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MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN 401k Plan overview

Plan NameMAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN
Plan identification number 001

MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Age/Service Weighted or new comparability or similar plan - Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New comparability or similar plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the theshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of section 401(l).
  • 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.
  • Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).

401k Sponsoring company profile

MAGNUM OIL TOOLS INTERNATIONAL, LTD has sponsored the creation of one or more 401k plans.

Company Name:MAGNUM OIL TOOLS INTERNATIONAL, LTD
Employer identification number (EIN):202727553
NAIC Classification:332900

Additional information about MAGNUM OIL TOOLS INTERNATIONAL, LTD

Jurisdiction of Incorporation: Texas Secretary of State
Incorporation Date: 2011-10-07
Company Identification Number: 0801490821
Legal Registered Office Address: 5655 BEAR LN STE 100

CORPUS CHRISTI
United States of America (USA)
78405

More information about MAGNUM OIL TOOLS INTERNATIONAL, LTD

Form 5500 Filing Information

Submission information for form 5500 for 401k plan MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012019-01-01
0012018-01-01
0012017-01-01LEAH SCHEXNAYDER
0012016-01-01LEAH SCHEXNAYDER
0012015-01-01LEAH SCHEXNAYDER2016-07-18
0012014-01-01LEAH SCHEXNAYDER2015-05-08
0012013-01-01LEAH SCHEXNAYDER2014-05-12
0012012-01-01LEAH SCHEXNAYDER2013-07-01

Plan Statistics for MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN

401k plan membership statisitcs for MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN

Measure Date Value
2019: MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN 2019 401k membership
Total participants, beginning-of-year2019-01-01176
Total number of active participants reported on line 7a of the Form 55002019-01-010
Number of retired or separated participants receiving benefits2019-01-010
Number of other retired or separated participants entitled to future benefits2019-01-010
Total of all active and inactive participants2019-01-010
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2019-01-010
Total participants2019-01-010
Number of participants with account balances2019-01-010
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2019-01-010
2018: MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN 2018 401k membership
Total participants, beginning-of-year2018-01-01133
Total number of active participants reported on line 7a of the Form 55002018-01-01138
Number of retired or separated participants receiving benefits2018-01-010
Number of other retired or separated participants entitled to future benefits2018-01-0125
Total of all active and inactive participants2018-01-01163
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2018-01-010
Total participants2018-01-01163
Number of participants with account balances2018-01-01147
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2018-01-018
2017: MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN 2017 401k membership
Total participants, beginning-of-year2017-01-01149
Total number of active participants reported on line 7a of the Form 55002017-01-01106
Number of retired or separated participants receiving benefits2017-01-010
Number of other retired or separated participants entitled to future benefits2017-01-0121
Total of all active and inactive participants2017-01-01127
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2017-01-010
Total participants2017-01-01127
Number of participants with account balances2017-01-01117
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2017-01-0118
2016: MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN 2016 401k membership
Total participants, beginning-of-year2016-01-01144
Total number of active participants reported on line 7a of the Form 55002016-01-01109
Number of retired or separated participants receiving benefits2016-01-010
Number of other retired or separated participants entitled to future benefits2016-01-0135
Total of all active and inactive participants2016-01-01144
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2016-01-010
Total participants2016-01-01144
Number of participants with account balances2016-01-01140
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2016-01-0119

Financial Data on MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN

Measure Date Value
2019 : MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN 2019 401k financial data
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2019-03-31$0
2018 : MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN 2018 401k financial data
Total unrealized appreciation/depreciation of assets2018-12-31$0
Total transfer of assets to this plan2018-12-31$0
Total transfer of assets from this plan2018-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2018-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2018-12-31$0
Total income from all sources (including contributions)2018-12-31$1,351,658
Total loss/gain on sale of assets2018-12-31$0
Total of all expenses incurred2018-12-31$719,245
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2018-12-31$634,858
Expenses. Certain deemed distributions of participant loans2018-12-31$60,830
Total contributions o plan (from employers,participants, others, non cash contrinutions)2018-12-31$1,863,223
Value of total assets at end of year2018-12-31$9,862,594
Value of total assets at beginning of year2018-12-31$9,230,181
Total of administrative expenses incurred including professional, contract, advisory and management fees2018-12-31$23,557
Total interest from all sources2018-12-31$14,561
Total dividends received (eg from common stock, registered investment company shares)2018-12-31$428,484
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2018-12-31No
Total dividends received from registered investment company shares (eg mutual funds)2018-12-31$428,484
Was this plan covered by a fidelity bond2018-12-31Yes
Value of fidelity bond cover2018-12-31$500,000
If this is an individual account plan, was there a blackout period2018-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2018-12-31$0
Were there any nonexempt tranactions with any party-in-interest2018-12-31No
Contributions received from participants2018-12-31$969,020
Participant contributions at end of year2018-12-31$257,370
Participant contributions at beginning of year2018-12-31$255,986
Income. Received or receivable in cash from other sources (including rollovers)2018-12-31$6,493
Other income not declared elsewhere2018-12-31$1,212
Administrative expenses (other) incurred2018-12-31$23,557
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2018-12-31No
Value of net income/loss2018-12-31$632,413
Value of net assets at end of year (total assets less liabilities)2018-12-31$9,862,594
Value of net assets at beginning of year (total assets less liabilities)2018-12-31$9,230,181
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2018-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2018-12-31No
Were any leases to which the plan was party in default or uncollectible2018-12-31No
Value of interest in registered invesment companies (eg mutual funds) at end of year2018-12-31$8,472,064
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2018-12-31$7,868,192
Interest on participant loans2018-12-31$14,561
Value of interest in common/collective trusts at end of year2018-12-31$1,133,160
Value of interest in common/collective trusts at beginning of year2018-12-31$1,106,003
Net investment gain/loss from registered investment companies (e.g. mutual funds)2018-12-31$-984,444
Net investment gain or loss from common/collective trusts2018-12-31$28,622
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2018-12-31No
Was there a failure to transmit to the plan any participant contributions2018-12-31No
Has the plan failed to provide any benefit when due under the plan2018-12-31No
Contributions received in cash from employer2018-12-31$887,710
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2018-12-31$634,858
Did the plan have assets held for investment2018-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2018-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2018-12-31No
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2018-12-31Yes
Opinion of an independent qualified public accountant for this plan2018-12-31Disclaimer
Accountancy firm name2018-12-31TRANBARGER FHK, PLLC
Accountancy firm EIN2018-12-31824121583
2017 : MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN 2017 401k financial data
Total unrealized appreciation/depreciation of assets2017-12-31$0
Total transfer of assets to this plan2017-12-31$0
Total transfer of assets from this plan2017-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2017-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2017-12-31$0
Total income from all sources (including contributions)2017-12-31$2,814,455
Total loss/gain on sale of assets2017-12-31$0
Total of all expenses incurred2017-12-31$1,624,161
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2017-12-31$1,600,467
Total contributions o plan (from employers,participants, others, non cash contrinutions)2017-12-31$1,464,730
Value of total assets at end of year2017-12-31$9,230,181
Value of total assets at beginning of year2017-12-31$8,039,887
Total of administrative expenses incurred including professional, contract, advisory and management fees2017-12-31$23,694
Total interest from all sources2017-12-31$8,429
Total dividends received (eg from common stock, registered investment company shares)2017-12-31$224,847
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2017-12-31No
Total dividends received from registered investment company shares (eg mutual funds)2017-12-31$224,847
Was this plan covered by a fidelity bond2017-12-31Yes
Value of fidelity bond cover2017-12-31$500,000
If this is an individual account plan, was there a blackout period2017-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2017-12-31$0
Were there any nonexempt tranactions with any party-in-interest2017-12-31No
Contributions received from participants2017-12-31$665,096
Participant contributions at end of year2017-12-31$255,986
Participant contributions at beginning of year2017-12-31$165,023
Income. Received or receivable in cash from other sources (including rollovers)2017-12-31$75,506
Other income not declared elsewhere2017-12-31$1,549
Administrative expenses (other) incurred2017-12-31$23,694
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2017-12-31No
Value of net income/loss2017-12-31$1,190,294
Value of net assets at end of year (total assets less liabilities)2017-12-31$9,230,181
Value of net assets at beginning of year (total assets less liabilities)2017-12-31$8,039,887
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2017-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2017-12-31No
Were any leases to which the plan was party in default or uncollectible2017-12-31No
Value of interest in registered invesment companies (eg mutual funds) at end of year2017-12-31$7,868,192
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2017-12-31$6,625,362
Interest on participant loans2017-12-31$8,429
Value of interest in common/collective trusts at end of year2017-12-31$1,106,003
Value of interest in common/collective trusts at beginning of year2017-12-31$1,249,502
Net investment gain/loss from registered investment companies (e.g. mutual funds)2017-12-31$1,091,219
Net investment gain or loss from common/collective trusts2017-12-31$23,681
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2017-12-31No
Was there a failure to transmit to the plan any participant contributions2017-12-31No
Has the plan failed to provide any benefit when due under the plan2017-12-31No
Contributions received in cash from employer2017-12-31$724,128
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2017-12-31$1,600,467
Did the plan have assets held for investment2017-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2017-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2017-12-31No
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2017-12-31Yes
Opinion of an independent qualified public accountant for this plan2017-12-31Disclaimer
Accountancy firm name2017-12-31TRANBARGER FHK PLLC
Accountancy firm EIN2017-12-31824121583
2016 : MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN 2016 401k financial data
Total unrealized appreciation/depreciation of assets2016-12-31$0
Total transfer of assets from this plan2016-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2016-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2016-12-31$0
Total income from all sources (including contributions)2016-12-31$2,322,438
Total loss/gain on sale of assets2016-12-31$0
Total of all expenses incurred2016-12-31$839,875
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2016-12-31$820,522
Value of total corrective distributions2016-12-31$1,470
Total contributions o plan (from employers,participants, others, non cash contrinutions)2016-12-31$1,729,377
Value of total assets at end of year2016-12-31$8,039,887
Value of total assets at beginning of year2016-12-31$6,557,324
Total of administrative expenses incurred including professional, contract, advisory and management fees2016-12-31$17,883
Total interest from all sources2016-12-31$3,580
Total dividends received (eg from common stock, registered investment company shares)2016-12-31$217,118
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2016-12-31No
Total dividends received from registered investment company shares (eg mutual funds)2016-12-31$217,118
Was this plan covered by a fidelity bond2016-12-31Yes
Value of fidelity bond cover2016-12-31$500,000
If this is an individual account plan, was there a blackout period2016-12-31Yes
Were there any nonexempt tranactions with any party-in-interest2016-12-31No
Contributions received from participants2016-12-31$759,537
Participant contributions at end of year2016-12-31$165,023
Income. Received or receivable in cash from other sources (including rollovers)2016-12-31$136,624
Administrative expenses (other) incurred2016-12-31$17,883
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2016-12-31No
Value of net income/loss2016-12-31$1,482,563
Value of net assets at end of year (total assets less liabilities)2016-12-31$8,039,887
Value of net assets at beginning of year (total assets less liabilities)2016-12-31$6,557,324
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2016-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2016-12-31No
Were any leases to which the plan was party in default or uncollectible2016-12-31No
Value of interest in registered invesment companies (eg mutual funds) at end of year2016-12-31$6,625,362
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2016-12-31$6,557,324
Interest on participant loans2016-12-31$3,580
Value of interest in common/collective trusts at end of year2016-12-31$1,249,502
Net investment gain/loss from registered investment companies (e.g. mutual funds)2016-12-31$345,012
Net investment gain or loss from common/collective trusts2016-12-31$27,351
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2016-12-31No
Was there a failure to transmit to the plan any participant contributions2016-12-31No
Has the plan failed to provide any benefit when due under the plan2016-12-31No
Contributions received in cash from employer2016-12-31$833,216
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2016-12-31$820,522
Was the provided the required notice or one of the exceptions to providing the black out period notice applied under 29 CFR 2520.101-32016-12-31Yes
Did the plan have assets held for investment2016-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2016-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2016-12-31No
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2016-12-31Yes
Opinion of an independent qualified public accountant for this plan2016-12-31Disclaimer
Accountancy firm name2016-12-31TRANBARGER & COMPANY, LLP
Accountancy firm EIN2016-12-31202046195

Form 5500 Responses for MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN

2019: MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN 2019 form 5500 responses
2019-01-01Type of plan entitySingle employer plan
2019-01-01Submission has been amendedNo
2019-01-01This submission is the final filingYes
2019-01-01This return/report is a short plan year return/report (less than 12 months)Yes
2019-01-01Plan is a collectively bargained planNo
2019-01-01Plan funding arrangement – TrustYes
2019-01-01Plan benefit arrangement - TrustYes
2018: MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN 2018 form 5500 responses
2018-01-01Type of plan entitySingle employer plan
2018-01-01Submission has been amendedNo
2018-01-01This submission is the final filingNo
2018-01-01This return/report is a short plan year return/report (less than 12 months)No
2018-01-01Plan is a collectively bargained planNo
2018-01-01Plan funding arrangement – TrustYes
2018-01-01Plan benefit arrangement - TrustYes
2017: MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN 2017 form 5500 responses
2017-01-01Type of plan entitySingle employer plan
2017-01-01Submission has been amendedNo
2017-01-01This submission is the final filingNo
2017-01-01This return/report is a short plan year return/report (less than 12 months)No
2017-01-01Plan is a collectively bargained planNo
2017-01-01Plan funding arrangement – TrustYes
2017-01-01Plan benefit arrangement - TrustYes
2016: MAGNUM OIL TOOLS INTERNATIONAL, LTD PROFIT SHARING & 401(K) PLAN 2016 form 5500 responses
2016-01-01Type of plan entitySingle employer plan
2016-01-01Submission has been amendedNo
2016-01-01This submission is the final filingNo
2016-01-01This return/report is a short plan year return/report (less than 12 months)No
2016-01-01Plan is a collectively bargained planNo
2016-01-01Plan funding arrangement – TrustYes
2016-01-01Plan benefit arrangement - TrustYes

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