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MICHAEL J. PALERMO, P.A. 401(K) PLAN 401k Plan overview

Plan NameMICHAEL J. PALERMO, P.A. 401(K) PLAN
Plan identification number 001

MICHAEL J. PALERMO, P.A. 401(K) PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Age/Service Weighted or new comparability or similar plan - Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New comparability or similar plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the theshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of section 401(l).
  • Profit-sharing
  • ERISA section 404(c) Plan - This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
  • Total participant-directed account plan - Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • Code section 401(k) feature - A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
  • Code section 401(m) arrangement - Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contribtions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
  • Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.
  • 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.
  • Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).

401k Sponsoring company profile

MICHAEL J. PALERMO, P.A. has sponsored the creation of one or more 401k plans.

Company Name:MICHAEL J. PALERMO, P.A.
Employer identification number (EIN):593749244
NAIC Classification:541110
NAIC Description:Offices of Lawyers

Form 5500 Filing Information

Submission information for form 5500 for 401k plan MICHAEL J. PALERMO, P.A. 401(K) PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012023-01-01MICHAEL J. PALERMO2024-07-08
0012022-01-01MICHAEL J. PALERMO2023-07-12
0012021-01-01MICHAEL J. PALERMO2022-07-08

Plan Statistics for MICHAEL J. PALERMO, P.A. 401(K) PLAN

401k plan membership statisitcs for MICHAEL J. PALERMO, P.A. 401(K) PLAN

Measure Date Value
2025: MICHAEL J. PALERMO, P.A. 401(K) PLAN 2025 401k membership
Total number of particpants at beginning of year2025-07-1015
Total number of particpants at end of year2025-07-1015
Number of Participants With Account Balances2025-07-1015
2024: MICHAEL J. PALERMO, P.A. 401(K) PLAN 2024 401k membership
Total number of particpants at beginning of year2024-07-0815
Total number of particpants at end of year2024-07-0815
Number of Participants With Account Balances2024-07-0815
2022: MICHAEL J. PALERMO, P.A. 401(K) PLAN 2022 401k membership
Total number of particpants at beginning of year2022-07-0810
Total number of particpants at end of year2022-07-0814
Number of Participants With Account Balances2022-07-0814

Financial Data on MICHAEL J. PALERMO, P.A. 401(K) PLAN

Measure Date Value
2025 : MICHAEL J. PALERMO, P.A. 401(K) PLAN 2025 401k financial data
Total expenses incurred by plan in this plan year2025-07-1061051
Net assets as of the end of the plan year2025-07-10953110
Total assets as of the beginning of the plan year2025-07-10667823
Value of plan covered by a fidelity bond2025-07-1066783
Participant contributions to plan in this plan year2025-07-10110089
Other income to plan in this plan year2025-07-10127907
Plan net income in this plan year2025-07-10285287
Net assets as of the end of the plan year2025-07-10953110
Net assets as of the beginning of the plan year2025-07-10667823
Employer contributions to plan in this plan year2025-07-10108342
Fees paid to broker by Benefit Provider2025-07-10387
Expensese paid to adminstrative service provicers from plan in this plan year2025-07-109051
2024 : MICHAEL J. PALERMO, P.A. 401(K) PLAN 2024 401k financial data
Total expenses incurred by plan in this plan year2024-07-0862902
Net assets as of the end of the plan year2024-07-08667823
Total assets as of the beginning of the plan year2024-07-08427183
Value of plan covered by a fidelity bond2024-07-0842719
Participant contributions to plan in this plan year2024-07-08117964
Other income to plan in this plan year2024-07-0899404
Plan net income in this plan year2024-07-08240640
Net assets as of the end of the plan year2024-07-08667823
Net assets as of the beginning of the plan year2024-07-08427183
Employer contributions to plan in this plan year2024-07-0886174
Fees paid to broker by Benefit Provider2024-07-08243
Expensese paid to adminstrative service provicers from plan in this plan year2024-07-085964
2022 : MICHAEL J. PALERMO, P.A. 401(K) PLAN 2022 401k financial data
Total expenses incurred by plan in this plan year2022-07-08460
Net assets as of the end of the plan year2022-07-08231466
Total assets as of the beginning of the plan year2022-07-080
Value of plan covered by a fidelity bond2022-07-0823147
Participant contributions to plan in this plan year2022-07-0875404
Other contributions to plan in this plan year2022-07-0821469
Other income to plan in this plan year2022-07-082568
Plan net income in this plan year2022-07-08231466
Net assets as of the end of the plan year2022-07-08231466
Net assets as of the beginning of the plan year2022-07-080
Employer contributions to plan in this plan year2022-07-08132485
Fees paid to broker by Benefit Provider2022-07-08710
Expensese paid to adminstrative service provicers from plan in this plan year2022-07-08460

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