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RETIREMENT PLAN FOR EMPLOYEES OF CHEMICAL LEAMAN CORP AND AFFILIATED CORPORATIONS 401k Plan overview

Plan NameRETIREMENT PLAN FOR EMPLOYEES OF CHEMICAL LEAMAN CORP AND AFFILIATED CORPORATIONS
Plan identification number 003

RETIREMENT PLAN FOR EMPLOYEES OF CHEMICAL LEAMAN CORP AND AFFILIATED CORPORATIONS Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Benefits are primarily pay related
  • Frozen Plan - As of the last day of the plan year, the plan provides that no participant will get any new benefit accrual (whether because of service or compensation).
  • 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

BOASSO GLOBAL, INC. has sponsored the creation of one or more 401k plans.

Company Name:BOASSO GLOBAL, INC.
Employer identification number (EIN):593239073
NAIC Classification:484200
NAIC Description: Specialized Freight Trucking

Form 5500 Filing Information

Submission information for form 5500 for 401k plan RETIREMENT PLAN FOR EMPLOYEES OF CHEMICAL LEAMAN CORP AND AFFILIATED CORPORATIONS

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0032021-01-01

Plan Statistics for RETIREMENT PLAN FOR EMPLOYEES OF CHEMICAL LEAMAN CORP AND AFFILIATED CORPORATIONS

401k plan membership statisitcs for RETIREMENT PLAN FOR EMPLOYEES OF CHEMICAL LEAMAN CORP AND AFFILIATED CORPORATIONS

Measure Date Value
2021: RETIREMENT PLAN FOR EMPLOYEES OF CHEMICAL LEAMAN CORP AND AFFILIATED CORPORATIONS 2021 401k membership
Market value of plan assets2021-12-3131,144,222
Acturial value of plan assets2021-12-3128,887,710
Funding target for retired participants and beneficiaries receiving payment2021-12-3121,344,140
Number of terminated vested participants2021-12-31264
Fundng target for terminated vested participants2021-12-318,227,531
Active participant vested funding target2021-12-31168,823
Number of active participants2021-12-314
Total funding liabilities for active participants2021-12-31168,823
Total participant count2021-12-31737
Total funding target for all participants2021-12-3129,740,494
Balance at beginning of prior year after applicable adjustments2021-12-310
Prefunding balance at beginning of prior year after applicable adjustments2021-12-311,469,980
Carryover balanced portion elected for use to offset prior years funding requirement2021-12-310
Prefunding balanced used to offset prior years funding requirement2021-12-31640,939
Amount remaining of carryover balance2021-12-310
Amount remaining of prefunding balance2021-12-31829,041
Present value of excess contributions2021-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-12-310
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2021-12-310
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 year2021-12-31920,567
Total employer contributions2021-12-312,745,541
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 date2021-12-312,537,594
Liquidity shortfalls end of Q12021-12-310
Liquidity shortfalls end of Q22021-12-310
Liquidity shortfalls end of Q32021-12-310
Liquidity shortfalls end of Q42021-12-310
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 cost2021-12-31428,000
Net shortfall amortization installment of oustanding balance2021-12-311,773,351
Waiver amortization installment2021-12-310
Total funding amount beforereflecting carryover/prefunding balances2021-12-31623,112
Carryover balance elected to use to offset funding requirement2021-12-310
Prefunding balance elected to use to offset funding requirement2021-12-31257,668
Additional cash requirement2021-12-31365,444
Contributions allocatedtoward minimum required contributions for current year2021-12-312,537,594
Unpaid minimum required contributions for current year2021-12-310
Unpaid minimum required contributions for all years2021-12-310
Total participants, beginning-of-year2021-01-01721
Total number of active participants reported on line 7a of the Form 55002021-01-010
Number of retired or separated participants receiving benefits2021-01-01404
Number of other retired or separated participants entitled to future benefits2021-01-01244
Total of all active and inactive participants2021-01-01648
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2021-01-0151
Total participants2021-01-01699
Number of participants with account balances2021-01-010
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2021-01-010

Financial Data on RETIREMENT PLAN FOR EMPLOYEES OF CHEMICAL LEAMAN CORP AND AFFILIATED CORPORATIONS

Measure Date Value
2021 : RETIREMENT PLAN FOR EMPLOYEES OF CHEMICAL LEAMAN CORP AND AFFILIATED CORPORATIONS 2021 401k financial data
Total unrealized appreciation/depreciation of assets2021-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2021-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2021-12-31$0
Total income from all sources (including contributions)2021-12-31$7,109,182
Total loss/gain on sale of assets2021-12-31$0
Total of all expenses incurred2021-12-31$2,774,332
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2021-12-31$2,347,443
Total contributions o plan (from employers,participants, others, non cash contrinutions)2021-12-31$2,745,541
Value of total assets at end of year2021-12-31$35,479,072
Value of total assets at beginning of year2021-12-31$31,144,222
Total of administrative expenses incurred including professional, contract, advisory and management fees2021-12-31$426,889
Total interest from all sources2021-12-31$0
Total dividends received (eg from common stock, registered investment company shares)2021-12-31$526,490
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2021-12-31No
Total dividends received from registered investment company shares (eg mutual funds)2021-12-31$526,490
Was this plan covered by a fidelity bond2021-12-31Yes
Value of fidelity bond cover2021-12-31$5,000,000
Were there any nonexempt tranactions with any party-in-interest2021-12-31No
Other income not declared elsewhere2021-12-31$64,080
Administrative expenses (other) incurred2021-12-31$265,046
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2021-12-31No
Value of net income/loss2021-12-31$4,334,850
Value of net assets at end of year (total assets less liabilities)2021-12-31$35,479,072
Value of net assets at beginning of year (total assets less liabilities)2021-12-31$31,144,222
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2021-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2021-12-31No
Were any leases to which the plan was party in default or uncollectible2021-12-31No
Value of interest in registered invesment companies (eg mutual funds) at end of year2021-12-31$30,309,045
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2021-12-31$28,192,355
Value of interest in pooled separate accounts at end of year2021-12-31$2,720,027
Value of interest in pooled separate accounts at beginning of year2021-12-31$2,951,867
Net investment gain/loss from registered investment companies (e.g. mutual funds)2021-12-31$3,209,594
Net investment gain/loss from pooled separate accounts2021-12-31$563,477
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2021-12-31Yes
Was there a failure to transmit to the plan any participant contributions2021-12-31No
Has the plan failed to provide any benefit when due under the plan2021-12-31No
Contributions received in cash from employer2021-12-31$2,745,541
Employer contributions (assets) at end of year2021-12-31$2,450,000
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2021-12-31$2,347,443
Contract administrator fees2021-12-31$161,843
Did the plan have assets held for investment2021-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2021-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2021-12-31No
Opinion of an independent qualified public accountant for this plan2021-12-31Unqualified
Accountancy firm name2021-12-31ASSURANCE DIMENSIONS
Accountancy firm EIN2021-12-31263429295

Form 5500 Responses for RETIREMENT PLAN FOR EMPLOYEES OF CHEMICAL LEAMAN CORP AND AFFILIATED CORPORATIONS

2021: RETIREMENT PLAN FOR EMPLOYEES OF CHEMICAL LEAMAN CORP AND AFFILIATED CORPORATIONS 2021 form 5500 responses
2021-01-01Type of plan entitySingle employer plan
2021-01-01This submission is the final filingNo
2021-01-01This return/report is a short plan year return/report (less than 12 months)No
2021-01-01Plan is a collectively bargained planNo
2021-01-01Plan funding arrangement – InsuranceYes
2021-01-01Plan funding arrangement – TrustYes
2021-01-01Plan benefit arrangement – InsuranceYes
2021-01-01Plan benefit arrangement - TrustYes

Insurance Providers Used on plan

PRINCIPAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 61271 )
Policy contract number611346
Policy instance 1
Insurance contract or identification number611346
Number of Individuals Covered699
Insurance policy start date2021-01-01
Insurance policy end date2021-12-31
Total amount of commissions paid to insurance brokerUSD $3,758
Total amount of fees paid to insurance companyUSD $0
Contract purchased, in whole or in part, to distribute benefits from a terminating planNo
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
Commission paid to Insurance BrokerUSD $3,758
Amount paid for insurance broker fees0
Insurance broker organization code?3

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