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STEUBEN TRUST COMPANY PENSION PLAN AS A MEMBER OF THE NEW YORK STATE BANKERS RETIREMENT SYSTEM 401k Plan overview

Plan NameSTEUBEN TRUST COMPANY PENSION PLAN AS A MEMBER OF THE NEW YORK STATE BANKERS RETIREMENT SYSTEM
Plan identification number 015

STEUBEN TRUST COMPANY PENSION PLAN AS A MEMBER OF THE NEW YORK STATE BANKERS RETIREMENT SYSTEM Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Benefits are primarily pay related
  • 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).
  • 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

COMMUNITY BANK SYSTEM, INC. has sponsored the creation of one or more 401k plans.

Company Name:COMMUNITY BANK SYSTEM, INC.
Employer identification number (EIN):161213679
NAIC Classification:523900

Form 5500 Filing Information

Submission information for form 5500 for 401k plan STEUBEN TRUST COMPANY PENSION PLAN AS A MEMBER OF THE NEW YORK STATE BANKERS RETIREMENT SYSTEM

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0152020-10-01
0152019-10-01

Plan Statistics for STEUBEN TRUST COMPANY PENSION PLAN AS A MEMBER OF THE NEW YORK STATE BANKERS RETIREMENT SYSTEM

401k plan membership statisitcs for STEUBEN TRUST COMPANY PENSION PLAN AS A MEMBER OF THE NEW YORK STATE BANKERS RETIREMENT SYSTEM

Measure Date Value
2020: STEUBEN TRUST COMPANY PENSION PLAN AS A MEMBER OF THE NEW YORK STATE BANKERS RETIREMENT SYSTEM 2020 401k membership
Market value of plan assets2020-12-3118,551,438
Acturial value of plan assets2020-12-3118,551,438
Funding target for retired participants and beneficiaries receiving payment2020-12-318,381,786
Number of terminated vested participants2020-12-3117
Fundng target for terminated vested participants2020-12-31581,791
Active participant vested funding target2020-12-311,413,354
Number of active participants2020-12-3129
Total funding liabilities for active participants2020-12-311,413,371
Total participant count2020-12-31136
Total funding target for all participants2020-12-3110,376,948
Balance at beginning of prior year after applicable adjustments2020-12-312,160,100
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 balance2020-12-312,160,100
Amount remaining of prefunding balance2020-12-310
Present value of excess contributions2020-12-313,345,003
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-12-313,529,982
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 year2020-12-312,436,593
Balance of prefunding at beginning of current year2020-12-310
Total employer contributions2020-12-310
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 date2020-12-310
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 cost2020-12-3197,458
Total funding amount beforereflecting carryover/prefunding balances2020-12-310
Additional cash requirement2020-12-310
Contributions allocatedtoward minimum required contributions for current year2020-12-310
Unpaid minimum required contributions for current year2020-12-310
Unpaid minimum required contributions for all years2020-12-310
Total participants, beginning-of-year2020-10-01136
Total number of active participants reported on line 7a of the Form 55002020-10-010
Number of retired or separated participants receiving benefits2020-10-010
Number of other retired or separated participants entitled to future benefits2020-10-010
Total of all active and inactive participants2020-10-010
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2020-10-010
Total participants2020-10-010
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2020-10-010
Market value of plan assets2020-09-3014,045,644
Acturial value of plan assets2020-09-3014,045,644
Funding target for retired participants and beneficiaries receiving payment2020-09-307,274,858
Number of terminated vested participants2020-09-3013
Fundng target for terminated vested participants2020-09-30552,464
Active participant vested funding target2020-09-302,203,832
Number of active participants2020-09-3050
Total funding liabilities for active participants2020-09-302,203,849
Total participant count2020-09-30142
Total funding target for all participants2020-09-3010,031,171
Balance at beginning of prior year after applicable adjustments2020-09-301,941,314
Prefunding balance at beginning of prior year after applicable adjustments2020-09-300
Amount remaining of carryover balance2020-09-301,941,314
Amount remaining of prefunding balance2020-09-300
Present value of excess contributions2020-09-300
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-09-300
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2020-09-300
Reductions in caryover balances due to elections or deemed elections2020-09-300
Reductions in prefunding balances due to elections or deemed elections2020-09-300
Balance of carryovers at beginning of current year2020-09-302,160,100
Balance of prefunding at beginning of current year2020-09-300
Total employer contributions2020-09-303,500,000
Total employee contributions2020-09-300
Contributions allocated toward unpaid minimum require contributions from prior years2020-09-300
Contributions made to avoid restrictions adjusted to valuation date2020-09-300
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2020-09-303,345,003
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2020-09-300
Remaining amount of unpaid minimum required contributions2020-09-300
Minimum required contributions for current year target normal cost2020-09-3087,588
Total funding amount beforereflecting carryover/prefunding balances2020-09-300
Additional cash requirement2020-09-300
Contributions allocatedtoward minimum required contributions for current year2020-09-303,345,003
Unpaid minimum required contributions for current year2020-09-300
Unpaid minimum required contributions for all years2020-09-300
2019: STEUBEN TRUST COMPANY PENSION PLAN AS A MEMBER OF THE NEW YORK STATE BANKERS RETIREMENT SYSTEM 2019 401k membership
Total participants, beginning-of-year2019-10-01142
Total number of active participants reported on line 7a of the Form 55002019-10-0129
Number of retired or separated participants receiving benefits2019-10-0184
Number of other retired or separated participants entitled to future benefits2019-10-0117
Total of all active and inactive participants2019-10-01130
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2019-10-016
Total participants2019-10-01136
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2019-10-010

Financial Data on STEUBEN TRUST COMPANY PENSION PLAN AS A MEMBER OF THE NEW YORK STATE BANKERS RETIREMENT SYSTEM

Measure Date Value
2020 : STEUBEN TRUST COMPANY PENSION PLAN AS A MEMBER OF THE NEW YORK STATE BANKERS RETIREMENT SYSTEM 2020 401k financial data
Unrealized appreciation/depreciation of other (non real estate) assets2020-12-31$1,273,808
Total unrealized appreciation/depreciation of assets2020-12-31$1,273,808
Total transfer of assets from this plan2020-12-31$19,949,944
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2020-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2020-12-31$0
Total income from all sources (including contributions)2020-12-31$1,613,684
Total loss/gain on sale of assets2020-12-31$339,848
Total of all expenses incurred2020-12-31$215,178
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2020-12-31$180,926
Total contributions o plan (from employers,participants, others, non cash contrinutions)2020-12-31$0
Value of total assets at end of year2020-12-31$0
Value of total assets at beginning of year2020-12-31$18,551,438
Total of administrative expenses incurred including professional, contract, advisory and management fees2020-12-31$34,252
Total interest from all sources2020-12-31$9
Total dividends received (eg from common stock, registered investment company shares)2020-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2020-12-31No
Administrative expenses professional fees incurred2020-12-31$15,503
Was this plan covered by a fidelity bond2020-12-31Yes
Value of fidelity bond cover2020-12-31$4,000,000
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2020-12-31$0
Were there any nonexempt tranactions with any party-in-interest2020-12-31No
Assets. Other investments not covered elsewhere at end of year2020-12-31$0
Assets. Other investments not covered elsewhere at beginning of year2020-12-31$91
Value of other receiveables (less allowance for doubtful accounts) at end of year2020-12-31$0
Value of other receiveables (less allowance for doubtful accounts) at beginning of year2020-12-31$3,139
Other income not declared elsewhere2020-12-31$19
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2020-12-31No
Value of net income/loss2020-12-31$1,398,506
Value of net assets at end of year (total assets less liabilities)2020-12-31$0
Value of net assets at beginning of year (total assets less liabilities)2020-12-31$18,551,438
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2020-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2020-12-31No
Were any leases to which the plan was party in default or uncollectible2020-12-31No
Investment advisory and management fees2020-12-31$18,749
Interest earned on other investments2020-12-31$9
Value of interest in common/collective trusts at end of year2020-12-31$0
Value of interest in common/collective trusts at beginning of year2020-12-31$18,305,013
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year2020-12-31$0
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year2020-12-31$242,260
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year2020-12-31$242,260
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2020-12-31No
Was there a failure to transmit to the plan any participant contributions2020-12-31No
Has the plan failed to provide any benefit when due under the plan2020-12-31No
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2020-12-31$180,926
Asset. Corporate debt instrument debt (other) at end of year2020-12-31$0
Asset. Corporate debt instrument debt (other) at beginning of year2020-12-31$935
Did the plan have assets held for investment2020-12-31No
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2020-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2020-12-31Yes
Aggregate proceeds on sale of assets2020-12-31$339,848
Opinion of an independent qualified public accountant for this plan2020-12-31Disclaimer
Accountancy firm name2020-12-31EFPR GROUP CPAS PLLC
Accountancy firm EIN2020-12-31474526160
Unrealized appreciation/depreciation of other (non real estate) assets2020-09-30$1,751,043
Total unrealized appreciation/depreciation of assets2020-09-30$1,751,043
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2020-09-30$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2020-09-30$0
Total income from all sources (including contributions)2020-09-30$5,315,233
Total loss/gain on sale of assets2020-09-30$63,135
Total of all expenses incurred2020-09-30$809,439
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2020-09-30$711,981
Total contributions o plan (from employers,participants, others, non cash contrinutions)2020-09-30$3,500,000
Value of total assets at end of year2020-09-30$18,551,438
Value of total assets at beginning of year2020-09-30$14,045,644
Total of administrative expenses incurred including professional, contract, advisory and management fees2020-09-30$97,458
Total interest from all sources2020-09-30$973
Total dividends received (eg from common stock, registered investment company shares)2020-09-30$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2020-09-30No
Administrative expenses professional fees incurred2020-09-30$37,054
Was this plan covered by a fidelity bond2020-09-30Yes
Value of fidelity bond cover2020-09-30$4,000,000
Were there any nonexempt tranactions with any party-in-interest2020-09-30No
Assets. Other investments not covered elsewhere at end of year2020-09-30$91
Assets. Other investments not covered elsewhere at beginning of year2020-09-30$-140
Value of other receiveables (less allowance for doubtful accounts) at end of year2020-09-30$3,139
Value of other receiveables (less allowance for doubtful accounts) at beginning of year2020-09-30$3,633
Other income not declared elsewhere2020-09-30$82
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2020-09-30No
Value of net income/loss2020-09-30$4,505,794
Value of net assets at end of year (total assets less liabilities)2020-09-30$18,551,438
Value of net assets at beginning of year (total assets less liabilities)2020-09-30$14,045,644
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2020-09-30No
Were any loans by the plan or fixed income obligations due to the plan in default2020-09-30No
Were any leases to which the plan was party in default or uncollectible2020-09-30No
Investment advisory and management fees2020-09-30$60,404
Interest earned on other investments2020-09-30$973
Value of interest in common/collective trusts at end of year2020-09-30$18,305,013
Value of interest in common/collective trusts at beginning of year2020-09-30$13,962,092
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year2020-09-30$242,260
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year2020-09-30$79,201
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year2020-09-30$79,201
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2020-09-30No
Was there a failure to transmit to the plan any participant contributions2020-09-30No
Has the plan failed to provide any benefit when due under the plan2020-09-30No
Contributions received in cash from employer2020-09-30$3,500,000
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2020-09-30$711,981
Asset. Corporate debt instrument debt (other) at end of year2020-09-30$935
Asset. Corporate debt instrument debt (other) at beginning of year2020-09-30$858
Did the plan have assets held for investment2020-09-30Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2020-09-30No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2020-09-30No
Aggregate proceeds on sale of assets2020-09-30$63,135
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2020-09-30Yes
Opinion of an independent qualified public accountant for this plan2020-09-30Disclaimer
Accountancy firm name2020-09-30EFPR GROUP, CPAS PLLC
Accountancy firm EIN2020-09-30474526160

Form 5500 Responses for STEUBEN TRUST COMPANY PENSION PLAN AS A MEMBER OF THE NEW YORK STATE BANKERS RETIREMENT SYSTEM

2020: STEUBEN TRUST COMPANY PENSION PLAN AS A MEMBER OF THE NEW YORK STATE BANKERS RETIREMENT SYSTEM 2020 form 5500 responses
2020-10-01Type of plan entitySingle employer plan
2020-10-01Submission has been amendedNo
2020-10-01This submission is the final filingYes
2020-10-01This return/report is a short plan year return/report (less than 12 months)Yes
2020-10-01Plan is a collectively bargained planNo
2020-10-01Plan funding arrangement – TrustYes
2020-10-01Plan benefit arrangement - TrustYes
2019: STEUBEN TRUST COMPANY PENSION PLAN AS A MEMBER OF THE NEW YORK STATE BANKERS RETIREMENT SYSTEM 2019 form 5500 responses
2019-10-01Type of plan entitySingle employer plan
2019-10-01Submission has been amendedNo
2019-10-01This submission is the final filingNo
2019-10-01This return/report is a short plan year return/report (less than 12 months)No
2019-10-01Plan is a collectively bargained planNo
2019-10-01Plan funding arrangement – TrustYes
2019-10-01Plan benefit arrangement - TrustYes

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