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BANK OF KILMICHAEL EMPLOYEES RETIREMENT PLAN 401k Plan overview

Plan NameBANK OF KILMICHAEL EMPLOYEES RETIREMENT PLAN
Plan identification number 001

BANK OF KILMICHAEL EMPLOYEES RETIREMENT 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).
  • 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).
  • 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.

401k Sponsoring company profile

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

Company Name:BANK OF KILMICHAEL
Employer identification number (EIN):640185570
NAIC Classification:522110
NAIC Description:Commercial Banking

Additional information about BANK OF KILMICHAEL

Jurisdiction of Incorporation: Mississippi Secretary of State
Incorporation Date:
Company Identification Number: 401428

More information about BANK OF KILMICHAEL

Form 5500 Filing Information

Submission information for form 5500 for 401k plan BANK OF KILMICHAEL EMPLOYEES RETIREMENT PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012021-12-01ALISHA WEEKS2023-09-14
0012021-01-01ALISHA M. WEEKS2022-07-08
0012020-12-01ALISHA WEEKS2022-09-15
0012020-01-01ALISHA M. WEEKS2021-07-07 ALISHA M. WEEKS2021-07-07
0012019-12-01ALISHA WEEKS2021-09-14
0012019-01-01ALISHA M. WEEKS2020-07-21
0012018-12-01ALISHA WEEKS2020-09-12
0012018-01-01ALISHA M. WEEKS2019-05-15 ALISHA M. WEEKS2019-05-15
0012017-12-01ALISHA WEEKS2019-09-11
0012017-01-01ALISHA M. WEEKS2018-07-13 ALISHA M. WEEKS2018-07-13
0012016-12-01ALISHA WEEKS2018-09-13
0012016-01-01ALISHA WEEKS2017-05-16 ALISHA WEEKS2017-05-16
0012015-12-01ALISHA WEEKS2017-09-15
0012015-01-01ALISHA WEEKS2016-06-21 ALISHA WEEKS2016-06-21
0012014-12-01ALISHA WEEKS2016-09-14
0012014-01-01ALISHA WEEKS2015-05-14 ALISHA WEEKS2015-05-14
0012013-12-01ALISHA WEEKS2015-09-15
0012013-01-01ALISHA WEEKS2014-05-22
0012012-12-01ALISHA WEEKS2014-09-10
0012012-01-01JEAN HILL2013-06-13
0012011-12-01JEAN HILL2013-09-09
0012011-01-01JEAN HILL2012-05-15
0012010-12-01JEAN HILL2012-09-11
0012010-01-01JEAN HILL2011-04-26
0012009-01-01JEAN HILL
0012008-12-01

Plan Statistics for BANK OF KILMICHAEL EMPLOYEES RETIREMENT PLAN

401k plan membership statisitcs for BANK OF KILMICHAEL EMPLOYEES RETIREMENT PLAN

Measure Date Value
2022: BANK OF KILMICHAEL EMPLOYEES RETIREMENT PLAN 2022 401k membership
Market value of plan assets2022-11-301,757,352
Acturial value of plan assets2022-11-301,757,352
Funding target for retired participants and beneficiaries receiving payment2022-11-301,707,951
Number of terminated vested participants2022-11-302
Fundng target for terminated vested participants2022-11-3012,873
Active participant vested funding target2022-11-30383,439
Number of active participants2022-11-306
Total funding liabilities for active participants2022-11-30383,439
Total participant count2022-11-3011
Total funding target for all participants2022-11-302,104,263
Balance at beginning of prior year after applicable adjustments2022-11-300
Prefunding balance at beginning of prior year after applicable adjustments2022-11-300
Carryover balanced portion elected for use to offset prior years funding requirement2022-11-300
Prefunding balanced used to offset prior years funding requirement2022-11-300
Amount remaining of carryover balance2022-11-300
Amount remaining of prefunding balance2022-11-300
Present value of excess contributions2022-11-301,029
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2022-11-301,083
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2022-11-300
Reductions in caryover balances due to elections or deemed elections2022-11-300
Reductions in prefunding balances due to elections or deemed elections2022-11-300
Balance of carryovers at beginning of current year2022-11-300
Balance of prefunding at beginning of current year2022-11-300
Total employer contributions2022-11-3045,000
Total employee contributions2022-11-300
Contributions allocated toward unpaid minimum require contributions from prior years2022-11-300
Contributions made to avoid restrictions adjusted to valuation date2022-11-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2022-11-3039,660
Liquidity shortfalls end of Q12022-11-300
Liquidity shortfalls end of Q22022-11-300
Liquidity shortfalls end of Q32022-11-300
Liquidity shortfalls end of Q42022-11-300
Unpaid minimum required contributions for all prior years2022-11-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2022-11-300
Remaining amount of unpaid minimum required contributions2022-11-300
Minimum required contributions for current year target normal cost2022-11-300
Net shortfall amortization installment of oustanding balance2022-11-30346,911
Waiver amortization installment2022-11-300
Waived amount of outstanding balance2022-11-300
Total funding amount beforereflecting carryover/prefunding balances2022-11-3036,843
Carryover balance elected to use to offset funding requirement2022-11-300
Prefunding balance elected to use to offset funding requirement2022-11-300
Additional cash requirement2022-11-3036,843
Contributions allocatedtoward minimum required contributions for current year2022-11-3039,660
Unpaid minimum required contributions for current year2022-11-300
Unpaid minimum required contributions for all years2022-11-300
2021: BANK OF KILMICHAEL EMPLOYEES RETIREMENT PLAN 2021 401k membership
Market value of plan assets2021-11-301,658,878
Acturial value of plan assets2021-11-301,658,878
Funding target for retired participants and beneficiaries receiving payment2021-11-301,792,347
Number of terminated vested participants2021-11-302
Fundng target for terminated vested participants2021-11-3012,661
Active participant vested funding target2021-11-30369,053
Number of active participants2021-11-306
Total funding liabilities for active participants2021-11-30369,053
Total participant count2021-11-3011
Total funding target for all participants2021-11-302,174,061
Balance at beginning of prior year after applicable adjustments2021-11-300
Prefunding balance at beginning of prior year after applicable adjustments2021-11-300
Carryover balanced portion elected for use to offset prior years funding requirement2021-11-300
Prefunding balanced used to offset prior years funding requirement2021-11-300
Amount remaining of carryover balance2021-11-300
Amount remaining of prefunding balance2021-11-300
Present value of excess contributions2021-11-3067,851
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-11-3071,556
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2021-11-300
Reductions in caryover balances due to elections or deemed elections2021-11-300
Reductions in prefunding balances due to elections or deemed elections2021-11-300
Balance of carryovers at beginning of current year2021-11-300
Balance of prefunding at beginning of current year2021-11-300
Total employer contributions2021-11-3057,177
Total employee contributions2021-11-300
Contributions allocated toward unpaid minimum require contributions from prior years2021-11-300
Contributions made to avoid restrictions adjusted to valuation date2021-11-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2021-11-3050,466
Liquidity shortfalls end of Q12021-11-300
Liquidity shortfalls end of Q22021-11-300
Liquidity shortfalls end of Q32021-11-300
Liquidity shortfalls end of Q42021-11-300
Unpaid minimum required contributions for all prior years2021-11-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2021-11-300
Remaining amount of unpaid minimum required contributions2021-11-300
Minimum required contributions for current year target normal cost2021-11-300
Net shortfall amortization installment of oustanding balance2021-11-30515,183
Waiver amortization installment2021-11-300
Total funding amount beforereflecting carryover/prefunding balances2021-11-3049,437
Carryover balance elected to use to offset funding requirement2021-11-300
Prefunding balance elected to use to offset funding requirement2021-11-300
Additional cash requirement2021-11-3049,437
Contributions allocatedtoward minimum required contributions for current year2021-11-3050,466
Unpaid minimum required contributions for current year2021-11-300
Unpaid minimum required contributions for all years2021-11-300
2020: BANK OF KILMICHAEL EMPLOYEES RETIREMENT PLAN 2020 401k membership
Market value of plan assets2020-11-301,726,547
Acturial value of plan assets2020-11-301,726,547
Funding target for retired participants and beneficiaries receiving payment2020-11-301,728,250
Number of terminated vested participants2020-11-302
Fundng target for terminated vested participants2020-11-3011,375
Active participant vested funding target2020-11-30507,634
Number of active participants2020-11-307
Total funding liabilities for active participants2020-11-30507,634
Total participant count2020-11-3011
Total funding target for all participants2020-11-302,247,259
Balance at beginning of prior year after applicable adjustments2020-11-300
Prefunding balance at beginning of prior year after applicable adjustments2020-11-300
Carryover balanced portion elected for use to offset prior years funding requirement2020-11-300
Prefunding balanced used to offset prior years funding requirement2020-11-300
Amount remaining of carryover balance2020-11-300
Amount remaining of prefunding balance2020-11-300
Present value of excess contributions2020-11-301
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-11-301
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2020-11-300
Reductions in caryover balances due to elections or deemed elections2020-11-300
Reductions in prefunding balances due to elections or deemed elections2020-11-300
Balance of carryovers at beginning of current year2020-11-300
Balance of prefunding at beginning of current year2020-11-300
Total employer contributions2020-11-30123,013
Total employee contributions2020-11-300
Contributions allocated toward unpaid minimum require contributions from prior years2020-11-300
Contributions made to avoid restrictions adjusted to valuation date2020-11-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2020-11-30115,995
Liquidity shortfalls end of Q12020-11-300
Liquidity shortfalls end of Q22020-11-300
Liquidity shortfalls end of Q32020-11-300
Liquidity shortfalls end of Q42020-11-300
Unpaid minimum required contributions for all prior years2020-11-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2020-11-300
Remaining amount of unpaid minimum required contributions2020-11-300
Minimum required contributions for current year target normal cost2020-11-300
Net shortfall amortization installment of oustanding balance2020-11-30520,712
Waiver amortization installment2020-11-300
Total funding amount beforereflecting carryover/prefunding balances2020-11-3048,144
Carryover balance elected to use to offset funding requirement2020-11-300
Prefunding balance elected to use to offset funding requirement2020-11-300
Additional cash requirement2020-11-3048,144
Contributions allocatedtoward minimum required contributions for current year2020-11-30115,995
Unpaid minimum required contributions for current year2020-11-300
Unpaid minimum required contributions for all years2020-11-300
2019: BANK OF KILMICHAEL EMPLOYEES RETIREMENT PLAN 2019 401k membership
Market value of plan assets2019-11-301,650,284
Acturial value of plan assets2019-11-301,650,284
Funding target for retired participants and beneficiaries receiving payment2019-11-301,750,710
Number of terminated vested participants2019-11-302
Fundng target for terminated vested participants2019-11-3010,140
Active participant vested funding target2019-11-30466,328
Number of active participants2019-11-307
Total funding liabilities for active participants2019-11-30466,328
Total participant count2019-11-3011
Total funding target for all participants2019-11-302,227,178
Balance at beginning of prior year after applicable adjustments2019-11-300
Prefunding balance at beginning of prior year after applicable adjustments2019-11-300
Carryover balanced portion elected for use to offset prior years funding requirement2019-11-300
Prefunding balanced used to offset prior years funding requirement2019-11-300
Amount remaining of carryover balance2019-11-300
Amount remaining of prefunding balance2019-11-300
Present value of excess contributions2019-11-304,025
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2019-11-304,260
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2019-11-300
Reductions in caryover balances due to elections or deemed elections2019-11-300
Reductions in prefunding balances due to elections or deemed elections2019-11-300
Balance of carryovers at beginning of current year2019-11-300
Balance of prefunding at beginning of current year2019-11-300
Total employer contributions2019-11-3077,826
Total employee contributions2019-11-300
Contributions allocated toward unpaid minimum require contributions from prior years2019-11-300
Contributions made to avoid restrictions adjusted to valuation date2019-11-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2019-11-3073,045
Liquidity shortfalls end of Q12019-11-300
Liquidity shortfalls end of Q22019-11-300
Liquidity shortfalls end of Q32019-11-300
Liquidity shortfalls end of Q42019-11-300
Unpaid minimum required contributions for all prior years2019-11-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2019-11-300
Remaining amount of unpaid minimum required contributions2019-11-300
Minimum required contributions for current year target normal cost2019-11-300
Net shortfall amortization installment of oustanding balance2019-11-30576,894
Waiver amortization installment2019-11-300
Total funding amount beforereflecting carryover/prefunding balances2019-11-3073,044
Carryover balance elected to use to offset funding requirement2019-11-300
Prefunding balance elected to use to offset funding requirement2019-11-300
Additional cash requirement2019-11-3073,044
Contributions allocatedtoward minimum required contributions for current year2019-11-3073,045
Unpaid minimum required contributions for current year2019-11-300
Unpaid minimum required contributions for all years2019-11-300
2018: BANK OF KILMICHAEL EMPLOYEES RETIREMENT PLAN 2018 401k membership
Market value of plan assets2018-11-301,748,748
Acturial value of plan assets2018-11-301,748,748
Funding target for retired participants and beneficiaries receiving payment2018-11-301,716,643
Number of terminated vested participants2018-11-302
Fundng target for terminated vested participants2018-11-308,586
Active participant vested funding target2018-11-30419,380
Number of active participants2018-11-308
Total funding liabilities for active participants2018-11-30419,380
Total participant count2018-11-3012
Total funding target for all participants2018-11-302,144,609
Balance at beginning of prior year after applicable adjustments2018-11-300
Prefunding balance at beginning of prior year after applicable adjustments2018-11-300
Carryover balanced portion elected for use to offset prior years funding requirement2018-11-300
Prefunding balanced used to offset prior years funding requirement2018-11-300
Amount remaining of carryover balance2018-11-300
Amount remaining of prefunding balance2018-11-300
Present value of excess contributions2018-11-307,276
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-11-307,715
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2018-11-300
Reductions in caryover balances due to elections or deemed elections2018-11-300
Reductions in prefunding balances due to elections or deemed elections2018-11-300
Balance of carryovers at beginning of current year2018-11-300
Balance of prefunding at beginning of current year2018-11-300
Total employer contributions2018-11-3050,500
Total employee contributions2018-11-300
Contributions allocated toward unpaid minimum require contributions from prior years2018-11-300
Contributions made to avoid restrictions adjusted to valuation date2018-11-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2018-11-3044,323
Liquidity shortfalls end of Q12018-11-300
Liquidity shortfalls end of Q22018-11-300
Liquidity shortfalls end of Q32018-11-300
Liquidity shortfalls end of Q42018-11-300
Unpaid minimum required contributions for all prior years2018-11-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2018-11-300
Remaining amount of unpaid minimum required contributions2018-11-300
Minimum required contributions for current year target normal cost2018-11-300
Net shortfall amortization installment of oustanding balance2018-11-30395,862
Waiver amortization installment2018-11-300
Total funding amount beforereflecting carryover/prefunding balances2018-11-3040,298
Carryover balance elected to use to offset funding requirement2018-11-300
Prefunding balance elected to use to offset funding requirement2018-11-300
Additional cash requirement2018-11-3040,298
Contributions allocatedtoward minimum required contributions for current year2018-11-3044,323
Unpaid minimum required contributions for current year2018-11-300
Unpaid minimum required contributions for all years2018-11-300
2017: BANK OF KILMICHAEL EMPLOYEES RETIREMENT PLAN 2017 401k membership
Market value of plan assets2017-11-301,687,147
Acturial value of plan assets2017-11-301,687,147
Funding target for retired participants and beneficiaries receiving payment2017-11-301,724,809
Number of terminated vested participants2017-11-302
Fundng target for terminated vested participants2017-11-307,634
Active participant vested funding target2017-11-30379,832
Number of active participants2017-11-308
Total funding liabilities for active participants2017-11-30379,832
Total participant count2017-11-3012
Total funding target for all participants2017-11-302,112,275
Balance at beginning of prior year after applicable adjustments2017-11-300
Prefunding balance at beginning of prior year after applicable adjustments2017-11-300
Carryover balanced portion elected for use to offset prior years funding requirement2017-11-300
Prefunding balanced used to offset prior years funding requirement2017-11-300
Amount remaining of carryover balance2017-11-300
Amount remaining of prefunding balance2017-11-300
Present value of excess contributions2017-11-300
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2017-11-300
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2017-11-300
Reductions in caryover balances due to elections or deemed elections2017-11-300
Reductions in prefunding balances due to elections or deemed elections2017-11-300
Balance of carryovers at beginning of current year2017-11-300
Balance of prefunding at beginning of current year2017-11-300
Total employer contributions2017-11-3060,000
Total employee contributions2017-11-300
Contributions allocated toward unpaid minimum require contributions from prior years2017-11-300
Contributions made to avoid restrictions adjusted to valuation date2017-11-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2017-11-3056,192
Liquidity shortfalls end of Q12017-11-300
Liquidity shortfalls end of Q22017-11-300
Liquidity shortfalls end of Q32017-11-300
Liquidity shortfalls end of Q42017-11-300
Unpaid minimum required contributions for all prior years2017-11-300
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2017-11-300
Remaining amount of unpaid minimum required contributions2017-11-300
Minimum required contributions for current year target normal cost2017-11-300
Net shortfall amortization installment of oustanding balance2017-11-30425,129
Waiver amortization installment2017-11-300
Total funding amount beforereflecting carryover/prefunding balances2017-11-3048,916
Carryover balance elected to use to offset funding requirement2017-11-300
Prefunding balance elected to use to offset funding requirement2017-11-300
Additional cash requirement2017-11-3048,916
Contributions allocatedtoward minimum required contributions for current year2017-11-3056,192
Unpaid minimum required contributions for current year2017-11-300
Unpaid minimum required contributions for all years2017-11-300
2009: BANK OF KILMICHAEL EMPLOYEES RETIREMENT PLAN 2009 401k membership
Total participants, beginning-of-year2009-01-0118
Total number of active participants reported on line 7a of the Form 55002009-01-0120
Number of retired or separated participants receiving benefits2009-01-010
Number of other retired or separated participants entitled to future benefits2009-01-010
Total of all active and inactive participants2009-01-0120
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2009-01-010
Total participants2009-01-0120
Number of participants with account balances2009-01-0111
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2009-01-010

Form 5500 Responses for BANK OF KILMICHAEL EMPLOYEES RETIREMENT PLAN

2009: BANK OF KILMICHAEL EMPLOYEES RETIREMENT PLAN 2009 form 5500 responses
2009-01-01Type of plan entitySingle employer plan
2009-01-01Submission has been amendedNo
2009-01-01This submission is the final filingNo
2009-01-01This return/report is a short plan year return/report (less than 12 months)No
2009-01-01Plan is a collectively bargained planNo
2009-01-01Plan funding arrangement – TrustYes
2009-01-01Plan benefit arrangement - TrustYes
2008: BANK OF KILMICHAEL EMPLOYEES RETIREMENT PLAN 2008 form 5500 responses
2008-12-01Type of plan entitySingle employer plan
2008-12-01Submission has been amendedNo
2008-12-01This submission is the final filingNo
2008-12-01This return/report is a short plan year return/report (less than 12 months)No
2008-12-01Plan is a collectively bargained planNo

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