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HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN 401k Plan overview

Plan NameHERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN
Plan identification number 001

HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING 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
  • 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.
  • Plan covering Self-Employed individuals.
  • 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

HERBERT FINANCIAL GROUP LLC has sponsored the creation of one or more 401k plans.

Company Name:HERBERT FINANCIAL GROUP LLC
Employer identification number (EIN):475207058
NAIC Classification:523900

Additional information about HERBERT FINANCIAL GROUP LLC

Jurisdiction of Incorporation: Michigan Department of Licensing & Regulatory Affairs
Incorporation Date:
Company Identification Number: B62189

More information about HERBERT FINANCIAL GROUP LLC

Form 5500 Filing Information

Submission information for form 5500 for 401k plan HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012022-01-01
0012021-01-01
0012020-01-01
0012019-01-01
0012018-01-01KARA HERBERT
0012017-01-01TIMOTHY G. HERBERT2018-06-20
0012016-01-01TIMOTHY HERBERT2017-06-28 TIMOTHY HERBERT2017-06-28

Plan Statistics for HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN

401k plan membership statisitcs for HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN

Measure Date Value
2022: HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN 2022 401k membership
Total participants, beginning-of-year2022-01-0111
Total number of active participants reported on line 7a of the Form 55002022-01-0112
Number of retired or separated participants receiving benefits2022-01-010
Number of other retired or separated participants entitled to future benefits2022-01-012
Total of all active and inactive participants2022-01-0114
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2022-01-010
Total participants2022-01-0114
Number of participants with account balances2022-01-0114
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2022-01-010
2021: HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN 2021 401k membership
Total participants, beginning-of-year2021-01-0112
Total number of active participants reported on line 7a of the Form 55002021-01-0110
Number of retired or separated participants receiving benefits2021-01-010
Number of other retired or separated participants entitled to future benefits2021-01-011
Total of all active and inactive participants2021-01-0111
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2021-01-010
Total participants2021-01-0111
Number of participants with account balances2021-01-0111
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2021-01-010
2020: HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN 2020 401k membership
Total participants, beginning-of-year2020-01-0110
Total number of active participants reported on line 7a of the Form 55002020-01-0111
Number of retired or separated participants receiving benefits2020-01-010
Number of other retired or separated participants entitled to future benefits2020-01-011
Total of all active and inactive participants2020-01-0112
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2020-01-010
Total participants2020-01-0112
Number of participants with account balances2020-01-0112
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2020-01-010
2019: HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN 2019 401k membership
Total participants, beginning-of-year2019-01-0111
Total number of active participants reported on line 7a of the Form 55002019-01-019
Number of retired or separated participants receiving benefits2019-01-010
Number of other retired or separated participants entitled to future benefits2019-01-011
Total of all active and inactive participants2019-01-0110
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2019-01-010
Total participants2019-01-0110
Number of participants with account balances2019-01-0110
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2019-01-010
2018: HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN 2018 401k membership
Total participants, beginning-of-year2018-01-0113
Total number of active participants reported on line 7a of the Form 55002018-01-0110
Number of retired or separated participants receiving benefits2018-01-010
Number of other retired or separated participants entitled to future benefits2018-01-011
Total of all active and inactive participants2018-01-0111
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2018-01-010
Total participants2018-01-0111
Number of participants with account balances2018-01-0111
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2018-01-010

Financial Data on HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN

Measure Date Value
2022 : HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN 2022 401k financial data
Transfers to/from the plan2022-12-31$0
Total plan liabilities at end of year2022-12-31$7
Total plan liabilities at beginning of year2022-12-31$0
Total income from all sources2022-12-31$-165,712
Expenses. Total of all expenses incurred2022-12-31$0
Benefits paid (including direct rollovers)2022-12-31$0
Total plan assets at end of year2022-12-31$1,712,074
Total plan assets at beginning of year2022-12-31$1,877,779
Value of fidelity bond covering the plan2022-12-31$300,000
Total contributions received or receivable from participants2022-12-31$101,828
Expenses. Other expenses not covered elsewhere2022-12-31$0
Contributions received from other sources (not participants or employers)2022-12-31$7,032
Other income received2022-12-31$-314,338
Noncash contributions received2022-12-31$0
Net income (gross income less expenses)2022-12-31$-165,712
Net plan assets at end of year (total assets less liabilities)2022-12-31$1,712,067
Net plan assets at beginning of year (total assets less liabilities)2022-12-31$1,877,779
Total contributions received or receivable from employer(s)2022-12-31$39,766
Value of certain deemed distributions of participant loans2022-12-31$0
Value of corrective distributions2022-12-31$0
Expenses. Administrative service providers (salaries,fees and commissions)2022-12-31$0
2021 : HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN 2021 401k financial data
Transfers to/from the plan2021-12-31$0
Total plan liabilities at end of year2021-12-31$0
Total plan liabilities at beginning of year2021-12-31$3
Total income from all sources2021-12-31$302,486
Expenses. Total of all expenses incurred2021-12-31$33,557
Benefits paid (including direct rollovers)2021-12-31$33,557
Total plan assets at end of year2021-12-31$1,877,779
Total plan assets at beginning of year2021-12-31$1,608,853
Value of fidelity bond covering the plan2021-12-31$150,000
Total contributions received or receivable from participants2021-12-31$91,829
Expenses. Other expenses not covered elsewhere2021-12-31$0
Contributions received from other sources (not participants or employers)2021-12-31$5,321
Other income received2021-12-31$168,366
Noncash contributions received2021-12-31$0
Net income (gross income less expenses)2021-12-31$268,929
Net plan assets at end of year (total assets less liabilities)2021-12-31$1,877,779
Net plan assets at beginning of year (total assets less liabilities)2021-12-31$1,608,850
Total contributions received or receivable from employer(s)2021-12-31$36,970
Value of certain deemed distributions of participant loans2021-12-31$0
Value of corrective distributions2021-12-31$0
Expenses. Administrative service providers (salaries,fees and commissions)2021-12-31$0
2020 : HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN 2020 401k financial data
Transfers to/from the plan2020-12-31$0
Total plan liabilities at end of year2020-12-31$3
Total plan liabilities at beginning of year2020-12-31$1
Total income from all sources2020-12-31$360,851
Expenses. Total of all expenses incurred2020-12-31$178
Benefits paid (including direct rollovers)2020-12-31$178
Total plan assets at end of year2020-12-31$1,608,853
Total plan assets at beginning of year2020-12-31$1,248,178
Value of fidelity bond covering the plan2020-12-31$150,000
Total contributions received or receivable from participants2020-12-31$84,038
Expenses. Other expenses not covered elsewhere2020-12-31$0
Contributions received from other sources (not participants or employers)2020-12-31$0
Other income received2020-12-31$243,432
Noncash contributions received2020-12-31$0
Net income (gross income less expenses)2020-12-31$360,673
Net plan assets at end of year (total assets less liabilities)2020-12-31$1,608,850
Net plan assets at beginning of year (total assets less liabilities)2020-12-31$1,248,177
Total contributions received or receivable from employer(s)2020-12-31$33,381
Value of certain deemed distributions of participant loans2020-12-31$0
Value of corrective distributions2020-12-31$0
Expenses. Administrative service providers (salaries,fees and commissions)2020-12-31$0
2019 : HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN 2019 401k financial data
Transfers to/from the plan2019-12-31$0
Total plan liabilities at end of year2019-12-31$1
Total plan liabilities at beginning of year2019-12-31$0
Total income from all sources2019-12-31$305,416
Expenses. Total of all expenses incurred2019-12-31$3,199
Benefits paid (including direct rollovers)2019-12-31$3,193
Total plan assets at end of year2019-12-31$1,248,178
Total plan assets at beginning of year2019-12-31$945,960
Value of fidelity bond covering the plan2019-12-31$150,000
Total contributions received or receivable from participants2019-12-31$68,911
Expenses. Other expenses not covered elsewhere2019-12-31$0
Contributions received from other sources (not participants or employers)2019-12-31$0
Other income received2019-12-31$206,417
Noncash contributions received2019-12-31$0
Net income (gross income less expenses)2019-12-31$302,217
Net plan assets at end of year (total assets less liabilities)2019-12-31$1,248,177
Net plan assets at beginning of year (total assets less liabilities)2019-12-31$945,960
Total contributions received or receivable from employer(s)2019-12-31$30,088
Value of certain deemed distributions of participant loans2019-12-31$0
Value of corrective distributions2019-12-31$0
Expenses. Administrative service providers (salaries,fees and commissions)2019-12-31$6
2018 : HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN 2018 401k financial data
Transfers to/from the plan2018-12-31$0
Total plan liabilities at end of year2018-12-31$0
Total plan liabilities at beginning of year2018-12-31$0
Total income from all sources2018-12-31$24,349
Expenses. Total of all expenses incurred2018-12-31$10,781
Benefits paid (including direct rollovers)2018-12-31$10,781
Total plan assets at end of year2018-12-31$945,960
Total plan assets at beginning of year2018-12-31$932,392
Value of fidelity bond covering the plan2018-12-31$150,000
Total contributions received or receivable from participants2018-12-31$52,725
Expenses. Other expenses not covered elsewhere2018-12-31$0
Contributions received from other sources (not participants or employers)2018-12-31$0
Other income received2018-12-31$-56,499
Noncash contributions received2018-12-31$0
Net income (gross income less expenses)2018-12-31$13,568
Net plan assets at end of year (total assets less liabilities)2018-12-31$945,960
Net plan assets at beginning of year (total assets less liabilities)2018-12-31$932,392
Total contributions received or receivable from employer(s)2018-12-31$28,123
Value of certain deemed distributions of participant loans2018-12-31$0
Value of corrective distributions2018-12-31$0
Expenses. Administrative service providers (salaries,fees and commissions)2018-12-31$0

Form 5500 Responses for HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN

2022: HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN 2022 form 5500 responses
2022-01-01Type of plan entitySingle employer plan
2022-01-01This submission is the final filingNo
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: HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN 2021 form 5500 responses
2021-01-01Type of plan entitySingle employer plan
2021-01-01This submission is the final filingNo
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
2020: HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING PLAN 2020 form 5500 responses
2020-01-01Type of plan entitySingle employer plan
2020-01-01Submission has been amendedNo
2020-01-01This submission is the final filingNo
2020-01-01This return/report is a short plan year return/report (less than 12 months)No
2020-01-01Plan is a collectively bargained planNo
2020-01-01Plan funding arrangement – InsuranceYes
2020-01-01Plan funding arrangement – TrustYes
2020-01-01Plan benefit arrangement – InsuranceYes
2020-01-01Plan benefit arrangement - TrustYes
2019: HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING 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 filingNo
2019-01-01This return/report is a short plan year return/report (less than 12 months)No
2019-01-01Plan is a collectively bargained planNo
2019-01-01Plan funding arrangement – InsuranceYes
2019-01-01Plan funding arrangement – TrustYes
2019-01-01Plan benefit arrangement – InsuranceYes
2019-01-01Plan benefit arrangement - TrustYes
2018: HERBERT FINANCIAL GROUP, LLC 401K PROFIT SHARING 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 – InsuranceYes
2018-01-01Plan funding arrangement – TrustYes
2018-01-01Plan benefit arrangement – InsuranceYes
2018-01-01Plan benefit arrangement - TrustYes

Insurance Providers Used on plan

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 65676 )
Policy contract number895492 087
Policy instance 1
Insurance contract or identification number895492 087
Number of Individuals Covered5
Insurance policy start date2022-01-01
Insurance policy end date2022-12-31
Contract purchased, in whole or in part, to distribute benefits from a terminating planNo
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
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 65676 )
Policy contract number895492 087
Policy instance 1
Insurance contract or identification number895492 087
Number of Individuals Covered4
Insurance policy start date2021-01-01
Insurance policy end date2021-12-31
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?Yes
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
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 65676 )
Policy contract number895492 087
Policy instance 1
Insurance contract or identification number895492 087
Number of Individuals Covered4
Insurance policy start date2020-01-01
Insurance policy end date2020-12-31
Total amount of commissions paid to insurance brokerUSD $0
Total amount of fees paid to insurance companyUSD $0
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?Yes
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
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 65676 )
Policy contract number895492087
Policy instance 1
Insurance contract or identification number895492087
Number of Individuals Covered4
Insurance policy start date2019-01-01
Insurance policy end date2019-12-31
Total amount of commissions paid to insurance brokerUSD $0
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?Yes
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
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
AMERICAN NATIONAL INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 60739 )
Policy contract numberP6020
Policy instance 1
Insurance contract or identification numberP6020
Number of Individuals Covered0
Insurance policy start date2018-12-17
Insurance policy end date2018-07-13
Total amount of commissions paid to insurance brokerUSD $395
Total amount of fees paid to insurance companyUSD $9,300
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
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
Commission paid to Insurance BrokerUSD $0
Amount paid for insurance broker fees0
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 65676 )
Policy contract number895492087
Policy instance 2
Insurance contract or identification number895492087
Number of Individuals Covered5
Insurance policy start date2018-01-01
Insurance policy end date2018-12-31
Total amount of commissions paid to insurance brokerUSD $0
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?Yes
Health Insurance Welfare BenefitNo
Dental Insurance Welfare BenefitNo
Vision Insurance Welfare BenefitNo
Life Insurance Welfare BenefitNo
Temporary 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
Commission paid to Insurance BrokerUSD $0
Amount paid for insurance broker fees0

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