401k Plan data: HARBORONE BANK DEFINED BENEFIT PLAN plan

HARBORONE BANK DEFINED BENEFIT PLAN 401k Plan overview

Plan Name	HARBORONE BANK DEFINED BENEFIT PLAN
Plan identification number	001

HARBORONE BANK DEFINED BENEFIT PLAN Benefits

401k Plan Type

Defined Benefit Pension

Plan Features/Benefits

Benefits are primarily pay related
Plan covered by PBGC that was terminated and closed out for PBGC purposes - Before the end of the plan year (or a prior plan year), (1) the plan terminated in a standard (or distress) termination and completed the distribution of plan assets in satisfaction of all benefit liabilities (or all ERISA Title IV benefits for distress termination); or (2) a trustee was appointed for a terminated plan pursuant to ERISA section 4042.
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).

401k Sponsoring company profile

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

Company Name: HARBORONE BANK

Employer identification number (EIN): 041123040

NAIC Classification: 522130
NAIC Description: Credit Unions

Form 5500 Filing Information

Submission information for form 5500 for 401k plan HARBORONE BANK DEFINED BENEFIT PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator Signed Name of Company Sponsor Date Sponsor Signed
001 2020-01-01
001 2019-01-01
001 2018-01-01

Plan Statistics for HARBORONE BANK DEFINED BENEFIT PLAN

401k plan membership statisitcs for HARBORONE BANK DEFINED BENEFIT PLAN

Measure Date Value
2019: HARBORONE BANK DEFINED BENEFIT PLAN 2019 401k membership
Market value of plan assets 2019-12-31 1,467,364
Acturial value of plan assets 2019-12-31 1,467,364
Funding target for retired participants and beneficiaries receiving payment 2019-12-31 380,120
Number of terminated vested participants 2019-12-31 21
Fundng target for terminated vested participants 2019-12-31 989,837
Active participant vested funding target 2019-12-31 86,880
Number of active participants 2019-12-31 1
Total funding liabilities for active participants 2019-12-31 86,880
Total participant count 2019-12-31 29
Total funding target for all participants 2019-12-31 1,456,837
Balance at beginning of prior year after applicable adjustments 2019-12-31 296,927
Prefunding balance at beginning of prior year after applicable adjustments 2019-12-31 195,854
Carryover balanced portion elected for use to offset prior years funding requirement 2019-12-31 0
Prefunding balanced used to offset prior years funding requirement 2019-12-31 0
Amount remaining of carryover balance 2019-12-31 296,927
Amount remaining of prefunding balance 2019-12-31 195,854
Present value of excess contributions 2019-12-31 49,897
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance 2019-12-31 52,711
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance 2019-12-31 52,711
Reductions in caryover balances due to elections or deemed elections 2019-12-31 272,014
Reductions in prefunding balances due to elections or deemed elections 2019-12-31 232,133
Balance of carryovers at beginning of current year 2019-12-31 0
Balance of prefunding at beginning of current year 2019-12-31 0
Total employer contributions 2019-12-31 18,511
Total employee contributions 2019-12-31 0
Contributions allocated toward unpaid minimum require contributions from prior years 2019-12-31 0
Contributions made to avoid restrictions adjusted to valuation date 2019-12-31 0
Contributions allocated toward minimum required contributions for current year adjusted to valuation date 2019-12-31 17,623
Liquidity shortfalls end of Q1 2019-12-31 0
Liquidity shortfalls end of Q2 2019-12-31 0
Liquidity shortfalls end of Q3 2019-12-31 0
Liquidity shortfalls end of Q4 2019-12-31 0
Unpaid minimum required contributions for all prior years 2019-12-31 0
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years 2019-12-31 0
Remaining amount of unpaid minimum required contributions 2019-12-31 0
Minimum required contributions for current year target normal cost 2019-12-31 8,897
Net shortfall amortization installment of oustanding balance 2019-12-31 0
Waiver amortization installment 2019-12-31 0
Total funding amount beforereflecting carryover/prefunding balances 2019-12-31 0
Carryover balance elected to use to offset funding requirement 2019-12-31 0
Prefunding balance elected to use to offset funding requirement 2019-12-31 0
Additional cash requirement 2019-12-31 0
Contributions allocatedtoward minimum required contributions for current year 2019-12-31 17,623
Unpaid minimum required contributions for current year 2019-12-31 0
Unpaid minimum required contributions for all years 2019-12-31 0
2018: HARBORONE BANK DEFINED BENEFIT PLAN 2018 401k membership
Market value of plan assets 2018-12-31 1,581,590
Acturial value of plan assets 2018-12-31 1,581,590
Funding target for retired participants and beneficiaries receiving payment 2018-12-31 391,012
Number of terminated vested participants 2018-12-31 18
Fundng target for terminated vested participants 2018-12-31 800,914
Active participant vested funding target 2018-12-31 190,041
Number of active participants 2018-12-31 4
Total funding liabilities for active participants 2018-12-31 190,041
Total participant count 2018-12-31 29
Total funding target for all participants 2018-12-31 1,381,967
Balance at beginning of prior year after applicable adjustments 2018-12-31 254,983
Prefunding balance at beginning of prior year after applicable adjustments 2018-12-31 167,766
Carryover balanced portion elected for use to offset prior years funding requirement 2018-12-31 0
Prefunding balanced used to offset prior years funding requirement 2018-12-31 0
Amount remaining of carryover balance 2018-12-31 254,983
Amount remaining of prefunding balance 2018-12-31 167,766
Present value of excess contributions 2018-12-31 464
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance 2018-12-31 491
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance 2018-12-31 491
Balance of carryovers at beginning of current year 2018-12-31 296,927
Balance of prefunding at beginning of current year 2018-12-31 195,854
Total employer contributions 2018-12-31 61,116
Total employee contributions 2018-12-31 0
Contributions allocated toward unpaid minimum require contributions from prior years 2018-12-31 0
Contributions made to avoid restrictions adjusted to valuation date 2018-12-31 0
Contributions allocated toward minimum required contributions for current year adjusted to valuation date 2018-12-31 57,772
Liquidity shortfalls end of Q1 2018-12-31 0
Liquidity shortfalls end of Q2 2018-12-31 0
Liquidity shortfalls end of Q3 2018-12-31 0
Liquidity shortfalls end of Q4 2018-12-31 0
Unpaid minimum required contributions for all prior years 2018-12-31 0
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years 2018-12-31 0
Remaining amount of unpaid minimum required contributions 2018-12-31 0
Minimum required contributions for current year target normal cost 2018-12-31 7,875
Net shortfall amortization installment of oustanding balance 2018-12-31 0
Waiver amortization installment 2018-12-31 0
Total funding amount beforereflecting carryover/prefunding balances 2018-12-31 7,875
Carryover balance elected to use to offset funding requirement 2018-12-31 0
Prefunding balance elected to use to offset funding requirement 2018-12-31 0
Additional cash requirement 2018-12-31 7,875
Contributions allocatedtoward minimum required contributions for current year 2018-12-31 57,772
Unpaid minimum required contributions for current year 2018-12-31 0
Unpaid minimum required contributions for all years 2018-12-31 0

Measure	Date	Value
2019: HARBORONE BANK DEFINED BENEFIT PLAN 2019 401k membership
Market value of plan assets	2019-12-31	1,467,364
Acturial value of plan assets	2019-12-31	1,467,364
Funding target for retired participants and beneficiaries receiving payment	2019-12-31	380,120
Number of terminated vested participants	2019-12-31	21
Fundng target for terminated vested participants	2019-12-31	989,837
Active participant vested funding target	2019-12-31	86,880
Number of active participants	2019-12-31	1
Total funding liabilities for active participants	2019-12-31	86,880
Total participant count	2019-12-31	29
Total funding target for all participants	2019-12-31	1,456,837
Balance at beginning of prior year after applicable adjustments	2019-12-31	296,927
Prefunding balance at beginning of prior year after applicable adjustments	2019-12-31	195,854
Carryover balanced portion elected for use to offset prior years funding requirement	2019-12-31	0
Prefunding balanced used to offset prior years funding requirement	2019-12-31	0
Amount remaining of carryover balance	2019-12-31	296,927
Amount remaining of prefunding balance	2019-12-31	195,854
Present value of excess contributions	2019-12-31	49,897
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance	2019-12-31	52,711
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance	2019-12-31	52,711
Reductions in caryover balances due to elections or deemed elections	2019-12-31	272,014
Reductions in prefunding balances due to elections or deemed elections	2019-12-31	232,133
Balance of carryovers at beginning of current year	2019-12-31	0
Balance of prefunding at beginning of current year	2019-12-31	0
Total employer contributions	2019-12-31	18,511
Total employee contributions	2019-12-31	0
Contributions allocated toward unpaid minimum require contributions from prior years	2019-12-31	0
Contributions made to avoid restrictions adjusted to valuation date	2019-12-31	0
Contributions allocated toward minimum required contributions for current year adjusted to valuation date	2019-12-31	17,623
Liquidity shortfalls end of Q1	2019-12-31	0
Liquidity shortfalls end of Q2	2019-12-31	0
Liquidity shortfalls end of Q3	2019-12-31	0
Liquidity shortfalls end of Q4	2019-12-31	0
Unpaid minimum required contributions for all prior years	2019-12-31	0
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years	2019-12-31	0
Remaining amount of unpaid minimum required contributions	2019-12-31	0
Minimum required contributions for current year target normal cost	2019-12-31	8,897
Net shortfall amortization installment of oustanding balance	2019-12-31	0
Waiver amortization installment	2019-12-31	0
Total funding amount beforereflecting carryover/prefunding balances	2019-12-31	0
Carryover balance elected to use to offset funding requirement	2019-12-31	0
Prefunding balance elected to use to offset funding requirement	2019-12-31	0
Additional cash requirement	2019-12-31	0
Contributions allocatedtoward minimum required contributions for current year	2019-12-31	17,623
Unpaid minimum required contributions for current year	2019-12-31	0
Unpaid minimum required contributions for all years	2019-12-31	0
2018: HARBORONE BANK DEFINED BENEFIT PLAN 2018 401k membership
Market value of plan assets	2018-12-31	1,581,590
Acturial value of plan assets	2018-12-31	1,581,590
Funding target for retired participants and beneficiaries receiving payment	2018-12-31	391,012
Number of terminated vested participants	2018-12-31	18
Fundng target for terminated vested participants	2018-12-31	800,914
Active participant vested funding target	2018-12-31	190,041
Number of active participants	2018-12-31	4
Total funding liabilities for active participants	2018-12-31	190,041
Total participant count	2018-12-31	29
Total funding target for all participants	2018-12-31	1,381,967
Balance at beginning of prior year after applicable adjustments	2018-12-31	254,983
Prefunding balance at beginning of prior year after applicable adjustments	2018-12-31	167,766
Carryover balanced portion elected for use to offset prior years funding requirement	2018-12-31	0
Prefunding balanced used to offset prior years funding requirement	2018-12-31	0
Amount remaining of carryover balance	2018-12-31	254,983
Amount remaining of prefunding balance	2018-12-31	167,766
Present value of excess contributions	2018-12-31	464
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance	2018-12-31	491
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance	2018-12-31	491
Balance of carryovers at beginning of current year	2018-12-31	296,927
Balance of prefunding at beginning of current year	2018-12-31	195,854
Total employer contributions	2018-12-31	61,116
Total employee contributions	2018-12-31	0
Contributions allocated toward unpaid minimum require contributions from prior years	2018-12-31	0
Contributions made to avoid restrictions adjusted to valuation date	2018-12-31	0
Contributions allocated toward minimum required contributions for current year adjusted to valuation date	2018-12-31	57,772
Liquidity shortfalls end of Q1	2018-12-31	0
Liquidity shortfalls end of Q2	2018-12-31	0
Liquidity shortfalls end of Q3	2018-12-31	0
Liquidity shortfalls end of Q4	2018-12-31	0
Unpaid minimum required contributions for all prior years	2018-12-31	0
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years	2018-12-31	0
Remaining amount of unpaid minimum required contributions	2018-12-31	0
Minimum required contributions for current year target normal cost	2018-12-31	7,875
Net shortfall amortization installment of oustanding balance	2018-12-31	0
Waiver amortization installment	2018-12-31	0
Total funding amount beforereflecting carryover/prefunding balances	2018-12-31	7,875
Carryover balance elected to use to offset funding requirement	2018-12-31	0
Prefunding balance elected to use to offset funding requirement	2018-12-31	0
Additional cash requirement	2018-12-31	7,875
Contributions allocatedtoward minimum required contributions for current year	2018-12-31	57,772
Unpaid minimum required contributions for current year	2018-12-31	0
Unpaid minimum required contributions for all years	2018-12-31	0

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Company Name:	HARBORONE BANK
Employer identification number (EIN):	041123040
NAIC Classification:	522130
NAIC Description:	Credit Unions