k membership |
|---|
| Market value of plan assets | 2023-08-31 | 2,036,403 |
| Acturial value of plan assets | 2023-08-31 | 2,036,403 |
| Funding target for retired participants and beneficiaries receiving payment | 2023-08-31 | 767,348 |
| Number of terminated vested participants | 2023-08-31 | 5 |
| Fundng target for terminated vested participants | 2023-08-31 | 37,516 |
| Active participant vested funding target | 2023-08-31 | 902,021 |
| Number of active participants | 2023-08-31 | 21 |
| Total funding liabilities for active participants | 2023-08-31 | 908,665 |
| Total participant count | 2023-08-31 | 30 |
| Total funding target for all participants | 2023-08-31 | 1,713,529 |
| Balance at beginning of prior year after applicable adjustments | 2023-08-31 | 0 |
| Prefunding balance at beginning of prior year after applicable adjustments | 2023-08-31 | 0 |
| Carryover balanced portion elected for use to offset prior years funding requirement | 2023-08-31 | 0 |
| Prefunding balanced used to offset prior years funding requirement | 2023-08-31 | 0 |
| Amount remaining of carryover balance | 2023-08-31 | 0 |
| Amount remaining of prefunding balance | 2023-08-31 | 0 |
| Present value of excess contributions | 2023-08-31 | 166,906 |
| Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance | 2023-08-31 | 176,219 |
| Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance | 2023-08-31 | 0 |
| Reductions in caryover balances due to elections or deemed elections | 2023-08-31 | 0 |
| Reductions in prefunding balances due to elections or deemed elections | 2023-08-31 | 0 |
| Balance of carryovers at beginning of current year | 2023-08-31 | 0 |
| Balance of prefunding at beginning of current year | 2023-08-31 | 0 |
| Total employer contributions | 2023-08-31 | 182,112 |
| Total employee contributions | 2023-08-31 | 0 |
| Contributions allocated toward unpaid minimum require contributions from prior years | 2023-08-31 | 0 |
| Contributions made to avoid restrictions adjusted to valuation date | 2023-08-31 | 0 |
| Contributions allocated toward minimum required contributions for current year adjusted to valuation date | 2023-08-31 | 181,635 |
| Unpaid minimum required contributions for all prior years | 2023-08-31 | 0 |
| iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years | 2023-08-31 | 0 |
| Remaining amount of unpaid minimum required contributions | 2023-08-31 | 0 |
| Minimum required contributions for current year target normal cost | 2023-08-31 | 69,633 |
| Net shortfall amortization installment of oustanding balance | 2023-08-31 | 0 |
| Waiver amortization installment | 2023-08-31 | 0 |
| Total funding amount beforereflecting carryover/prefunding balances | 2023-08-31 | 0 |
| Carryover balance elected to use to offset funding requirement | 2023-08-31 | 0 |
| Prefunding balance elected to use to offset funding requirement | 2023-08-31 | 0 |
| Additional cash requirement | 2023-08-31 | 0 |
| Contributions allocatedtoward minimum required contributions for current year | 2023-08-31 | 181,635 |
| Unpaid minimum required contributions for current year | 2023-08-31 | 0 |
| Unpaid minimum required contributions for all years | 2023-08-31 | 0 |
| 2022: BANK OF SALEM PENSION TRUST 2022 401k membership |
|---|
| Market value of plan assets | 2022-08-31 | 4,164,059 |
| Acturial value of plan assets | 2022-08-31 | 4,164,059 |
| Funding target for retired participants and beneficiaries receiving payment | 2022-08-31 | 780,428 |
| Number of terminated vested participants | 2022-08-31 | 7 |
| Fundng target for terminated vested participants | 2022-08-31 | 354,351 |
| Active participant vested funding target | 2022-08-31 | 1,755,117 |
| Number of active participants | 2022-08-31 | 21 |
| Total funding liabilities for active participants | 2022-08-31 | 1,760,462 |
| Total participant count | 2022-08-31 | 32 |
| Total funding target for all participants | 2022-08-31 | 2,895,241 |
| Balance at beginning of prior year after applicable adjustments | 2022-08-31 | 0 |
| Prefunding balance at beginning of prior year after applicable adjustments | 2022-08-31 | 0 |
| Carryover balanced portion elected for use to offset prior years funding requirement | 2022-08-31 | 0 |
| Prefunding balanced used to offset prior years funding requirement | 2022-08-31 | 0 |
| Amount remaining of carryover balance | 2022-08-31 | 0 |
| Amount remaining of prefunding balance | 2022-08-31 | 0 |
| Present value of excess contributions | 2022-08-31 | 179,613 |
| Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance | 2022-08-31 | 189,258 |
| Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance | 2022-08-31 | 0 |
| Reductions in caryover balances due to elections or deemed elections | 2022-08-31 | 0 |
| Reductions in prefunding balances due to elections or deemed elections | 2022-08-31 | 0 |
| Balance of carryovers at beginning of current year | 2022-08-31 | 0 |
| Balance of prefunding at beginning of current year | 2022-08-31 | 0 |
| Total employer contributions | 2022-08-31 | 168,000 |
| Total employee contributions | 2022-08-31 | 0 |
| Contributions allocated toward unpaid minimum require contributions from prior years | 2022-08-31 | 0 |
| Contributions made to avoid restrictions adjusted to valuation date | 2022-08-31 | 0 |
| Contributions allocated toward minimum required contributions for current year adjusted to valuation date | 2022-08-31 | 166,906 |
| Unpaid minimum required contributions for all prior years | 2022-08-31 | 0 |
| iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years | 2022-08-31 | 0 |
| Remaining amount of unpaid minimum required contributions | 2022-08-31 | 0 |
| Minimum required contributions for current year target normal cost | 2022-08-31 | 76,289 |
| Net shortfall amortization installment of oustanding balance | 2022-08-31 | 0 |
| Waiver amortization installment | 2022-08-31 | 0 |
| Total funding amount beforereflecting carryover/prefunding balances | 2022-08-31 | 0 |
| Carryover balance elected to use to offset funding requirement | 2022-08-31 | 0 |
| Prefunding balance elected to use to offset funding requirement | 2022-08-31 | 0 |
| Additional cash requirement | 2022-08-31 | 0 |
| Contributions allocatedtoward minimum required contributions for current year | 2022-08-31 | 166,906 |
| Unpaid minimum required contributions for current year | 2022-08-31 | 0 |
| Unpaid minimum required contributions for all years | 2022-08-31 | 0 |
| 2021: BANK OF SALEM PENSION TRUST 2021 401k membership |
|---|
| Market value of plan assets | 2021-08-31 | 3,457,900 |
| Acturial value of plan assets | 2021-08-31 | 3,457,900 |
| Funding target for retired participants and beneficiaries receiving payment | 2021-08-31 | 819,247 |
| Number of terminated vested participants | 2021-08-31 | 5 |
| Fundng target for terminated vested participants | 2021-08-31 | 336,477 |
| Active participant vested funding target | 2021-08-31 | 1,666,325 |
| Number of active participants | 2021-08-31 | 24 |
| Total funding liabilities for active participants | 2021-08-31 | 1,670,385 |
| Total participant count | 2021-08-31 | 33 |
| Total funding target for all participants | 2021-08-31 | 2,826,109 |
| Balance at beginning of prior year after applicable adjustments | 2021-08-31 | 0 |
| Prefunding balance at beginning of prior year after applicable adjustments | 2021-08-31 | 0 |
| Carryover balanced portion elected for use to offset prior years funding requirement | 2021-08-31 | 0 |
| Prefunding balanced used to offset prior years funding requirement | 2021-08-31 | 0 |
| Amount remaining of carryover balance | 2021-08-31 | 0 |
| Amount remaining of prefunding balance | 2021-08-31 | 0 |
| Present value of excess contributions | 2021-08-31 | 178,204 |
| Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance | 2021-08-31 | 188,059 |
| Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance | 2021-08-31 | 0 |
| Reductions in caryover balances due to elections or deemed elections | 2021-08-31 | 0 |
| Reductions in prefunding balances due to elections or deemed elections | 2021-08-31 | 0 |
| Balance of carryovers at beginning of current year | 2021-08-31 | 0 |
| Balance of prefunding at beginning of current year | 2021-08-31 | 0 |
| Total employer contributions | 2021-08-31 | 180,000 |
| Total employee contributions | 2021-08-31 | 0 |
| Contributions allocated toward unpaid minimum require contributions from prior years | 2021-08-31 | 0 |
| Contributions made to avoid restrictions adjusted to valuation date | 2021-08-31 | 0 |
| Contributions allocated toward minimum required contributions for current year adjusted to valuation date | 2021-08-31 | 179,613 |
| Unpaid minimum required contributions for all prior years | 2021-08-31 | 0 |
| iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years | 2021-08-31 | 0 |
| Remaining amount of unpaid minimum required contributions | 2021-08-31 | 0 |
| Minimum required contributions for current year target normal cost | 2021-08-31 | 108,253 |
| Net shortfall amortization installment of oustanding balance | 2021-08-31 | 0 |
| Total funding amount beforereflecting carryover/prefunding balances | 2021-08-31 | 0 |
| Additional cash requirement | 2021-08-31 | 0 |
| Contributions allocatedtoward minimum required contributions for current year | 2021-08-31 | 179,613 |
| Unpaid minimum required contributions for current year | 2021-08-31 | 0 |
| Unpaid minimum required contributions for all years | 2021-08-31 | 0 |
| 2020: BANK OF SALEM PENSION TRUST 2020 401k membership |
|---|
| Market value of plan assets | 2020-08-31 | 3,067,427 |
| Acturial value of plan assets | 2020-08-31 | 3,067,427 |
| Funding target for retired participants and beneficiaries receiving payment | 2020-08-31 | 850,166 |
| Number of terminated vested participants | 2020-08-31 | 5 |
| Fundng target for terminated vested participants | 2020-08-31 | 309,815 |
| Active participant vested funding target | 2020-08-31 | 1,444,773 |
| Number of active participants | 2020-08-31 | 23 |
| Total funding liabilities for active participants | 2020-08-31 | 1,445,847 |
| Total participant count | 2020-08-31 | 32 |
| Total funding target for all participants | 2020-08-31 | 2,605,828 |
| Balance at beginning of prior year after applicable adjustments | 2020-08-31 | 0 |
| Prefunding balance at beginning of prior year after applicable adjustments | 2020-08-31 | 0 |
| Carryover balanced portion elected for use to offset prior years funding requirement | 2020-08-31 | 0 |
| Prefunding balanced used to offset prior years funding requirement | 2020-08-31 | 0 |
| Amount remaining of carryover balance | 2020-08-31 | 0 |
| Amount remaining of prefunding balance | 2020-08-31 | 0 |
| Present value of excess contributions | 2020-08-31 | 177,947 |
| Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance | 2020-08-31 | 188,161 |
| Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance | 2020-08-31 | 0 |
| Reductions in caryover balances due to elections or deemed elections | 2020-08-31 | 0 |
| Reductions in prefunding balances due to elections or deemed elections | 2020-08-31 | 0 |
| Balance of carryovers at beginning of current year | 2020-08-31 | 0 |
| Balance of prefunding at beginning of current year | 2020-08-31 | 0 |
| Total employer contributions | 2020-08-31 | 180,000 |
| Total employee contributions | 2020-08-31 | 0 |
| Contributions allocated toward unpaid minimum require contributions from prior years | 2020-08-31 | 0 |
| Contributions made to avoid restrictions adjusted to valuation date | 2020-08-31 | 0 |
| Contributions allocated toward minimum required contributions for current year adjusted to valuation date | 2020-08-31 | 178,204 |
| Unpaid minimum required contributions for all prior years | 2020-08-31 | 0 |
| iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years | 2020-08-31 | 0 |
| Remaining amount of unpaid minimum required contributions | 2020-08-31 | 0 |
| Minimum required contributions for current year target normal cost | 2020-08-31 | 86,331 |
| Waiver amortization installment | 2020-08-31 | 0 |
| Total funding amount beforereflecting carryover/prefunding balances | 2020-08-31 | 0 |
| Additional cash requirement | 2020-08-31 | 0 |
| Contributions allocatedtoward minimum required contributions for current year | 2020-08-31 | 178,204 |
| Unpaid minimum required contributions for current year | 2020-08-31 | 0 |
| Unpaid minimum required contributions for all years | 2020-08-31 | 0 |
| 2019: BANK OF SALEM PENSION TRUST 2019 401k membership |
|---|
| Market value of plan assets | 2019-08-31 | 2,903,929 |
| Acturial value of plan assets | 2019-08-31 | 2,903,929 |
| Funding target for retired participants and beneficiaries receiving payment | 2019-08-31 | 603,314 |
| Number of terminated vested participants | 2019-08-31 | 0 |
| Fundng target for terminated vested participants | 2019-08-31 | 0 |
| Active participant vested funding target | 2019-08-31 | 1,825,635 |
| Number of active participants | 2019-08-31 | 26 |
| Total funding liabilities for active participants | 2019-08-31 | 1,828,234 |
| Total participant count | 2019-08-31 | 29 |
| Total funding target for all participants | 2019-08-31 | 2,431,548 |
| Balance at beginning of prior year after applicable adjustments | 2019-08-31 | 0 |
| Prefunding balance at beginning of prior year after applicable adjustments | 2019-08-31 | 0 |
| Carryover balanced portion elected for use to offset prior years funding requirement | 2019-08-31 | 0 |
| Prefunding balanced used to offset prior years funding requirement | 2019-08-31 | 0 |
| Amount remaining of carryover balance | 2019-08-31 | 0 |
| Amount remaining of prefunding balance | 2019-08-31 | 0 |
| Present value of excess contributions | 2019-08-31 | 177,857 |
| Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance | 2019-08-31 | 188,386 |
| Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance | 2019-08-31 | 0 |
| Reductions in caryover balances due to elections or deemed elections | 2019-08-31 | 0 |
| Reductions in prefunding balances due to elections or deemed elections | 2019-08-31 | 0 |
| Balance of carryovers at beginning of current year | 2019-08-31 | 0 |
| Balance of prefunding at beginning of current year | 2019-08-31 | 0 |
| Total employer contributions | 2019-08-31 | 180,000 |
| Total employee contributions | 2019-08-31 | 0 |
| Contributions allocated toward unpaid minimum require contributions from prior years | 2019-08-31 | 0 |
| Contributions made to avoid restrictions adjusted to valuation date | 2019-08-31 | 0 |
| Contributions allocated toward minimum required contributions for current year adjusted to valuation date | 2019-08-31 | 177,947 |
| Unpaid minimum required contributions for all prior years | 2019-08-31 | 0 |
| iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years | 2019-08-31 | 0 |
| Remaining amount of unpaid minimum required contributions | 2019-08-31 | 0 |
| Minimum required contributions for current year target normal cost | 2019-08-31 | 105,616 |
| Net shortfall amortization installment of oustanding balance | 2019-08-31 | 0 |
| Waiver amortization installment | 2019-08-31 | 0 |
| Total funding amount beforereflecting carryover/prefunding balances | 2019-08-31 | 0 |
| Carryover balance elected to use to offset funding requirement | 2019-08-31 | 0 |
| Prefunding balance elected to use to offset funding requirement | 2019-08-31 | 0 |
| Additional cash requirement | 2019-08-31 | 0 |
| Contributions allocatedtoward minimum required contributions for current year | 2019-08-31 | 177,947 |
| Unpaid minimum required contributions for current year | 2019-08-31 | 0 |
| Unpaid minimum required contributions for all years | 2019-08-31 | 0 |
| 2018: BANK OF SALEM PENSION TRUST 2018 401k membership |
|---|
| Market value of plan assets | 2018-08-31 | 2,641,465 |
| Acturial value of plan assets | 2018-08-31 | 2,641,465 |
| Funding target for retired participants and beneficiaries receiving payment | 2018-08-31 | 564,735 |
| Number of terminated vested participants | 2018-08-31 | 0 |
| Fundng target for terminated vested participants | 2018-08-31 | 0 |
| Active participant vested funding target | 2018-08-31 | 1,580,546 |
| Number of active participants | 2018-08-31 | 26 |
| Total funding liabilities for active participants | 2018-08-31 | 1,582,822 |
| Total participant count | 2018-08-31 | 28 |
| Total funding target for all participants | 2018-08-31 | 2,147,557 |
| Balance at beginning of prior year after applicable adjustments | 2018-08-31 | 0 |
| Prefunding balance at beginning of prior year after applicable adjustments | 2018-08-31 | 0 |
| Amount remaining of carryover balance | 2018-08-31 | 0 |
| Amount remaining of prefunding balance | 2018-08-31 | 0 |
| Present value of excess contributions | 2018-08-31 | 170,947 |
| Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance | 2018-08-31 | 181,409 |
| Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance | 2018-08-31 | 0 |
| Reductions in caryover balances due to elections or deemed elections | 2018-08-31 | 0 |
| Reductions in prefunding balances due to elections or deemed elections | 2018-08-31 | 0 |
| Balance of carryovers at beginning of current year | 2018-08-31 | 0 |
| Balance of prefunding at beginning of current year | 2018-08-31 | 0 |
| Total employer contributions | 2018-08-31 | 180,000 |
| Total employee contributions | 2018-08-31 | 0 |
| Contributions allocated toward unpaid minimum require contributions from prior years | 2018-08-31 | 0 |
| Contributions made to avoid restrictions adjusted to valuation date | 2018-08-31 | 0 |
| Contributions allocated toward minimum required contributions for current year adjusted to valuation date | 2018-08-31 | 177,857 |
| Unpaid minimum required contributions for all prior years | 2018-08-31 | 0 |
| iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years | 2018-08-31 | 0 |
| Remaining amount of unpaid minimum required contributions | 2018-08-31 | 0 |
| Minimum required contributions for current year target normal cost | 2018-08-31 | 106,726 |
| Net shortfall amortization installment of oustanding balance | 2018-08-31 | 0 |
| Waiver amortization installment | 2018-08-31 | 0 |
| Total funding amount beforereflecting carryover/prefunding balances | 2018-08-31 | 0 |
| Carryover balance elected to use to offset funding requirement | 2018-08-31 | 0 |
| Prefunding balance elected to use to offset funding requirement | 2018-08-31 | 0 |
| Additional cash requirement | 2018-08-31 | 0 |
| Contributions allocatedtoward minimum required contributions for current year | 2018-08-31 | 177,857 |
| Unpaid minimum required contributions for current year | 2018-08-31 | 0 |
| Unpaid minimum required contributions for all years | 2018-08-31 | 0 |
| 2017: BANK OF SALEM PENSION TRUST 2017 401k membership |
|---|
| Market value of plan assets | 2017-08-31 | 2,369,186 |
| Acturial value of plan assets | 2017-08-31 | 2,369,186 |
| Funding target for retired participants and beneficiaries receiving payment | 2017-08-31 | 565,674 |
| Number of terminated vested participants | 2017-08-31 | 4 |
| Fundng target for terminated vested participants | 2017-08-31 | 10,036 |
| Active participant vested funding target | 2017-08-31 | 1,395,363 |
| Number of active participants | 2017-08-31 | 26 |
| Total funding liabilities for active participants | 2017-08-31 | 1,397,825 |
| Total participant count | 2017-08-31 | 32 |
| Total funding target for all participants | 2017-08-31 | 1,973,535 |
| Balance at beginning of prior year after applicable adjustments | 2017-08-31 | 0 |
| Prefunding balance at beginning of prior year after applicable adjustments | 2017-08-31 | 0 |
| Carryover balanced portion elected for use to offset prior years funding requirement | 2017-08-31 | 0 |
| Prefunding balanced used to offset prior years funding requirement | 2017-08-31 | 0 |
| Amount remaining of carryover balance | 2017-08-31 | 0 |
| Amount remaining of prefunding balance | 2017-08-31 | 0 |
| Present value of excess contributions | 2017-08-31 | 164,640 |
| Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance | 2017-08-31 | 175,045 |
| Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance | 2017-08-31 | 0 |
| Reductions in caryover balances due to elections or deemed elections | 2017-08-31 | 0 |
| Reductions in prefunding balances due to elections or deemed elections | 2017-08-31 | 0 |
| Balance of carryovers at beginning of current year | 2017-08-31 | 0 |
| Balance of prefunding at beginning of current year | 2017-08-31 | 0 |
| Total employer contributions | 2017-08-31 | 172,882 |
| Total employee contributions | 2017-08-31 | 0 |
| Contributions allocated toward unpaid minimum require contributions from prior years | 2017-08-31 | 0 |
| Contributions made to avoid restrictions adjusted to valuation date | 2017-08-31 | 0 |
| Contributions allocated toward minimum required contributions for current year adjusted to valuation date | 2017-08-31 | 170,947 |
| Unpaid minimum required contributions for all prior years | 2017-08-31 | 0 |
| iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years | 2017-08-31 | 0 |
| Remaining amount of unpaid minimum required contributions | 2017-08-31 | 0 |
| Minimum required contributions for current year target normal cost | 2017-08-31 | 81,376 |
| Net shortfall amortization installment of oustanding balance | 2017-08-31 | 0 |
| Waiver amortization installment | 2017-08-31 | 0 |
| Total funding amount beforereflecting carryover/prefunding balances | 2017-08-31 | 0 |
| Additional cash requirement | 2017-08-31 | 0 |
| Contributions allocatedtoward minimum required contributions for current year | 2017-08-31 | 170,947 |
| Unpaid minimum required contributions for current year | 2017-08-31 | 0 |
| Unpaid minimum required contributions for all years | 2017-08-31 | 0 |
