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Plan Name | SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA |
Plan identification number | 001 |
401k Plan Type | Defined Benefit Pension |
Plan Features/Benefits |
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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
Plan id# | Filing Submission Date | Name of Administrator | Date Administrator Signed | Name of Company Sponsor | Date Sponsor Signed |
---|---|---|---|---|---|
001 | 2021-10-01 | JOY BURROUGHS | 2023-04-20 | JOY BURROUGHS | 2023-04-20 |
001 | 2020-10-01 | JOY BURROUGHS | 2022-04-22 | JOY BURROUGHS | 2022-04-22 |
001 | 2019-10-01 | JOY BURROUGHS | 2021-04-23 | JOY BURROUGHS | 2021-04-23 |
001 | 2018-10-01 | JOY BURROUGHS | 2020-06-22 | JOY BURROUGHS | 2020-06-22 |
001 | 2017-10-01 | JOY BURROUGHS | 2019-05-03 | JOY BURROUGHS | 2019-05-03 |
001 | 2016-10-01 | JOY BURROUGHS | 2018-06-21 | JOY BURROUGHS | 2018-06-21 |
001 | 2015-10-01 | JOY BURROUGHS | 2017-06-29 | JOY BURROUGHS | 2017-06-29 |
001 | 2014-10-01 | SHIRLEY WILKINSON | 2016-06-27 | SHIRLEY WILKINSON | 2016-06-27 |
001 | 2013-10-01 | SHIRLEY WILKINSON | 2015-04-24 | SHIRLEY WILKINSON | 2015-04-24 |
001 | 2012-10-01 | SHIRLEY WILKINSON | 2014-04-28 | ||
001 | 2011-10-01 | SHIRLEY WILKINSON | 2013-04-29 | ||
001 | 2010-10-01 | SHIRLEY WILKINSON | 2012-04-24 |
Measure | Date | Value |
---|---|---|
2022: SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA 2022 401k membership | ||
Market value of plan assets | 2022-09-30 | 21,187,603 |
Acturial value of plan assets | 2022-09-30 | 19,614,768 |
Funding target for retired participants and beneficiaries receiving payment | 2022-09-30 | 2,455,052 |
Number of terminated vested participants | 2022-09-30 | 10 |
Fundng target for terminated vested participants | 2022-09-30 | 835,175 |
Active participant vested funding target | 2022-09-30 | 8,083,129 |
Number of active participants | 2022-09-30 | 51 |
Total funding liabilities for active participants | 2022-09-30 | 8,187,843 |
Total participant count | 2022-09-30 | 72 |
Total funding target for all participants | 2022-09-30 | 11,478,070 |
Balance at beginning of prior year after applicable adjustments | 2022-09-30 | 0 |
Prefunding balance at beginning of prior year after applicable adjustments | 2022-09-30 | 0 |
Carryover balanced portion elected for use to offset prior years funding requirement | 2022-09-30 | 0 |
Prefunding balanced used to offset prior years funding requirement | 2022-09-30 | 0 |
Amount remaining of carryover balance | 2022-09-30 | 0 |
Amount remaining of prefunding balance | 2022-09-30 | 0 |
Present value of excess contributions | 2022-09-30 | 988,553 |
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance | 2022-09-30 | 1,039,266 |
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance | 2022-09-30 | 0 |
Reductions in caryover balances due to elections or deemed elections | 2022-09-30 | 0 |
Reductions in prefunding balances due to elections or deemed elections | 2022-09-30 | 0 |
Balance of carryovers at beginning of current year | 2022-09-30 | 0 |
Balance of prefunding at beginning of current year | 2022-09-30 | 0 |
Total employer contributions | 2022-09-30 | 0 |
Total employee contributions | 2022-09-30 | 0 |
Contributions allocated toward unpaid minimum require contributions from prior years | 2022-09-30 | 0 |
Contributions made to avoid restrictions adjusted to valuation date | 2022-09-30 | 0 |
Contributions allocated toward minimum required contributions for current year adjusted to valuation date | 2022-09-30 | 0 |
Unpaid minimum required contributions for all prior years | 2022-09-30 | 0 |
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years | 2022-09-30 | 0 |
Remaining amount of unpaid minimum required contributions | 2022-09-30 | 0 |
Minimum required contributions for current year target normal cost | 2022-09-30 | 435,170 |
Net shortfall amortization installment of oustanding balance | 2022-09-30 | 0 |
Waiver amortization installment | 2022-09-30 | 0 |
Total funding amount beforereflecting carryover/prefunding balances | 2022-09-30 | 0 |
Carryover balance elected to use to offset funding requirement | 2022-09-30 | 0 |
Prefunding balance elected to use to offset funding requirement | 2022-09-30 | 0 |
Additional cash requirement | 2022-09-30 | 0 |
Contributions allocatedtoward minimum required contributions for current year | 2022-09-30 | 0 |
Unpaid minimum required contributions for current year | 2022-09-30 | 0 |
Unpaid minimum required contributions for all years | 2022-09-30 | 0 |
2021: SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA 2021 401k membership | ||
Market value of plan assets | 2021-09-30 | 19,803,108 |
Acturial value of plan assets | 2021-09-30 | 19,769,272 |
Funding target for retired participants and beneficiaries receiving payment | 2021-09-30 | 1,688,483 |
Number of terminated vested participants | 2021-09-30 | 10 |
Fundng target for terminated vested participants | 2021-09-30 | 1,807,146 |
Active participant vested funding target | 2021-09-30 | 8,204,730 |
Number of active participants | 2021-09-30 | 59 |
Total funding liabilities for active participants | 2021-09-30 | 8,523,670 |
Total participant count | 2021-09-30 | 79 |
Total funding target for all participants | 2021-09-30 | 12,019,299 |
Balance at beginning of prior year after applicable adjustments | 2021-09-30 | 0 |
Prefunding balance at beginning of prior year after applicable adjustments | 2021-09-30 | 0 |
Carryover balanced portion elected for use to offset prior years funding requirement | 2021-09-30 | 0 |
Prefunding balanced used to offset prior years funding requirement | 2021-09-30 | 0 |
Amount remaining of carryover balance | 2021-09-30 | 0 |
Amount remaining of prefunding balance | 2021-09-30 | 0 |
Present value of excess contributions | 2021-09-30 | 988,115 |
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance | 2021-09-30 | 1,039,695 |
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance | 2021-09-30 | 0 |
Reductions in caryover balances due to elections or deemed elections | 2021-09-30 | 0 |
Reductions in prefunding balances due to elections or deemed elections | 2021-09-30 | 0 |
Balance of carryovers at beginning of current year | 2021-09-30 | 0 |
Balance of prefunding at beginning of current year | 2021-09-30 | 0 |
Total employer contributions | 2021-09-30 | 1,000,000 |
Total employee contributions | 2021-09-30 | 0 |
Contributions allocated toward unpaid minimum require contributions from prior years | 2021-09-30 | 0 |
Contributions made to avoid restrictions adjusted to valuation date | 2021-09-30 | 0 |
Contributions allocated toward minimum required contributions for current year adjusted to valuation date | 2021-09-30 | 988,553 |
Unpaid minimum required contributions for all prior years | 2021-09-30 | 0 |
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years | 2021-09-30 | 0 |
Remaining amount of unpaid minimum required contributions | 2021-09-30 | 0 |
Minimum required contributions for current year target normal cost | 2021-09-30 | 474,487 |
Net shortfall amortization installment of oustanding balance | 2021-09-30 | 0 |
Waiver amortization installment | 2021-09-30 | 0 |
Total funding amount beforereflecting carryover/prefunding balances | 2021-09-30 | 0 |
Additional cash requirement | 2021-09-30 | 0 |
Contributions allocatedtoward minimum required contributions for current year | 2021-09-30 | 988,553 |
Unpaid minimum required contributions for current year | 2021-09-30 | 0 |
Unpaid minimum required contributions for all years | 2021-09-30 | 0 |
2020: SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA 2020 401k membership | ||
Market value of plan assets | 2020-09-30 | 19,421,980 |
Acturial value of plan assets | 2020-09-30 | 19,666,630 |
Funding target for retired participants and beneficiaries receiving payment | 2020-09-30 | 1,917,380 |
Number of terminated vested participants | 2020-09-30 | 6 |
Fundng target for terminated vested participants | 2020-09-30 | 1,124,907 |
Active participant vested funding target | 2020-09-30 | 9,003,892 |
Number of active participants | 2020-09-30 | 63 |
Total funding liabilities for active participants | 2020-09-30 | 9,220,232 |
Total participant count | 2020-09-30 | 78 |
Total funding target for all participants | 2020-09-30 | 12,262,519 |
Balance at beginning of prior year after applicable adjustments | 2020-09-30 | 2,937,003 |
Prefunding balance at beginning of prior year after applicable adjustments | 2020-09-30 | 8,182,810 |
Carryover balanced portion elected for use to offset prior years funding requirement | 2020-09-30 | 416,812 |
Prefunding balanced used to offset prior years funding requirement | 2020-09-30 | 0 |
Amount remaining of carryover balance | 2020-09-30 | 2,520,191 |
Amount remaining of prefunding balance | 2020-09-30 | 8,182,810 |
Present value of excess contributions | 2020-09-30 | 0 |
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance | 2020-09-30 | 0 |
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance | 2020-09-30 | 0 |
Reductions in caryover balances due to elections or deemed elections | 2020-09-30 | 2,619,991 |
Reductions in prefunding balances due to elections or deemed elections | 2020-09-30 | 8,506,849 |
Balance of carryovers at beginning of current year | 2020-09-30 | 0 |
Balance of prefunding at beginning of current year | 2020-09-30 | 0 |
Total employer contributions | 2020-09-30 | 1,000,000 |
Total employee contributions | 2020-09-30 | 0 |
Contributions allocated toward unpaid minimum require contributions from prior years | 2020-09-30 | 0 |
Contributions made to avoid restrictions adjusted to valuation date | 2020-09-30 | 0 |
Contributions allocated toward minimum required contributions for current year adjusted to valuation date | 2020-09-30 | 988,115 |
Unpaid minimum required contributions for all prior years | 2020-09-30 | 0 |
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years | 2020-09-30 | 0 |
Remaining amount of unpaid minimum required contributions | 2020-09-30 | 0 |
Minimum required contributions for current year target normal cost | 2020-09-30 | 420,282 |
Net shortfall amortization installment of oustanding balance | 2020-09-30 | 0 |
Waiver amortization installment | 2020-09-30 | 0 |
Total funding amount beforereflecting carryover/prefunding balances | 2020-09-30 | 0 |
Additional cash requirement | 2020-09-30 | 0 |
Contributions allocatedtoward minimum required contributions for current year | 2020-09-30 | 988,115 |
Unpaid minimum required contributions for current year | 2020-09-30 | 0 |
Unpaid minimum required contributions for all years | 2020-09-30 | 0 |
2019: SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA 2019 401k membership | ||
Market value of plan assets | 2019-09-30 | 19,876,763 |
Acturial value of plan assets | 2019-09-30 | 19,445,843 |
Funding target for retired participants and beneficiaries receiving payment | 2019-09-30 | 2,168,181 |
Number of terminated vested participants | 2019-09-30 | 5 |
Fundng target for terminated vested participants | 2019-09-30 | 904,532 |
Active participant vested funding target | 2019-09-30 | 8,587,885 |
Number of active participants | 2019-09-30 | 66 |
Total funding liabilities for active participants | 2019-09-30 | 8,671,734 |
Total participant count | 2019-09-30 | 79 |
Total funding target for all participants | 2019-09-30 | 11,744,447 |
Balance at beginning of prior year after applicable adjustments | 2019-09-30 | 2,735,404 |
Prefunding balance at beginning of prior year after applicable adjustments | 2019-09-30 | 7,018,711 |
Carryover balanced portion elected for use to offset prior years funding requirement | 2019-09-30 | 0 |
Prefunding balanced used to offset prior years funding requirement | 2019-09-30 | 0 |
Amount remaining of carryover balance | 2019-09-30 | 2,735,404 |
Amount remaining of prefunding balance | 2019-09-30 | 7,018,711 |
Present value of excess contributions | 2019-09-30 | 611,650 |
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance | 2019-09-30 | 646,820 |
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance | 2019-09-30 | 646,820 |
Reductions in caryover balances due to elections or deemed elections | 2019-09-30 | 0 |
Reductions in prefunding balances due to elections or deemed elections | 2019-09-30 | 0 |
Balance of carryovers at beginning of current year | 2019-09-30 | 2,937,003 |
Balance of prefunding at beginning of current year | 2019-09-30 | 8,182,810 |
Total employer contributions | 2019-09-30 | 0 |
Total employee contributions | 2019-09-30 | 0 |
Contributions allocated toward unpaid minimum require contributions from prior years | 2019-09-30 | 0 |
Contributions made to avoid restrictions adjusted to valuation date | 2019-09-30 | 0 |
Contributions allocated toward minimum required contributions for current year adjusted to valuation date | 2019-09-30 | 0 |
Unpaid minimum required contributions for all prior years | 2019-09-30 | 0 |
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years | 2019-09-30 | 0 |
Remaining amount of unpaid minimum required contributions | 2019-09-30 | 0 |
Minimum required contributions for current year target normal cost | 2019-09-30 | 416,812 |
Net shortfall amortization installment of oustanding balance | 2019-09-30 | 0 |
Waiver amortization installment | 2019-09-30 | 0 |
Total funding amount beforereflecting carryover/prefunding balances | 2019-09-30 | 416,812 |
Carryover balance elected to use to offset funding requirement | 2019-09-30 | 416,812 |
Prefunding balance elected to use to offset funding requirement | 2019-09-30 | 0 |
Additional cash requirement | 2019-09-30 | 0 |
Contributions allocatedtoward minimum required contributions for current year | 2019-09-30 | 0 |
Unpaid minimum required contributions for current year | 2019-09-30 | 0 |
Unpaid minimum required contributions for all years | 2019-09-30 | 0 |
2018: SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA 2018 401k membership | ||
Market value of plan assets | 2018-09-30 | 18,366,746 |
Acturial value of plan assets | 2018-09-30 | 17,641,320 |
Funding target for retired participants and beneficiaries receiving payment | 2018-09-30 | 2,482,134 |
Number of terminated vested participants | 2018-09-30 | 7 |
Fundng target for terminated vested participants | 2018-09-30 | 812,150 |
Active participant vested funding target | 2018-09-30 | 7,365,948 |
Number of active participants | 2018-09-30 | 58 |
Total funding liabilities for active participants | 2018-09-30 | 7,424,561 |
Total participant count | 2018-09-30 | 72 |
Total funding target for all participants | 2018-09-30 | 10,718,845 |
Balance at beginning of prior year after applicable adjustments | 2018-09-30 | 2,431,038 |
Prefunding balance at beginning of prior year after applicable adjustments | 2018-09-30 | 5,596,983 |
Carryover balanced portion elected for use to offset prior years funding requirement | 2018-09-30 | 0 |
Prefunding balanced used to offset prior years funding requirement | 2018-09-30 | 0 |
Amount remaining of carryover balance | 2018-09-30 | 2,431,038 |
Amount remaining of prefunding balance | 2018-09-30 | 5,596,983 |
Present value of excess contributions | 2018-09-30 | 680,175 |
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance | 2018-09-30 | 720,986 |
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance | 2018-09-30 | 720,986 |
Reductions in caryover balances due to elections or deemed elections | 2018-09-30 | 0 |
Reductions in prefunding balances due to elections or deemed elections | 2018-09-30 | 0 |
Balance of carryovers at beginning of current year | 2018-09-30 | 2,735,404 |
Balance of prefunding at beginning of current year | 2018-09-30 | 7,018,711 |
Total employer contributions | 2018-09-30 | 1,000,000 |
Total employee contributions | 2018-09-30 | 0 |
Contributions allocated toward unpaid minimum require contributions from prior years | 2018-09-30 | 0 |
Contributions made to avoid restrictions adjusted to valuation date | 2018-09-30 | 0 |
Contributions allocated toward minimum required contributions for current year adjusted to valuation date | 2018-09-30 | 986,611 |
Unpaid minimum required contributions for all prior years | 2018-09-30 | 0 |
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years | 2018-09-30 | 0 |
Remaining amount of unpaid minimum required contributions | 2018-09-30 | 0 |
Minimum required contributions for current year target normal cost | 2018-09-30 | 374,961 |
Net shortfall amortization installment of oustanding balance | 2018-09-30 | 0 |
Waiver amortization installment | 2018-09-30 | 0 |
Total funding amount beforereflecting carryover/prefunding balances | 2018-09-30 | 374,961 |
Carryover balance elected to use to offset funding requirement | 2018-09-30 | 0 |
Prefunding balance elected to use to offset funding requirement | 2018-09-30 | 0 |
Additional cash requirement | 2018-09-30 | 374,961 |
Contributions allocatedtoward minimum required contributions for current year | 2018-09-30 | 986,611 |
Unpaid minimum required contributions for current year | 2018-09-30 | 0 |
Unpaid minimum required contributions for all years | 2018-09-30 | 0 |
2017: SBA MASTER DEFINED BENEFIT PLAN FOR BANK OF SOUTHSIDE VIRGINIA 2017 401k membership | ||
Market value of plan assets | 2017-09-30 | 15,973,868 |
Acturial value of plan assets | 2017-09-30 | 16,152,519 |
Funding target for retired participants and beneficiaries receiving payment | 2017-09-30 | 775,944 |
Number of terminated vested participants | 2017-09-30 | 4 |
Fundng target for terminated vested participants | 2017-09-30 | 110,091 |
Active participant vested funding target | 2017-09-30 | 8,870,468 |
Number of active participants | 2017-09-30 | 60 |
Total funding liabilities for active participants | 2017-09-30 | 8,875,975 |
Total participant count | 2017-09-30 | 69 |
Total funding target for all participants | 2017-09-30 | 9,762,010 |
Balance at beginning of prior year after applicable adjustments | 2017-09-30 | 2,239,762 |
Prefunding balance at beginning of prior year after applicable adjustments | 2017-09-30 | 4,489,744 |
Carryover balanced portion elected for use to offset prior years funding requirement | 2017-09-30 | 0 |
Prefunding balanced used to offset prior years funding requirement | 2017-09-30 | 0 |
Amount remaining of carryover balance | 2017-09-30 | 2,239,762 |
Amount remaining of prefunding balance | 2017-09-30 | 4,489,744 |
Present value of excess contributions | 2017-09-30 | 681,623 |
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance | 2017-09-30 | 723,815 |
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance | 2017-09-30 | 723,815 |
Reductions in caryover balances due to elections or deemed elections | 2017-09-30 | 0 |
Reductions in prefunding balances due to elections or deemed elections | 2017-09-30 | 0 |
Balance of carryovers at beginning of current year | 2017-09-30 | 2,431,038 |
Balance of prefunding at beginning of current year | 2017-09-30 | 5,596,983 |
Total employer contributions | 2017-09-30 | 1,000,000 |
Total employee contributions | 2017-09-30 | 0 |
Contributions allocated toward unpaid minimum require contributions from prior years | 2017-09-30 | 0 |
Contributions made to avoid restrictions adjusted to valuation date | 2017-09-30 | 0 |
Contributions allocated toward minimum required contributions for current year adjusted to valuation date | 2017-09-30 | 985,892 |
Unpaid minimum required contributions for all prior years | 2017-09-30 | 0 |
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years | 2017-09-30 | 0 |
Remaining amount of unpaid minimum required contributions | 2017-09-30 | 0 |
Minimum required contributions for current year target normal cost | 2017-09-30 | 305,717 |
Net shortfall amortization installment of oustanding balance | 2017-09-30 | 0 |
Total funding amount beforereflecting carryover/prefunding balances | 2017-09-30 | 305,717 |
Carryover balance elected to use to offset funding requirement | 2017-09-30 | 0 |
Prefunding balance elected to use to offset funding requirement | 2017-09-30 | 0 |
Additional cash requirement | 2017-09-30 | 305,717 |
Contributions allocatedtoward minimum required contributions for current year | 2017-09-30 | 985,892 |
Unpaid minimum required contributions for current year | 2017-09-30 | 0 |
Unpaid minimum required contributions for all years | 2017-09-30 | 0 |