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FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN 401k Plan overview

Plan NameFIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN
Plan identification number 001

FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN 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).
  • 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.
  • Plan provides for automatic enrollment in plan that has employee contributions deducted from payroll.
  • 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

FIRST NATIONAL BANK OF MIDDLE TENNESEE has sponsored the creation of one or more 401k plans.

Company Name:FIRST NATIONAL BANK OF MIDDLE TENNESEE
Employer identification number (EIN):621203303
NAIC Classification:523110
NAIC Description:Investment Banking and Securities Dealing

Form 5500 Filing Information

Submission information for form 5500 for 401k plan FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012022-01-01
0012021-01-01
0012008-01-01PIETER VAN VUUREN PIETER VAN VUUREN2011-06-23

Plan Statistics for FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN

401k plan membership statisitcs for FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN

Measure Date Value
2022: FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN 2022 401k membership
Total participants, beginning-of-year2022-01-01154
Total number of active participants reported on line 7a of the Form 55002022-01-01144
Number of retired or separated participants receiving benefits2022-01-010
Number of other retired or separated participants entitled to future benefits2022-01-0119
Total of all active and inactive participants2022-01-01163
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2022-01-010
Total participants2022-01-01163
Number of participants with account balances2022-01-01150
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2022-01-019
2021: FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN 2021 401k membership
Total participants, beginning-of-year2021-01-01147
Total number of active participants reported on line 7a of the Form 55002021-01-01136
Number of retired or separated participants receiving benefits2021-01-010
Number of other retired or separated participants entitled to future benefits2021-01-0115
Total of all active and inactive participants2021-01-01151
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2021-01-010
Total participants2021-01-01151
Number of participants with account balances2021-01-01127
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2021-01-016
2008: FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN 2008 401k membership
Total participants, beginning-of-year2008-01-0177
Total number of active participants reported on line 7a of the Form 55002008-01-010
Number of retired or separated participants receiving benefits2008-01-010
Number of other retired or separated participants entitled to future benefits2008-01-010
Total of all active and inactive participants2008-01-010
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2008-01-010
Total participants2008-01-010
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2008-01-010
Number of employers contributing to the scheme2008-01-010

Financial Data on FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN

Measure Date Value
2022 : FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN 2022 401k financial data
Total unrealized appreciation/depreciation of assets2022-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2022-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2022-12-31$0
Total income from all sources (including contributions)2022-12-31$-388,595
Total loss/gain on sale of assets2022-12-31$0
Total of all expenses incurred2022-12-31$774,256
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2022-12-31$723,198
Total contributions o plan (from employers,participants, others, non cash contrinutions)2022-12-31$983,224
Value of total assets at end of year2022-12-31$7,437,066
Value of total assets at beginning of year2022-12-31$8,599,917
Total of administrative expenses incurred including professional, contract, advisory and management fees2022-12-31$51,058
Total interest from all sources2022-12-31$1,605
Total dividends received (eg from common stock, registered investment company shares)2022-12-31$44,395
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2022-12-31No
Total dividends received from registered investment company shares (eg mutual funds)2022-12-31$44,395
Was this plan covered by a fidelity bond2022-12-31Yes
Value of fidelity bond cover2022-12-31$3,000,000
If this is an individual account plan, was there a blackout period2022-12-31No
Were there any nonexempt tranactions with any party-in-interest2022-12-31No
Contributions received from participants2022-12-31$671,085
Participant contributions at end of year2022-12-31$28,860
Participant contributions at beginning of year2022-12-31$32,929
Participant contributions at end of year2022-12-31$800
Income. Received or receivable in cash from other sources (including rollovers)2022-12-31$18,794
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2022-12-31No
Value of net income/loss2022-12-31$-1,162,851
Value of net assets at end of year (total assets less liabilities)2022-12-31$7,437,066
Value of net assets at beginning of year (total assets less liabilities)2022-12-31$8,599,917
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2022-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2022-12-31No
Were any leases to which the plan was party in default or uncollectible2022-12-31No
Value of interest in registered invesment companies (eg mutual funds) at end of year2022-12-31$1,769,095
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2022-12-31$2,364,351
Value of interest in pooled separate accounts at end of year2022-12-31$4,702,844
Value of interest in pooled separate accounts at beginning of year2022-12-31$5,318,935
Interest on participant loans2022-12-31$1,605
Value of interest in common/collective trusts at end of year2022-12-31$642,122
Value of interest in common/collective trusts at beginning of year2022-12-31$634,263
Net investment gain/loss from registered investment companies (e.g. mutual funds)2022-12-31$-511,010
Net investment gain/loss from pooled separate accounts2022-12-31$-917,140
Net investment gain or loss from common/collective trusts2022-12-31$10,331
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2022-12-31No
Was there a failure to transmit to the plan any participant contributions2022-12-31Yes
Has the plan failed to provide any benefit when due under the plan2022-12-31No
Contributions received in cash from employer2022-12-31$293,345
Employer contributions (assets) at end of year2022-12-31$293,345
Employer contributions (assets) at beginning of year2022-12-31$249,439
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2022-12-31$723,198
Contract administrator fees2022-12-31$51,058
Did the plan have assets held for investment2022-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2022-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2022-12-31No
Opinion of an independent qualified public accountant for this plan2022-12-31Unqualified
Accountancy firm name2022-12-31MAGGART & ASSOCIATES, P.C.
Accountancy firm EIN2022-12-31621036705
2021 : FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN 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$1,931,963
Total loss/gain on sale of assets2021-12-31$0
Total of all expenses incurred2021-12-31$413,443
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2021-12-31$330,622
Expenses. Certain deemed distributions of participant loans2021-12-31$29,795
Total contributions o plan (from employers,participants, others, non cash contrinutions)2021-12-31$835,174
Value of total assets at end of year2021-12-31$8,599,917
Value of total assets at beginning of year2021-12-31$7,081,397
Total of administrative expenses incurred including professional, contract, advisory and management fees2021-12-31$53,026
Total interest from all sources2021-12-31$2,648
Total dividends received (eg from common stock, registered investment company shares)2021-12-31$41,731
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$41,731
Was this plan covered by a fidelity bond2021-12-31Yes
Value of fidelity bond cover2021-12-31$3,000,000
If this is an individual account plan, was there a blackout period2021-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2021-12-31$0
Were there any nonexempt tranactions with any party-in-interest2021-12-31No
Contributions received from participants2021-12-31$584,150
Participant contributions at end of year2021-12-31$32,929
Participant contributions at beginning of year2021-12-31$61,577
Participant contributions at beginning of year2021-12-31$15,612
Income. Received or receivable in cash from other sources (including rollovers)2021-12-31$1,585
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$1,518,520
Value of net assets at end of year (total assets less liabilities)2021-12-31$8,599,917
Value of net assets at beginning of year (total assets less liabilities)2021-12-31$7,081,397
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$2,364,351
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2021-12-31$1,853,814
Value of interest in pooled separate accounts at end of year2021-12-31$5,318,935
Value of interest in pooled separate accounts at beginning of year2021-12-31$4,318,833
Interest on participant loans2021-12-31$2,648
Value of interest in common/collective trusts at end of year2021-12-31$634,263
Value of interest in common/collective trusts at beginning of year2021-12-31$565,767
Net investment gain/loss from registered investment companies (e.g. mutual funds)2021-12-31$320,666
Net investment gain/loss from pooled separate accounts2021-12-31$722,286
Net investment gain or loss from common/collective trusts2021-12-31$9,458
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2021-12-31No
Was there a failure to transmit to the plan any participant contributions2021-12-31Yes
Has the plan failed to provide any benefit when due under the plan2021-12-31No
Contributions received in cash from employer2021-12-31$249,439
Employer contributions (assets) at end of year2021-12-31$249,439
Employer contributions (assets) at beginning of year2021-12-31$265,794
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2021-12-31$330,622
Contract administrator fees2021-12-31$53,026
Did the plan have assets held for investment2021-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2021-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2021-12-31No
Opinion of an independent qualified public accountant for this plan2021-12-31Unqualified
Accountancy firm name2021-12-31MAGGART & ASSOCIATES, P.C.
Accountancy firm EIN2021-12-31621036705
2008 : FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN 2008 401k financial data
Transfers to/from the plan2008-03-14$-2,808,193
Total income from all sources2008-03-14$-249,817
Expenses. Total of all expenses incurred2008-03-14$217,677
Benefits paid (including direct rollovers)2008-03-14$215,142
Total plan assets at end of year2008-03-14$0
Total plan assets at beginning of year2008-03-14$3,275,687
Value of fidelity bond covering the plan2008-03-14$3,000,000
Expenses. Other expenses not covered elsewhere2008-03-14$2,535
Other income received2008-03-14$-249,817
Net income (gross income less expenses)2008-03-14$-467,494
Net plan assets at end of year (total assets less liabilities)2008-03-14$0
Net plan assets at beginning of year (total assets less liabilities)2008-03-14$3,275,687
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2008-03-14$0

Form 5500 Responses for FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN

2022: FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN 2022 form 5500 responses
2022-01-01Type of plan entitySingle employer plan
2022-01-01This submission is the final filingNo
2022-01-01This return/report is a short plan year return/report (less than 12 months)No
2022-01-01Plan is a collectively bargained planNo
2022-01-01Plan funding arrangement – InsuranceYes
2022-01-01Plan funding arrangement – TrustYes
2022-01-01Plan benefit arrangement – InsuranceYes
2022-01-01Plan benefit arrangement - TrustYes
2021: FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN 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
2008: FIRST NATIONAL BANK OF MCMINNVILLE DEFINED BENEFIT PENSION PLAN 2008 form 5500 responses
2008-01-01Type of plan entitySingle employer plan
2008-01-01Submission has been amendedNo
2008-01-01This submission is the final filingYes
2008-01-01This return/report is a short plan year return/report (less than 12 months)Yes
2008-01-01Plan is a collectively bargained planNo
2008-01-01Plan funding arrangement – InsuranceYes
2008-01-01Plan funding arrangement – TrustYes
2008-01-01Plan benefit arrangement – InsuranceYes
2008-01-01Plan benefit arrangement - TrustYes

Insurance Providers Used on plan

PRINCIPAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 61271 )
Policy contract number624965
Policy instance 1
Insurance contract or identification number624965
Number of Individuals Covered163
Insurance policy start date2022-01-01
Insurance policy end date2022-12-31
Total amount of commissions paid to insurance brokerUSD $0
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
PRINCIPAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 61271 )
Policy contract number624965
Policy instance 1
Insurance contract or identification number624965
Number of Individuals Covered151
Insurance policy start date2021-01-01
Insurance policy end date2021-12-31
Total amount of commissions paid to insurance brokerUSD $0
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

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