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SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA 401k Plan overview

Plan NameSBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA
Plan identification number 001

SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA 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).
  • 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

THE BANK OF SOUTHSIDE VIRGINIA has sponsored the creation of one or more 401k plans.

Company Name:THE BANK OF SOUTHSIDE VIRGINIA
Employer identification number (EIN):540133000
NAIC Classification:522110
NAIC Description:Commercial Banking

Additional information about THE BANK OF SOUTHSIDE VIRGINIA

Jurisdiction of Incorporation: Virginia Secretary of State
Incorporation Date: 1983-02-22
Company Identification Number: 0238854
Legal Registered Office Address: PO BOX 40
PO DRAWER B
CARSON
United States of America (USA)
23830

More information about THE BANK OF SOUTHSIDE VIRGINIA

Form 5500 Filing Information

Submission information for form 5500 for 401k plan SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012021-10-01JOY BURROUGHS2023-04-20 JOY BURROUGHS2023-04-20
0012020-10-01JOY BURROUGHS2022-04-22 JOY BURROUGHS2022-04-22
0012019-10-01JOY BURROUGHS2021-04-23 JOY BURROUGHS2021-04-23
0012018-10-01JOY BURROUGHS2020-06-22 JOY BURROUGHS2020-06-22
0012017-10-01JOY BURROUGHS2019-05-03 JOY BURROUGHS2019-05-03
0012016-10-01JOY BURROUGHS2018-06-21 JOY BURROUGHS2018-06-21
0012015-10-01JOY BURROUGHS2017-06-29 JOY BURROUGHS2017-06-29
0012014-10-01SHIRLEY WILKINSON2016-06-27 SHIRLEY WILKINSON2016-06-27
0012013-10-01SHIRLEY WILKINSON2015-04-24 SHIRLEY WILKINSON2015-04-24
0012012-10-01SHIRLEY WILKINSON2014-04-28
0012011-10-01SHIRLEY WILKINSON2013-04-29
0012010-10-01SHIRLEY WILKINSON2012-04-24

Plan Statistics for SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA

401k plan membership statisitcs for SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA

Measure Date Value
2022: SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA 2022 401k membership
Market value of plan assets2022-09-3021,187,603
Acturial value of plan assets2022-09-3019,614,768
Funding target for retired participants and beneficiaries receiving payment2022-09-302,455,052
Number of terminated vested participants2022-09-3010
Fundng target for terminated vested participants2022-09-30835,175
Active participant vested funding target2022-09-308,083,129
Number of active participants2022-09-3051
Total funding liabilities for active participants2022-09-308,187,843
Total participant count2022-09-3072
Total funding target for all participants2022-09-3011,478,070
Balance at beginning of prior year after applicable adjustments2022-09-300
Prefunding balance at beginning of prior year after applicable adjustments2022-09-300
Carryover balanced portion elected for use to offset prior years funding requirement2022-09-300
Prefunding balanced used to offset prior years funding requirement2022-09-300
Amount remaining of carryover balance2022-09-300
Amount remaining of prefunding balance2022-09-300
Present value of excess contributions2022-09-30988,553
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2022-09-301,039,266
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2022-09-300
Reductions in caryover balances due to elections or deemed elections2022-09-300
Reductions in prefunding balances due to elections or deemed elections2022-09-300
Balance of carryovers at beginning of current year2022-09-300
Balance of prefunding at beginning of current year2022-09-300
Total employer contributions2022-09-300
Total employee contributions2022-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2022-09-300
Contributions made to avoid restrictions adjusted to valuation date2022-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2022-09-300
Unpaid minimum required contributions for all prior years2022-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2022-09-300
Remaining amount of unpaid minimum required contributions2022-09-300
Minimum required contributions for current year target normal cost2022-09-30435,170
Net shortfall amortization installment of oustanding balance2022-09-300
Waiver amortization installment2022-09-300
Total funding amount beforereflecting carryover/prefunding balances2022-09-300
Carryover balance elected to use to offset funding requirement2022-09-300
Prefunding balance elected to use to offset funding requirement2022-09-300
Additional cash requirement2022-09-300
Contributions allocatedtoward minimum required contributions for current year2022-09-300
Unpaid minimum required contributions for current year2022-09-300
Unpaid minimum required contributions for all years2022-09-300
2021: SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA 2021 401k membership
Market value of plan assets2021-09-3019,803,108
Acturial value of plan assets2021-09-3019,769,272
Funding target for retired participants and beneficiaries receiving payment2021-09-301,688,483
Number of terminated vested participants2021-09-3010
Fundng target for terminated vested participants2021-09-301,807,146
Active participant vested funding target2021-09-308,204,730
Number of active participants2021-09-3059
Total funding liabilities for active participants2021-09-308,523,670
Total participant count2021-09-3079
Total funding target for all participants2021-09-3012,019,299
Balance at beginning of prior year after applicable adjustments2021-09-300
Prefunding balance at beginning of prior year after applicable adjustments2021-09-300
Carryover balanced portion elected for use to offset prior years funding requirement2021-09-300
Prefunding balanced used to offset prior years funding requirement2021-09-300
Amount remaining of carryover balance2021-09-300
Amount remaining of prefunding balance2021-09-300
Present value of excess contributions2021-09-30988,115
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-09-301,039,695
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2021-09-300
Reductions in caryover balances due to elections or deemed elections2021-09-300
Reductions in prefunding balances due to elections or deemed elections2021-09-300
Balance of carryovers at beginning of current year2021-09-300
Balance of prefunding at beginning of current year2021-09-300
Total employer contributions2021-09-301,000,000
Total employee contributions2021-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2021-09-300
Contributions made to avoid restrictions adjusted to valuation date2021-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2021-09-30988,553
Unpaid minimum required contributions for all prior years2021-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2021-09-300
Remaining amount of unpaid minimum required contributions2021-09-300
Minimum required contributions for current year target normal cost2021-09-30474,487
Net shortfall amortization installment of oustanding balance2021-09-300
Waiver amortization installment2021-09-300
Total funding amount beforereflecting carryover/prefunding balances2021-09-300
Additional cash requirement2021-09-300
Contributions allocatedtoward minimum required contributions for current year2021-09-30988,553
Unpaid minimum required contributions for current year2021-09-300
Unpaid minimum required contributions for all years2021-09-300
2020: SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA 2020 401k membership
Market value of plan assets2020-09-3019,421,980
Acturial value of plan assets2020-09-3019,666,630
Funding target for retired participants and beneficiaries receiving payment2020-09-301,917,380
Number of terminated vested participants2020-09-306
Fundng target for terminated vested participants2020-09-301,124,907
Active participant vested funding target2020-09-309,003,892
Number of active participants2020-09-3063
Total funding liabilities for active participants2020-09-309,220,232
Total participant count2020-09-3078
Total funding target for all participants2020-09-3012,262,519
Balance at beginning of prior year after applicable adjustments2020-09-302,937,003
Prefunding balance at beginning of prior year after applicable adjustments2020-09-308,182,810
Carryover balanced portion elected for use to offset prior years funding requirement2020-09-30416,812
Prefunding balanced used to offset prior years funding requirement2020-09-300
Amount remaining of carryover balance2020-09-302,520,191
Amount remaining of prefunding balance2020-09-308,182,810
Present value of excess contributions2020-09-300
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-09-300
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2020-09-300
Reductions in caryover balances due to elections or deemed elections2020-09-302,619,991
Reductions in prefunding balances due to elections or deemed elections2020-09-308,506,849
Balance of carryovers at beginning of current year2020-09-300
Balance of prefunding at beginning of current year2020-09-300
Total employer contributions2020-09-301,000,000
Total employee contributions2020-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2020-09-300
Contributions made to avoid restrictions adjusted to valuation date2020-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2020-09-30988,115
Unpaid minimum required contributions for all prior years2020-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2020-09-300
Remaining amount of unpaid minimum required contributions2020-09-300
Minimum required contributions for current year target normal cost2020-09-30420,282
Net shortfall amortization installment of oustanding balance2020-09-300
Waiver amortization installment2020-09-300
Total funding amount beforereflecting carryover/prefunding balances2020-09-300
Additional cash requirement2020-09-300
Contributions allocatedtoward minimum required contributions for current year2020-09-30988,115
Unpaid minimum required contributions for current year2020-09-300
Unpaid minimum required contributions for all years2020-09-300
2019: SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA 2019 401k membership
Market value of plan assets2019-09-3019,876,763
Acturial value of plan assets2019-09-3019,445,843
Funding target for retired participants and beneficiaries receiving payment2019-09-302,168,181
Number of terminated vested participants2019-09-305
Fundng target for terminated vested participants2019-09-30904,532
Active participant vested funding target2019-09-308,587,885
Number of active participants2019-09-3066
Total funding liabilities for active participants2019-09-308,671,734
Total participant count2019-09-3079
Total funding target for all participants2019-09-3011,744,447
Balance at beginning of prior year after applicable adjustments2019-09-302,735,404
Prefunding balance at beginning of prior year after applicable adjustments2019-09-307,018,711
Carryover balanced portion elected for use to offset prior years funding requirement2019-09-300
Prefunding balanced used to offset prior years funding requirement2019-09-300
Amount remaining of carryover balance2019-09-302,735,404
Amount remaining of prefunding balance2019-09-307,018,711
Present value of excess contributions2019-09-30611,650
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2019-09-30646,820
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2019-09-30646,820
Reductions in caryover balances due to elections or deemed elections2019-09-300
Reductions in prefunding balances due to elections or deemed elections2019-09-300
Balance of carryovers at beginning of current year2019-09-302,937,003
Balance of prefunding at beginning of current year2019-09-308,182,810
Total employer contributions2019-09-300
Total employee contributions2019-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2019-09-300
Contributions made to avoid restrictions adjusted to valuation date2019-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2019-09-300
Unpaid minimum required contributions for all prior years2019-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2019-09-300
Remaining amount of unpaid minimum required contributions2019-09-300
Minimum required contributions for current year target normal cost2019-09-30416,812
Net shortfall amortization installment of oustanding balance2019-09-300
Waiver amortization installment2019-09-300
Total funding amount beforereflecting carryover/prefunding balances2019-09-30416,812
Carryover balance elected to use to offset funding requirement2019-09-30416,812
Prefunding balance elected to use to offset funding requirement2019-09-300
Additional cash requirement2019-09-300
Contributions allocatedtoward minimum required contributions for current year2019-09-300
Unpaid minimum required contributions for current year2019-09-300
Unpaid minimum required contributions for all years2019-09-300
2018: SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA 2018 401k membership
Market value of plan assets2018-09-3018,366,746
Acturial value of plan assets2018-09-3017,641,320
Funding target for retired participants and beneficiaries receiving payment2018-09-302,482,134
Number of terminated vested participants2018-09-307
Fundng target for terminated vested participants2018-09-30812,150
Active participant vested funding target2018-09-307,365,948
Number of active participants2018-09-3058
Total funding liabilities for active participants2018-09-307,424,561
Total participant count2018-09-3072
Total funding target for all participants2018-09-3010,718,845
Balance at beginning of prior year after applicable adjustments2018-09-302,431,038
Prefunding balance at beginning of prior year after applicable adjustments2018-09-305,596,983
Carryover balanced portion elected for use to offset prior years funding requirement2018-09-300
Prefunding balanced used to offset prior years funding requirement2018-09-300
Amount remaining of carryover balance2018-09-302,431,038
Amount remaining of prefunding balance2018-09-305,596,983
Present value of excess contributions2018-09-30680,175
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-09-30720,986
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2018-09-30720,986
Reductions in caryover balances due to elections or deemed elections2018-09-300
Reductions in prefunding balances due to elections or deemed elections2018-09-300
Balance of carryovers at beginning of current year2018-09-302,735,404
Balance of prefunding at beginning of current year2018-09-307,018,711
Total employer contributions2018-09-301,000,000
Total employee contributions2018-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2018-09-300
Contributions made to avoid restrictions adjusted to valuation date2018-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2018-09-30986,611
Unpaid minimum required contributions for all prior years2018-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2018-09-300
Remaining amount of unpaid minimum required contributions2018-09-300
Minimum required contributions for current year target normal cost2018-09-30374,961
Net shortfall amortization installment of oustanding balance2018-09-300
Waiver amortization installment2018-09-300
Total funding amount beforereflecting carryover/prefunding balances2018-09-30374,961
Carryover balance elected to use to offset funding requirement2018-09-300
Prefunding balance elected to use to offset funding requirement2018-09-300
Additional cash requirement2018-09-30374,961
Contributions allocatedtoward minimum required contributions for current year2018-09-30986,611
Unpaid minimum required contributions for current year2018-09-300
Unpaid minimum required contributions for all years2018-09-300
2017: SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA 2017 401k membership
Market value of plan assets2017-09-3015,973,868
Acturial value of plan assets2017-09-3016,152,519
Funding target for retired participants and beneficiaries receiving payment2017-09-30775,944
Number of terminated vested participants2017-09-304
Fundng target for terminated vested participants2017-09-30110,091
Active participant vested funding target2017-09-308,870,468
Number of active participants2017-09-3060
Total funding liabilities for active participants2017-09-308,875,975
Total participant count2017-09-3069
Total funding target for all participants2017-09-309,762,010
Balance at beginning of prior year after applicable adjustments2017-09-302,239,762
Prefunding balance at beginning of prior year after applicable adjustments2017-09-304,489,744
Carryover balanced portion elected for use to offset prior years funding requirement2017-09-300
Prefunding balanced used to offset prior years funding requirement2017-09-300
Amount remaining of carryover balance2017-09-302,239,762
Amount remaining of prefunding balance2017-09-304,489,744
Present value of excess contributions2017-09-30681,623
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2017-09-30723,815
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2017-09-30723,815
Reductions in caryover balances due to elections or deemed elections2017-09-300
Reductions in prefunding balances due to elections or deemed elections2017-09-300
Balance of carryovers at beginning of current year2017-09-302,431,038
Balance of prefunding at beginning of current year2017-09-305,596,983
Total employer contributions2017-09-301,000,000
Total employee contributions2017-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2017-09-300
Contributions made to avoid restrictions adjusted to valuation date2017-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2017-09-30985,892
Unpaid minimum required contributions for all prior years2017-09-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2017-09-300
Remaining amount of unpaid minimum required contributions2017-09-300
Minimum required contributions for current year target normal cost2017-09-30305,717
Net shortfall amortization installment of oustanding balance2017-09-300
Total funding amount beforereflecting carryover/prefunding balances2017-09-30305,717
Carryover balance elected to use to offset funding requirement2017-09-300
Prefunding balance elected to use to offset funding requirement2017-09-300
Additional cash requirement2017-09-30305,717
Contributions allocatedtoward minimum required contributions for current year2017-09-30985,892
Unpaid minimum required contributions for current year2017-09-300
Unpaid minimum required contributions for all years2017-09-300

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