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AGRICULTURAL BANK OF CHINA 401(K) 401k Plan overview

Plan NameAGRICULTURAL BANK OF CHINA 401(K)
Plan identification number 001

AGRICULTURAL BANK OF CHINA 401(K) Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • 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) received services of leased employees, as defined in Code section 414(n), during the plan year.

401k Sponsoring company profile

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

Company Name:AGRICULTURAL BANK OF CHINA
Employer identification number (EIN):133951245
NAIC Classification:522110
NAIC Description:Commercial Banking

Form 5500 Filing Information

Submission information for form 5500 for 401k plan AGRICULTURAL BANK OF CHINA 401(K)

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012022-01-01
0012021-01-01
0012020-01-01VANESSA FAMIGLIETTI2021-07-21
0012019-01-01VANESSA FAMIGLIETTI2020-07-09
0012018-01-01HANS JOHANNSEN2019-07-23
0012017-01-01HANS JOHANNSEN2018-05-18
0012016-01-01HANS JOHANNSEN2017-07-28
0012015-01-01ANGELA LAM2016-07-27
0012014-01-01ANGELA LAM2015-10-05

Plan Statistics for AGRICULTURAL BANK OF CHINA 401(K)

401k plan membership statisitcs for AGRICULTURAL BANK OF CHINA 401(K)

Measure Date Value
2022: AGRICULTURAL BANK OF CHINA 401(K) 2022 401k membership
Total participants, beginning-of-year2022-01-01125
Total number of active participants reported on line 7a of the Form 55002022-01-0175
Number of retired or separated participants receiving benefits2022-01-010
Number of other retired or separated participants entitled to future benefits2022-01-0146
Total of all active and inactive participants2022-01-01121
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2022-01-010
Total participants2022-01-01121
Number of participants with account balances2022-01-01115
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2022-01-010
2021: AGRICULTURAL BANK OF CHINA 401(K) 2021 401k membership
Total participants, beginning-of-year2021-01-01130
Total number of active participants reported on line 7a of the Form 55002021-01-0188
Number of retired or separated participants receiving benefits2021-01-010
Number of other retired or separated participants entitled to future benefits2021-01-0137
Total of all active and inactive participants2021-01-01125
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2021-01-010
Total participants2021-01-01125
Number of participants with account balances2021-01-01118
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2021-01-010

Financial Data on AGRICULTURAL BANK OF CHINA 401(K)

Measure Date Value
2022 : AGRICULTURAL BANK OF CHINA 401(K) 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$79,684
Total loss/gain on sale of assets2022-12-31$0
Total of all expenses incurred2022-12-31$642,880
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2022-12-31$597,556
Total contributions o plan (from employers,participants, others, non cash contrinutions)2022-12-31$1,584,866
Value of total assets at end of year2022-12-31$7,882,217
Value of total assets at beginning of year2022-12-31$8,445,413
Total of administrative expenses incurred including professional, contract, advisory and management fees2022-12-31$45,324
Total interest from all sources2022-12-31$0
Total dividends received (eg from common stock, registered investment company shares)2022-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2022-12-31No
Administrative expenses professional fees incurred2022-12-31$45,324
Was this plan covered by a fidelity bond2022-12-31Yes
Value of fidelity bond cover2022-12-31$500,000
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$1,089,039
Participant contributions at beginning of year2022-12-31$0
Income. Received or receivable in cash from other sources (including rollovers)2022-12-31$0
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2022-12-31No
Value of net income/loss2022-12-31$-563,196
Value of net assets at end of year (total assets less liabilities)2022-12-31$7,882,217
Value of net assets at beginning of year (total assets less liabilities)2022-12-31$8,445,413
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$0
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2022-12-31$0
Value of interest in pooled separate accounts at end of year2022-12-31$7,183,220
Value of interest in pooled separate accounts at beginning of year2022-12-31$8,100,339
Interest on participant loans2022-12-31$0
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2022-12-31$698,997
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year2022-12-31$345,074
Net gain/loss from 103.12 investment entities2022-12-31$-1,505,182
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 contributions2022-12-31No
Has the plan failed to provide any benefit when due under the plan2022-12-31No
Contributions received in cash from employer2022-12-31$495,827
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2022-12-31$597,556
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 name2022-12-31MAZARS USA LLP
Accountancy firm EIN2022-12-31131459550
2021 : AGRICULTURAL BANK OF CHINA 401(K) 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$2,680,050
Total loss/gain on sale of assets2021-12-31$0
Total of all expenses incurred2021-12-31$282,354
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2021-12-31$212,670
Expenses. Certain deemed distributions of participant loans2021-12-31$13,423
Total contributions o plan (from employers,participants, others, non cash contrinutions)2021-12-31$1,592,459
Value of total assets at end of year2021-12-31$8,445,413
Value of total assets at beginning of year2021-12-31$6,047,717
Total of administrative expenses incurred including professional, contract, advisory and management fees2021-12-31$56,261
Total interest from all sources2021-12-31$14
Total dividends received (eg from common stock, registered investment company shares)2021-12-31$0
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$0
Administrative expenses professional fees incurred2021-12-31$56,261
Was this plan covered by a fidelity bond2021-12-31Yes
Value of fidelity bond cover2021-12-31$500,000
If this is an individual account plan, was there a blackout period2021-12-31No
Were there any nonexempt tranactions with any party-in-interest2021-12-31No
Contributions received from participants2021-12-31$1,085,843
Participant contributions at end of year2021-12-31$0
Participant contributions at beginning of year2021-12-31$15,150
Income. Received or receivable in cash from other sources (including rollovers)2021-12-31$105,180
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$2,397,696
Value of net assets at end of year (total assets less liabilities)2021-12-31$8,445,413
Value of net assets at beginning of year (total assets less liabilities)2021-12-31$6,047,717
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$0
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2021-12-31$5,606,191
Value of interest in pooled separate accounts at end of year2021-12-31$8,100,339
Interest on participant loans2021-12-31$14
Value of interest in common/collective trusts at end of year2021-12-31$0
Value of interest in common/collective trusts at beginning of year2021-12-31$0
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2021-12-31$345,074
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year2021-12-31$426,376
Net investment gain/loss from registered investment companies (e.g. mutual funds)2021-12-31$0
Net gain/loss from 103.12 investment entities2021-12-31$1,087,577
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 contributions2021-12-31No
Has the plan failed to provide any benefit when due under the plan2021-12-31No
Contributions received in cash from employer2021-12-31$401,436
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2021-12-31$212,670
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 name2021-12-31MAZARS USA LLP
Accountancy firm EIN2021-12-31131459550

Form 5500 Responses for AGRICULTURAL BANK OF CHINA 401(K)

2022: AGRICULTURAL BANK OF CHINA 401(K) 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
2021: AGRICULTURAL BANK OF CHINA 401(K) 2021 form 5500 responses
2021-01-01Type of plan entitySingle employer plan
2021-01-01Submission has been amendedNo
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

Insurance Providers Used on plan

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 65935 )
Policy contract numberG4842568
Policy instance 1
Insurance contract or identification numberG4842568
Number of Individuals Covered0
Insurance policy start date2022-01-01
Insurance policy end date2022-06-30
Total amount of commissions paid to insurance brokerUSD $20,226
Total amount of fees paid to insurance companyUSD $2,023
Are there contracts with allocated funds for individual policies?0
Are there contracts with allocated funds for group deferred annuity?No
Are there contracts with allocated funds for types other than group deferred annuity or individual?No
Contract purchased, in whole or in part, to distribute benefits from a terminating planNo
Contracts With Unallocated Funds Deposit Administration0
Are there contracts with unallocated funds for contracts of type immediate participation guarantee?No
Are there contracts with unallocated funds for contracts of type guaranteed investment?No
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?No
Health Insurance Welfare BenefitNo
Dental Insurance Welfare BenefitNo
Vision Insurance Welfare BenefitNo
Life Insurance Welfare BenefitNo
Temporary Disability Insurance Welfare BenefitNo
Long Term Disability Insurance Welfare BenefitNo
Unemployment Insurance Welfare BenefitNo
Were dividends or retroactive rate refunds paid in cash?No
Were dividends or retroactive rate refunds paid as a credit?No
Commission paid to Insurance BrokerUSD $20,226
Insurance broker organization code?3
Amount paid for insurance broker fees2023
Additional information about fees paid to insurance brokerTPA FEES
HARTFORD LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 88072 )
Policy contract number759076-01
Policy instance 2
Insurance contract or identification number759076-01
Number of Individuals Covered121
Insurance policy start date2022-06-18
Insurance policy end date2022-12-31
Total amount of commissions paid to insurance brokerUSD $27,280
Total amount of fees paid to insurance companyUSD $0
Are there contracts with allocated funds for individual policies?0
Are there contracts with allocated funds for group deferred annuity?No
Are there contracts with allocated funds for types other than group deferred annuity or individual?No
Contract purchased, in whole or in part, to distribute benefits from a terminating planNo
Contracts With Unallocated Funds Deposit Administration0
Are there contracts with unallocated funds for contracts of type immediate participation guarantee?No
Are there contracts with unallocated funds for contracts of type guaranteed investment?No
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?No
Health Insurance Welfare BenefitNo
Dental Insurance Welfare BenefitNo
Vision Insurance Welfare BenefitNo
Life Insurance Welfare BenefitNo
Temporary Disability Insurance Welfare BenefitNo
Long Term Disability Insurance Welfare BenefitNo
Unemployment Insurance Welfare BenefitNo
Were dividends or retroactive rate refunds paid in cash?No
Were dividends or retroactive rate refunds paid as a credit?No
Commission paid to Insurance BrokerUSD $83
Insurance broker organization code?3
Amount paid for insurance broker fees1166
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 65935 )
Policy contract numberG4842568
Policy instance 1
Insurance contract or identification numberG4842568
Number of Individuals Covered118
Insurance policy start date2021-01-01
Insurance policy end date2021-12-31
Total amount of commissions paid to insurance brokerUSD $33,255
Total amount of fees paid to insurance companyUSD $3,326
Are there contracts with allocated funds for individual policies?0
Are there contracts with allocated funds for group deferred annuity?No
Are there contracts with allocated funds for types other than group deferred annuity or individual?No
Contract purchased, in whole or in part, to distribute benefits from a terminating planNo
Contracts With Unallocated Funds Deposit Administration0
Are there contracts with unallocated funds for contracts of type immediate participation guarantee?No
Are there contracts with unallocated funds for contracts of type guaranteed investment?No
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?Yes
Health Insurance Welfare BenefitNo
Dental Insurance Welfare BenefitNo
Vision Insurance Welfare BenefitNo
Life Insurance Welfare BenefitNo
Temporary Disability Insurance Welfare BenefitNo
Long Term Disability Insurance Welfare BenefitNo
Unemployment Insurance Welfare BenefitNo
Were dividends or retroactive rate refunds paid in cash?No
Were dividends or retroactive rate refunds paid as a credit?No
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
Amount paid for insurance broker fees3326
Additional information about fees paid to insurance brokerTPA FEES
Insurance broker organization code?5
Commission paid to Insurance BrokerUSD $33,255

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