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QUALITY LIFE PHARMACY CASH BALANCE PLAN 401k Plan overview

Plan NameQUALITY LIFE PHARMACY CASH BALANCE PLAN
Plan identification number 002

QUALITY LIFE PHARMACY CASH BALANCE PLAN Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Benefits are primarily pay related
  • Cash balance or similar plan - Plan has a "cash balance" formula. For this purpose, a "cash balance" formula is a benefit formula in a defined benefit plan by whatever name (for example, personal account plan, pension equity plan, life cycle plan, cash account plan, etc.) that rather than, or in addition to, expressing the accrued benefit as a life annuity commencing at normal retirement age, defines benefits for each employee in terms more common to a defined contribution plan such as a single sum distribution amount (for example, 10 percent of final average pay times years of service, or the amount of the employee's hypothetical account balance).
  • 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

QUALITY LIFE PHARMACY CORP. has sponsored the creation of one or more 401k plans.

Company Name:QUALITY LIFE PHARMACY CORP.
Employer identification number (EIN):474099599
NAIC Classification:446110
NAIC Description:Pharmacies and Drug Stores

Additional information about QUALITY LIFE PHARMACY CORP.

Jurisdiction of Incorporation: New York Department of State
Incorporation Date: 2015-05-19
Company Identification Number: 4760780
Legal Registered Office Address: 283 COMMACK ROAD
Queens
COMMACK
United States of America (USA)
11725

More information about QUALITY LIFE PHARMACY CORP.

Form 5500 Filing Information

Submission information for form 5500 for 401k plan QUALITY LIFE PHARMACY CASH BALANCE PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0022022-01-01YAKOV KATANOV2023-07-20
0022021-01-01YAKOV KATANOV2022-07-14
0022020-01-01YAKOV KATANOV2021-10-05
0022019-01-01YAKOV KATANOV2020-07-16
0022018-01-01YAKOV KATANOV2019-09-03

Plan Statistics for QUALITY LIFE PHARMACY CASH BALANCE PLAN

401k plan membership statisitcs for QUALITY LIFE PHARMACY CASH BALANCE PLAN

Measure Date Value
2022: QUALITY LIFE PHARMACY CASH BALANCE PLAN 2022 401k membership
Market value of plan assets2022-12-31574,874
Acturial value of plan assets2022-12-31574,874
Funding target for retired participants and beneficiaries receiving payment2022-12-310
Number of terminated vested participants2022-12-310
Fundng target for terminated vested participants2022-12-310
Active participant vested funding target2022-12-31485,177
Number of active participants2022-12-3111
Total funding liabilities for active participants2022-12-31486,275
Total participant count2022-12-3111
Total funding target for all participants2022-12-31486,275
Balance at beginning of prior year after applicable adjustments2022-12-310
Prefunding balance at beginning of prior year after applicable adjustments2022-12-3124,591
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 balance2022-12-3124,591
Present value of excess contributions2022-12-315,018
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2022-12-315,292
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2022-12-315,292
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 year2022-12-3132,273
Total employer contributions2022-12-31141,715
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 date2022-12-31131,898
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 cost2022-12-31109,290
Net shortfall amortization installment of oustanding balance2022-12-310
Waiver amortization installment2022-12-310
Total funding amount beforereflecting carryover/prefunding balances2022-12-3152,964
Carryover balance elected to use to offset funding requirement2022-12-310
Prefunding balance elected to use to offset funding requirement2022-12-310
Additional cash requirement2022-12-3152,964
Contributions allocatedtoward minimum required contributions for current year2022-12-31131,898
Unpaid minimum required contributions for current year2022-12-310
Unpaid minimum required contributions for all years2022-12-310
2021: QUALITY LIFE PHARMACY CASH BALANCE PLAN 2021 401k membership
Market value of plan assets2021-12-31382,568
Acturial value of plan assets2021-12-31382,568
Funding target for retired participants and beneficiaries receiving payment2021-12-310
Number of terminated vested participants2021-12-310
Fundng target for terminated vested participants2021-12-310
Active participant vested funding target2021-12-31390,587
Number of active participants2021-12-3111
Total funding liabilities for active participants2021-12-31391,096
Total participant count2021-12-3111
Total funding target for all participants2021-12-31391,096
Balance at beginning of prior year after applicable adjustments2021-12-310
Prefunding balance at beginning of prior year after applicable adjustments2021-12-312,648
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 balance2021-12-312,648
Present value of excess contributions2021-12-3120,476
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-12-3121,690
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2021-12-3121,690
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 year2021-12-3124,591
Total employer contributions2021-12-31143,732
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 date2021-12-31132,649
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 cost2021-12-31122,211
Net shortfall amortization installment of oustanding balance2021-12-3133,119
Total funding amount beforereflecting carryover/prefunding balances2021-12-31127,631
Additional cash requirement2021-12-31127,631
Contributions allocatedtoward minimum required contributions for current year2021-12-31132,649
Unpaid minimum required contributions for current year2021-12-310
Unpaid minimum required contributions for all years2021-12-310
2020: QUALITY LIFE PHARMACY CASH BALANCE PLAN 2020 401k membership
Market value of plan assets2020-12-31217,957
Acturial value of plan assets2020-12-31217,957
Funding target for retired participants and beneficiaries receiving payment2020-12-310
Number of terminated vested participants2020-12-310
Fundng target for terminated vested participants2020-12-310
Active participant vested funding target2020-12-310
Number of active participants2020-12-3110
Total funding liabilities for active participants2020-12-31220,830
Total participant count2020-12-3110
Total funding target for all participants2020-12-31220,830
Balance at beginning of prior year after applicable adjustments2020-12-310
Prefunding balance at beginning of prior year after applicable adjustments2020-12-3144,100
Carryover balanced portion elected for use to offset prior years funding requirement2020-12-310
Prefunding balanced used to offset prior years funding requirement2020-12-3141,611
Amount remaining of carryover balance2020-12-310
Amount remaining of prefunding balance2020-12-312,489
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
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 year2020-12-312,648
Total employer contributions2020-12-31141,870
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 date2020-12-31129,002
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 cost2020-12-31107,632
Net shortfall amortization installment of oustanding balance2020-12-315,521
Waiver amortization installment2020-12-310
Waived amount of outstanding balance2020-12-310
Total funding amount beforereflecting carryover/prefunding balances2020-12-31108,526
Carryover balance elected to use to offset funding requirement2020-12-310
Prefunding balance elected to use to offset funding requirement2020-12-310
Additional cash requirement2020-12-31108,526
Contributions allocatedtoward minimum required contributions for current year2020-12-31129,002
Unpaid minimum required contributions for current year2020-12-310
Unpaid minimum required contributions for all years2020-12-310
2019: QUALITY LIFE PHARMACY CASH BALANCE PLAN 2019 401k membership
Market value of plan assets2019-12-31145,285
Acturial value of plan assets2019-12-31145,285
Funding target for retired participants and beneficiaries receiving payment2019-12-310
Number of terminated vested participants2019-12-310
Fundng target for terminated vested participants2019-12-310
Active participant vested funding target2019-12-310
Number of active participants2019-12-3111
Total funding liabilities for active participants2019-12-31101,173
Total participant count2019-12-3111
Total funding target for all participants2019-12-31101,173
Balance at beginning of prior year after applicable adjustments2019-12-310
Prefunding balance at beginning of prior year after applicable adjustments2019-12-310
Amount remaining of carryover balance2019-12-310
Amount remaining of prefunding balance2019-12-310
Present value of excess contributions2019-12-3148,528
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2019-12-3151,576
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2019-12-3151,576
Reductions in caryover balances due to elections or deemed elections2019-12-310
Reductions in prefunding balances due to elections or deemed elections2019-12-317,476
Balance of carryovers at beginning of current year2019-12-310
Balance of prefunding at beginning of current year2019-12-3144,100
Total employer contributions2019-12-3161,000
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 date2019-12-3157,228
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 cost2019-12-3198,851
Total funding amount beforereflecting carryover/prefunding balances2019-12-3198,839
Carryover balance elected to use to offset funding requirement2019-12-310
Prefunding balance elected to use to offset funding requirement2019-12-3141,611
Additional cash requirement2019-12-3157,228
Contributions allocatedtoward minimum required contributions for current year2019-12-3157,228
Unpaid minimum required contributions for current year2019-12-310
Unpaid minimum required contributions for all years2019-12-310
2018: QUALITY LIFE PHARMACY CASH BALANCE PLAN 2018 401k membership
Market value of plan assets2018-12-310
Acturial value of plan assets2018-12-310
Funding target for retired participants and beneficiaries receiving payment2018-12-310
Number of terminated vested participants2018-12-310
Fundng target for terminated vested participants2018-12-310
Active participant vested funding target2018-12-310
Number of active participants2018-12-319
Total funding liabilities for active participants2018-12-310
Total participant count2018-12-319
Total funding target for all participants2018-12-310
Balance at beginning of prior year after applicable adjustments2018-12-310
Prefunding balance at beginning of prior year after applicable adjustments2018-12-310
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 balance2018-12-310
Present value of excess contributions2018-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-12-310
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 year2018-12-310
Total employer contributions2018-12-31146,000
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 date2018-12-31136,700
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 cost2018-12-3188,172
Net shortfall amortization installment of oustanding balance2018-12-310
Total funding amount beforereflecting carryover/prefunding balances2018-12-3188,172
Additional cash requirement2018-12-3188,172
Contributions allocatedtoward minimum required contributions for current year2018-12-31136,700
Unpaid minimum required contributions for current year2018-12-310
Unpaid minimum required contributions for all years2018-12-310

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