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SPORTSBOATS MARINE, INC. 401(K) PROFIT SHARING PLAN & TRUST 401k Plan overview

Plan NameSPORTSBOATS MARINE, INC. 401(K) PROFIT SHARING PLAN & TRUST
Plan identification number 001

SPORTSBOATS MARINE, INC. 401(K) PROFIT SHARING PLAN & TRUST Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Profit-sharing
  • 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.
  • 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

SPORTSBOATS MARINE, INC. has sponsored the creation of one or more 401k plans.

Company Name:SPORTSBOATS MARINE, INC.
Employer identification number (EIN):650443944
NAIC Classification:483000
NAIC Description: Water Transportation

Form 5500 Filing Information

Submission information for form 5500 for 401k plan SPORTSBOATS MARINE, INC. 401(K) PROFIT SHARING PLAN & TRUST

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012022-01-01
0012021-01-01JOHN KRAY2022-04-29 JOHN KRAY2022-04-29
0012020-01-01

Plan Statistics for SPORTSBOATS MARINE, INC. 401(K) PROFIT SHARING PLAN & TRUST

401k plan membership statisitcs for SPORTSBOATS MARINE, INC. 401(K) PROFIT SHARING PLAN & TRUST

Measure Date Value
2021: SPORTSBOATS MARINE, INC. 401(K) PROFIT SHARING PLAN & TRUST 2021 401k membership
Total participants, beginning-of-year2021-01-015
Total number of active participants reported on line 7a of the Form 55002021-01-015
Number of retired or separated participants receiving benefits2021-01-010
Number of other retired or separated participants entitled to future benefits2021-01-010
Total of all active and inactive participants2021-01-015
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2021-01-010
Total participants2021-01-015
Number of participants with account balances2021-01-015
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2021-01-010
2020: SPORTSBOATS MARINE, INC. 401(K) PROFIT SHARING PLAN & TRUST 2020 401k membership
Total participants, beginning-of-year2020-01-010
Total number of active participants reported on line 7a of the Form 55002020-01-015
Number of retired or separated participants receiving benefits2020-01-010
Number of other retired or separated participants entitled to future benefits2020-01-010
Total of all active and inactive participants2020-01-015
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2020-01-010
Total participants2020-01-015
Number of participants with account balances2020-01-015
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2020-01-010

Financial Data on SPORTSBOATS MARINE, INC. 401(K) PROFIT SHARING PLAN & TRUST

Measure Date Value
2021 : SPORTSBOATS MARINE, INC. 401(K) PROFIT SHARING PLAN & TRUST 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$0
Total income from all sources2021-12-31$92,083
Expenses. Total of all expenses incurred2021-12-31$1,979
Benefits paid (including direct rollovers)2021-12-31$0
Total plan assets at end of year2021-12-31$150,453
Total plan assets at beginning of year2021-12-31$60,349
Total contributions received or receivable from participants2021-12-31$61,035
Expenses. Other expenses not covered elsewhere2021-12-31$0
Contributions received from other sources (not participants or employers)2021-12-31$0
Other income received2021-12-31$18,799
Noncash contributions received2021-12-31$0
Net income (gross income less expenses)2021-12-31$90,104
Net plan assets at end of year (total assets less liabilities)2021-12-31$150,453
Net plan assets at beginning of year (total assets less liabilities)2021-12-31$60,349
Total contributions received or receivable from employer(s)2021-12-31$12,249
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$1,979
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2021-12-31$0
2020 : SPORTSBOATS MARINE, INC. 401(K) PROFIT SHARING PLAN & TRUST 2020 401k financial data
Total plan liabilities at end of year2020-12-31$0
Total plan liabilities at beginning of year2020-12-31$0
Total income from all sources2020-12-31$60,349
Expenses. Total of all expenses incurred2020-12-31$0
Benefits paid (including direct rollovers)2020-12-31$0
Total plan assets at end of year2020-12-31$60,349
Total plan assets at beginning of year2020-12-31$0
Total contributions received or receivable from participants2020-12-31$52,000
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$117
Noncash contributions received2020-12-31$0
Net income (gross income less expenses)2020-12-31$60,349
Net plan assets at end of year (total assets less liabilities)2020-12-31$60,349
Net plan assets at beginning of year (total assets less liabilities)2020-12-31$0
Total contributions received or receivable from employer(s)2020-12-31$8,232
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
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2020-12-31$0

Form 5500 Responses for SPORTSBOATS MARINE, INC. 401(K) PROFIT SHARING PLAN & TRUST

2021: SPORTSBOATS MARINE, INC. 401(K) PROFIT SHARING PLAN & TRUST 2021 form 5500 responses
2021-01-01Type of plan entitySingle employer plan
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: SPORTSBOATS MARINE, INC. 401(K) PROFIT SHARING PLAN & TRUST 2020 form 5500 responses
2020-01-01Type of plan entitySingle employer plan
2020-01-01First time form 5500 has been submittedYes
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

Insurance Providers Used on plan

JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) (National Association of Insurance Commissioners NAIC id number: 65838 )
Policy contract number147952
Policy instance 1
Insurance contract or identification number147952
Insurance policy start date2021-01-01
Insurance policy end date2021-12-31
Total amount of commissions paid to insurance brokerUSD $461
Total amount of fees paid to insurance companyUSD $0
Insurance broker organization code?1
JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) (National Association of Insurance Commissioners NAIC id number: 65838 )
Policy contract number147952
Policy instance 1
Insurance contract or identification number147952
Number of Individuals Covered5
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
Insurance broker organization code?1

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