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BANK OF VERNON EMPLOYEES PROFIT SHARING PLAN 401k Plan overview

Plan NameBANK OF VERNON EMPLOYEES PROFIT SHARING PLAN
Plan identification number 001

BANK OF VERNON EMPLOYEES PROFIT SHARING PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Profit-sharing
  • 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.
  • 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

BANK OF VERNON has sponsored the creation of one or more 401k plans.

Company Name:BANK OF VERNON
Employer identification number (EIN):630015480
NAIC Classification:522110
NAIC Description:Commercial Banking

Form 5500 Filing Information

Submission information for form 5500 for 401k plan BANK OF VERNON EMPLOYEES PROFIT SHARING PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012022-01-01JUDY BIGGGERS2023-09-11 JUDY BIGGGERS2023-09-11

Plan Statistics for BANK OF VERNON EMPLOYEES PROFIT SHARING PLAN

401k plan membership statisitcs for BANK OF VERNON EMPLOYEES PROFIT SHARING PLAN

Measure Date Value
2022: BANK OF VERNON EMPLOYEES PROFIT SHARING PLAN 2022 401k membership
Total participants, beginning-of-year2022-01-0158
Total number of active participants reported on line 7a of the Form 55002022-01-0148
Number of retired or separated participants receiving benefits2022-01-014
Number of other retired or separated participants entitled to future benefits2022-01-0113
Total of all active and inactive participants2022-01-0165
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2022-01-011
Total participants2022-01-0166
Number of participants with account balances2022-01-0161
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2022-01-013

Financial Data on BANK OF VERNON EMPLOYEES PROFIT SHARING PLAN

Measure Date Value
2022 : BANK OF VERNON EMPLOYEES PROFIT SHARING PLAN 2022 401k financial data
Total income from all sources2022-12-31$-1,032,566
Expenses. Total of all expenses incurred2022-12-31$172,528
Benefits paid (including direct rollovers)2022-12-31$170,414
Total plan assets at end of year2022-12-31$5,838,692
Total plan assets at beginning of year2022-12-31$7,043,786
Value of fidelity bond covering the plan2022-12-31$500,000
Total contributions received or receivable from participants2022-12-31$100,045
Assets. Value of loans (other than to participants)2022-12-31$39,444
Contributions received from other sources (not participants or employers)2022-12-31$180,501
Other income received2022-12-31$-1,373,678
Net income (gross income less expenses)2022-12-31$-1,205,094
Net plan assets at end of year (total assets less liabilities)2022-12-31$5,838,692
Net plan assets at beginning of year (total assets less liabilities)2022-12-31$7,043,786
Total contributions received or receivable from employer(s)2022-12-31$60,566
Expenses. Administrative service providers (salaries,fees and commissions)2022-12-31$2,114

Form 5500 Responses for BANK OF VERNON EMPLOYEES PROFIT SHARING PLAN

2022: BANK OF VERNON EMPLOYEES PROFIT SHARING PLAN 2022 form 5500 responses
2022-01-01Type of plan entitySingle employer plan
2022-01-01Submission has been amendedNo
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

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