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LAW OFFICES OF GARY S. PARK, P.C. DEFINED BENEFIT PLAN 401k Plan overview

Plan NameLAW OFFICES OF GARY S. PARK, P.C. DEFINED BENEFIT PLAN
Plan identification number 001

LAW OFFICES OF GARY S. PARK, P.C. DEFINED BENEFIT PLAN Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Benefits are primarily pay related
  • Floor-offset plan - Plan benefits are subject to offset for retirement benefits provided by an employer-sponsored defined contribution plan.
  • Offset plan - Plan benefits are subject to offset for retirement benefits provided in another plan or arrangement of the employer.
  • Profit-sharing

401k Sponsoring company profile

LAW OFFICES OF GARY S. PARK, P.C. has sponsored the creation of one or more 401k plans.

Company Name:LAW OFFICES OF GARY S. PARK, P.C.
Employer identification number (EIN):901037104
NAIC Classification:541110
NAIC Description:Offices of Lawyers

Additional information about LAW OFFICES OF GARY S. PARK, P.C.

Jurisdiction of Incorporation: New York Department of State
Incorporation Date: 2013-12-30
Company Identification Number: 4506640
Legal Registered Office Address: 39-01 MAIN STREET
SUITE 608
FLUSHING
United States of America (USA)
11354

More information about LAW OFFICES OF GARY S. PARK, P.C.

Form 5500 Filing Information

Submission information for form 5500 for 401k plan LAW OFFICES OF GARY S. PARK, P.C. DEFINED BENEFIT PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012022-01-01GARY PARK2023-10-04 GARY PARK2023-10-04
0012021-01-01HYUN PARK2022-10-14 HYUN PARK2022-10-14
0012021-01-01HYUN PARK2022-10-11 HYUN PARK2022-10-11
0012021-01-01GARY PARK2023-10-04 GARY PARK2023-10-04
0012020-01-01HYUN PARK2021-10-14 HYUN PARK2021-10-14
0012020-01-01HYUN PARK2021-10-14 HYUN PARK2021-10-14

Plan Statistics for LAW OFFICES OF GARY S. PARK, P.C. DEFINED BENEFIT PLAN

401k plan membership statisitcs for LAW OFFICES OF GARY S. PARK, P.C. DEFINED BENEFIT PLAN

Measure Date Value
2022: LAW OFFICES OF GARY S. PARK, P.C. DEFINED BENEFIT PLAN 2022 401k membership
Market value of plan assets2022-12-31643,212
Acturial value of plan assets2022-12-31643,212
Funding target for retired participants and beneficiaries receiving payment2022-12-310
Number of terminated vested participants2022-12-312
Fundng target for terminated vested participants2022-12-31793
Active participant vested funding target2022-12-31152,418
Number of active participants2022-12-315
Total funding liabilities for active participants2022-12-31381,045
Total participant count2022-12-317
Total funding target for all participants2022-12-31381,838
Balance at beginning of prior year after applicable adjustments2022-12-310
Prefunding balance at beginning of prior year after applicable adjustments2022-12-3146,366
Carryover balanced portion elected for use to offset prior years funding requirement2022-12-310
Prefunding balanced used to offset prior years funding requirement2022-12-310
Amount remaining of carryover balance2022-12-310
Amount remaining of prefunding balance2022-12-3146,366
Present value of excess contributions2022-12-31289,911
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2022-12-31289,911
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2022-12-31289,911
Reductions in caryover balances due to elections or deemed elections2022-12-310
Reductions in prefunding balances due to elections or deemed elections2022-12-310
Balance of carryovers at beginning of current year2022-12-310
Balance of prefunding at beginning of current year2022-12-31341,192
Total employer contributions2022-12-31292,256
Total employee contributions2022-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2022-12-310
Contributions made to avoid restrictions adjusted to valuation date2022-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2022-12-31281,462
Unpaid minimum required contributions for all prior years2022-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2022-12-310
Remaining amount of unpaid minimum required contributions2022-12-310
Minimum required contributions for current year target normal cost2022-12-31227,799
Net shortfall amortization installment of oustanding balance2022-12-3198,549
Waiver amortization installment2022-12-310
Total funding amount beforereflecting carryover/prefunding balances2022-12-31236,906
Carryover balance elected to use to offset funding requirement2022-12-310
Prefunding balance elected to use to offset funding requirement2022-12-31236,906
Additional cash requirement2022-12-310
Contributions allocatedtoward minimum required contributions for current year2022-12-31281,462
Unpaid minimum required contributions for current year2022-12-310
Unpaid minimum required contributions for all years2022-12-310
2021: LAW OFFICES OF GARY S. PARK, P.C. DEFINED BENEFIT PLAN 2021 401k membership
Market value of plan assets2021-12-31399,170
Acturial value of plan assets2021-12-31399,170
Funding target for retired participants and beneficiaries receiving payment2021-12-310
Number of terminated vested participants2021-12-310
Fundng target for terminated vested participants2021-12-310
Active participant vested funding target2021-12-3135,308
Number of active participants2021-12-316
Total funding liabilities for active participants2021-12-31176,539
Total participant count2021-12-316
Total funding target for all participants2021-12-31176,539
Balance at beginning of prior year after applicable adjustments2021-12-310
Prefunding balance at beginning of prior year after applicable adjustments2021-12-310
Carryover balanced portion elected for use to offset prior years funding requirement2021-12-310
Prefunding balanced used to offset prior years funding requirement2021-12-310
Amount remaining of carryover balance2021-12-310
Amount remaining of prefunding balance2021-12-310
Present value of excess contributions2021-12-31356,304
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-12-31356,304
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2021-12-31356,304
Reductions in caryover balances due to elections or deemed elections2021-12-310
Reductions in prefunding balances due to elections or deemed elections2021-12-31309,938
Balance of carryovers at beginning of current year2021-12-310
Balance of prefunding at beginning of current year2021-12-3146,366
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 date2021-12-310
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 cost2021-12-31173,617
Net shortfall amortization installment of oustanding balance2021-12-310
Waiver amortization installment2021-12-310
Total funding amount beforereflecting carryover/prefunding balances2021-12-310
Additional cash requirement2021-12-310
Contributions allocatedtoward minimum required contributions for current year2021-12-310
Unpaid minimum required contributions for current year2021-12-310
Unpaid minimum required contributions for all years2021-12-310
Total employer contributions2021-12-31301,196
Total employee contributions2021-12-310
2020: LAW OFFICES OF GARY S. PARK, P.C. DEFINED BENEFIT PLAN 2020 401k membership
Market value of plan assets2020-12-310
Acturial value of plan assets2020-12-310
Funding target for retired participants and beneficiaries receiving payment2020-12-310
Number of terminated vested participants2020-12-310
Fundng target for terminated vested participants2020-12-310
Active participant vested funding target2020-12-310
Number of active participants2020-12-316
Total funding liabilities for active participants2020-12-31169,190
Total participant count2020-12-316
Total funding target for all participants2020-12-31169,190
Balance at beginning of prior year after applicable adjustments2020-12-310
Prefunding balance at beginning of prior year after applicable adjustments2020-12-310
Carryover balanced portion elected for use to offset prior years funding requirement2020-12-310
Prefunding balanced used to offset prior years funding requirement2020-12-310
Amount remaining of carryover balance2020-12-310
Amount remaining of prefunding balance2020-12-310
Present value of excess contributions2020-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-12-310
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2020-12-310
Reductions in caryover balances due to elections or deemed elections2020-12-310
Reductions in prefunding balances due to elections or deemed elections2020-12-310
Balance of carryovers at beginning of current year2020-12-310
Balance of prefunding at beginning of current year2020-12-310
Total employer contributions2020-12-31387,356
Total employee contributions2020-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2020-12-310
Contributions made to avoid restrictions adjusted to valuation date2020-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2020-12-31372,189
Liquidity shortfalls end of Q12020-12-310
Liquidity shortfalls end of Q22020-12-310
Liquidity shortfalls end of Q32020-12-310
Liquidity shortfalls end of Q42020-12-310
Unpaid minimum required contributions for all prior years2020-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2020-12-310
Remaining amount of unpaid minimum required contributions2020-12-310
Minimum required contributions for current year target normal cost2020-12-310
Net shortfall amortization installment of oustanding balance2020-12-31169,190
Waiver amortization installment2020-12-310
Total funding amount beforereflecting carryover/prefunding balances2020-12-3115,885
Carryover balance elected to use to offset funding requirement2020-12-310
Prefunding balance elected to use to offset funding requirement2020-12-310
Additional cash requirement2020-12-3115,885
Contributions allocatedtoward minimum required contributions for current year2020-12-31372,189
Unpaid minimum required contributions for current year2020-12-310
Unpaid minimum required contributions for all years2020-12-310

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