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MIDLAND SAVINGS & RETIREMENT PLAN 401k Plan overview

Plan NameMIDLAND SAVINGS & RETIREMENT PLAN
Plan identification number 002

MIDLAND SAVINGS & RETIREMENT PLAN 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.
  • 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.

401k Sponsoring company profile

INDUSTRIAL KILN AND DRYER GROUP, INC has sponsored the creation of one or more 401k plans.

Company Name:INDUSTRIAL KILN AND DRYER GROUP, INC
Employer identification number (EIN):751635134
NAIC Classification:324120

Form 5500 Filing Information

Submission information for form 5500 for 401k plan MIDLAND SAVINGS & RETIREMENT PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0022018-01-01
0022017-01-01MICHAEL MERCER
0022016-01-01MICHAEL MERCER

Plan Statistics for MIDLAND SAVINGS & RETIREMENT PLAN

401k plan membership statisitcs for MIDLAND SAVINGS & RETIREMENT PLAN

Measure Date Value
2018: MIDLAND SAVINGS & RETIREMENT PLAN 2018 401k membership
Total participants, beginning-of-year2018-01-01231
Total number of active participants reported on line 7a of the Form 55002018-01-01227
Number of retired or separated participants receiving benefits2018-01-011
Number of other retired or separated participants entitled to future benefits2018-01-0115
Total of all active and inactive participants2018-01-01243
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2018-01-010
Total participants2018-01-01243
Number of participants with account balances2018-01-0198
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2018-01-013
2017: MIDLAND SAVINGS & RETIREMENT PLAN 2017 401k membership
Total participants, beginning-of-year2017-01-01209
Total number of active participants reported on line 7a of the Form 55002017-01-01213
Number of retired or separated participants receiving benefits2017-01-011
Number of other retired or separated participants entitled to future benefits2017-01-0112
Total of all active and inactive participants2017-01-01226
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2017-01-010
Total participants2017-01-01226
Number of participants with account balances2017-01-0197
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2017-01-010
2016: MIDLAND SAVINGS & RETIREMENT PLAN 2016 401k membership
Total participants, beginning-of-year2016-01-01212
Total number of active participants reported on line 7a of the Form 55002016-01-01195
Number of retired or separated participants receiving benefits2016-01-011
Number of other retired or separated participants entitled to future benefits2016-01-0113
Total of all active and inactive participants2016-01-01209
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2016-01-010
Total participants2016-01-01209
Number of participants with account balances2016-01-0196
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2016-01-011

Financial Data on MIDLAND SAVINGS & RETIREMENT PLAN

Measure Date Value
2018 : MIDLAND SAVINGS & RETIREMENT PLAN 2018 401k financial data
Total unrealized appreciation/depreciation of assets2018-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2018-12-31$34,483
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2018-12-31$15,571
Total income from all sources (including contributions)2018-12-31$226,206
Total loss/gain on sale of assets2018-12-31$0
Total of all expenses incurred2018-12-31$495,327
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2018-12-31$488,702
Total contributions o plan (from employers,participants, others, non cash contrinutions)2018-12-31$809,806
Value of total assets at end of year2018-12-31$9,207,983
Value of total assets at beginning of year2018-12-31$9,458,192
Total of administrative expenses incurred including professional, contract, advisory and management fees2018-12-31$6,625
Total interest from all sources2018-12-31$7,965
Total dividends received (eg from common stock, registered investment company shares)2018-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2018-12-31No
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$651,026
Participant contributions at end of year2018-12-31$205,633
Participant contributions at beginning of year2018-12-31$150,680
Participant contributions at end of year2018-12-31$0
Participant contributions at beginning of year2018-12-31$0
Income. Received or receivable in cash from other sources (including rollovers)2018-12-31$158,780
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at end of year2018-12-31$34,483
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year2018-12-31$15,571
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2018-12-31No
Value of net income/loss2018-12-31$-269,121
Value of net assets at end of year (total assets less liabilities)2018-12-31$9,173,500
Value of net assets at beginning of year (total assets less liabilities)2018-12-31$9,442,621
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$8,850,969
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2018-12-31$9,152,262
Interest on participant loans2018-12-31$7,965
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2018-12-31$151,381
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year2018-12-31$155,250
Net investment gain/loss from registered investment companies (e.g. mutual funds)2018-12-31$-591,565
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
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2018-12-31$488,702
Contract administrator fees2018-12-31$6,625
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 name2018-12-31KING & COMPANY, CPAS
Accountancy firm EIN2018-12-31472043205
2017 : MIDLAND SAVINGS & RETIREMENT PLAN 2017 401k financial data
Total unrealized appreciation/depreciation of assets2017-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2017-12-31$15,571
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2017-12-31$47,451
Total income from all sources (including contributions)2017-12-31$2,014,836
Total loss/gain on sale of assets2017-12-31$0
Total of all expenses incurred2017-12-31$189,129
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2017-12-31$176,515
Total contributions o plan (from employers,participants, others, non cash contrinutions)2017-12-31$743,284
Value of total assets at end of year2017-12-31$9,458,192
Value of total assets at beginning of year2017-12-31$7,664,365
Total of administrative expenses incurred including professional, contract, advisory and management fees2017-12-31$12,614
Total interest from all sources2017-12-31$7,328
Total dividends received (eg from common stock, registered investment company shares)2017-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2017-12-31No
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$632,837
Participant contributions at end of year2017-12-31$150,680
Participant contributions at beginning of year2017-12-31$158,681
Participant contributions at end of year2017-12-31$0
Participant contributions at beginning of year2017-12-31$0
Income. Received or receivable in cash from other sources (including rollovers)2017-12-31$110,447
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at end of year2017-12-31$15,571
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year2017-12-31$47,451
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$1,825,707
Value of net assets at end of year (total assets less liabilities)2017-12-31$9,442,621
Value of net assets at beginning of year (total assets less liabilities)2017-12-31$7,616,914
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$9,152,262
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2017-12-31$7,358,714
Income. Interest from loans (other than to participants)2017-12-31$7,328
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2017-12-31$155,250
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year2017-12-31$146,970
Net investment gain/loss from registered investment companies (e.g. mutual funds)2017-12-31$1,264,224
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
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2017-12-31$176,515
Contract administrator fees2017-12-31$12,614
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 name2017-12-31KING & COMPANY, CPAS
Accountancy firm EIN2017-12-31472043205
2016 : MIDLAND SAVINGS & RETIREMENT PLAN 2016 401k financial data
Total unrealized appreciation/depreciation of assets2016-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2016-12-31$47,451
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2016-12-31$27,369
Total income from all sources (including contributions)2016-12-31$1,185,907
Total loss/gain on sale of assets2016-12-31$0
Total of all expenses incurred2016-12-31$163,505
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2016-12-31$152,892
Total contributions o plan (from employers,participants, others, non cash contrinutions)2016-12-31$623,417
Value of total assets at end of year2016-12-31$7,664,365
Value of total assets at beginning of year2016-12-31$6,621,881
Total of administrative expenses incurred including professional, contract, advisory and management fees2016-12-31$10,613
Total interest from all sources2016-12-31$7,406
Total dividends received (eg from common stock, registered investment company shares)2016-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2016-12-31No
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 period2016-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2016-12-31$0
Were there any nonexempt tranactions with any party-in-interest2016-12-31No
Contributions received from participants2016-12-31$621,641
Participant contributions at end of year2016-12-31$158,681
Participant contributions at beginning of year2016-12-31$170,257
Participant contributions at end of year2016-12-31$0
Participant contributions at beginning of year2016-12-31$0
Income. Received or receivable in cash from other sources (including rollovers)2016-12-31$1,776
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at end of year2016-12-31$47,451
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year2016-12-31$27,369
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$1,022,402
Value of net assets at end of year (total assets less liabilities)2016-12-31$7,616,914
Value of net assets at beginning of year (total assets less liabilities)2016-12-31$6,594,512
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$7,358,714
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2016-12-31$6,314,729
Interest on participant loans2016-12-31$7,406
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2016-12-31$146,970
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year2016-12-31$136,895
Net investment gain/loss from registered investment companies (e.g. mutual funds)2016-12-31$555,084
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
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2016-12-31$152,892
Contract administrator fees2016-12-31$10,613
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 name2016-12-31KING & COMPANY, CPAS
Accountancy firm EIN2016-12-31472043205

Form 5500 Responses for MIDLAND SAVINGS & RETIREMENT PLAN

2018: MIDLAND SAVINGS & RETIREMENT 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
2017: MIDLAND SAVINGS & RETIREMENT 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 – InsuranceYes
2017-01-01Plan funding arrangement – TrustYes
2017-01-01Plan benefit arrangement – InsuranceYes
2017-01-01Plan benefit arrangement - TrustYes
2016: MIDLAND SAVINGS & RETIREMENT 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 – InsuranceYes
2016-01-01Plan funding arrangement – TrustYes
2016-01-01Plan benefit arrangement – InsuranceYes
2016-01-01Plan benefit arrangement - TrustYes

Insurance Providers Used on plan

MINNESOTA LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 66168 )
Policy contract number0068595
Policy instance 1
Insurance contract or identification number0068595
Number of Individuals Covered98
Insurance policy start date2018-01-01
Insurance policy end date2018-12-31
Total amount of commissions paid to insurance brokerUSD $38,745
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
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
Commission paid to Insurance BrokerUSD $38,745
Insurance broker organization code?6
MINNESOTA LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 66168 )
Policy contract number0068595
Policy instance 1
Insurance contract or identification number0068595
Number of Individuals Covered97
Insurance policy start date2017-01-01
Insurance policy end date2017-12-31
Total amount of commissions paid to insurance brokerUSD $33,638
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
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
Commission paid to Insurance BrokerUSD $33,638
Insurance broker organization code?6
Insurance broker nameWADDELL & REED

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