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PRO PETROLEUM 401(K) PLAN 401k Plan overview

Plan NamePRO PETROLEUM 401(K) PLAN
Plan identification number 001

PRO PETROLEUM 401(K) 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.
  • 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

PRO PETROLEUM, LLC has sponsored the creation of one or more 401k plans.

Company Name:PRO PETROLEUM, LLC
Employer identification number (EIN):752279730
NAIC Classification:454310
NAIC Description:Fuel Dealers

Form 5500 Filing Information

Submission information for form 5500 for 401k plan PRO PETROLEUM 401(K) PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012021-02-01MARK GRIFFIN2021-11-10
0012020-02-01MARK GRIFFIN2021-11-10

Plan Statistics for PRO PETROLEUM 401(K) PLAN

401k plan membership statisitcs for PRO PETROLEUM 401(K) PLAN

Measure Date Value
2021: PRO PETROLEUM 401(K) PLAN 2021 401k membership
Total participants, beginning-of-year2021-02-01165
Total number of active participants reported on line 7a of the Form 55002021-02-010
Number of retired or separated participants receiving benefits2021-02-010
Number of other retired or separated participants entitled to future benefits2021-02-010
Total of all active and inactive participants2021-02-010
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2021-02-010
Total participants2021-02-010
Number of participants with account balances2021-02-010
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2021-02-010
2020: PRO PETROLEUM 401(K) PLAN 2020 401k membership
Total participants, beginning-of-year2020-02-01161
Total number of active participants reported on line 7a of the Form 55002020-02-01158
Number of retired or separated participants receiving benefits2020-02-010
Number of other retired or separated participants entitled to future benefits2020-02-017
Total of all active and inactive participants2020-02-01165
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2020-02-010
Total participants2020-02-01165
Number of participants with account balances2020-02-01120
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2020-02-017

Financial Data on PRO PETROLEUM 401(K) PLAN

Measure Date Value
2021 : PRO PETROLEUM 401(K) PLAN 2021 401k financial data
Total unrealized appreciation/depreciation of assets2021-08-31$0
Total transfer of assets to this plan2021-08-31$0
Total transfer of assets from this plan2021-08-31$9,325,659
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2021-08-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2021-08-31$4,395
Total income from all sources (including contributions)2021-08-31$896,537
Total loss/gain on sale of assets2021-08-31$0
Total of all expenses incurred2021-08-31$159,968
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2021-08-31$129,902
Expenses. Certain deemed distributions of participant loans2021-08-31$612
Total contributions o plan (from employers,participants, others, non cash contrinutions)2021-08-31$939
Value of total assets at end of year2021-08-31$0
Value of total assets at beginning of year2021-08-31$8,593,485
Total of administrative expenses incurred including professional, contract, advisory and management fees2021-08-31$29,454
Total interest from all sources2021-08-31$5,091
Total dividends received (eg from common stock, registered investment company shares)2021-08-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2021-08-31No
Administrative expenses professional fees incurred2021-08-31$5,349
Was this plan covered by a fidelity bond2021-08-31No
If this is an individual account plan, was there a blackout period2021-08-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2021-08-31$0
Were there any nonexempt tranactions with any party-in-interest2021-08-31No
Participant contributions at end of year2021-08-31$0
Participant contributions at beginning of year2021-08-31$208,725
Income. Received or receivable in cash from other sources (including rollovers)2021-08-31$939
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at end of year2021-08-31$0
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year2021-08-31$4,395
Other income not declared elsewhere2021-08-31$9,064
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2021-08-31No
Value of net income/loss2021-08-31$736,569
Value of net assets at end of year (total assets less liabilities)2021-08-31$0
Value of net assets at beginning of year (total assets less liabilities)2021-08-31$8,589,090
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2021-08-31No
Were any loans by the plan or fixed income obligations due to the plan in default2021-08-31No
Were any leases to which the plan was party in default or uncollectible2021-08-31No
Investment advisory and management fees2021-08-31$14,654
Value of interest in registered invesment companies (eg mutual funds) at end of year2021-08-31$0
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2021-08-31$8,380,027
Interest on participant loans2021-08-31$5,091
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2021-08-31$0
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year2021-08-31$4,733
Net gain/loss from 103.12 investment entities2021-08-31$881,443
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2021-08-31No
Was there a failure to transmit to the plan any participant contributions2021-08-31No
Has the plan failed to provide any benefit when due under the plan2021-08-31No
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2021-08-31$129,902
Contract administrator fees2021-08-31$9,451
Did the plan have assets held for investment2021-08-31No
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2021-08-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2021-08-31Yes
Opinion of an independent qualified public accountant for this plan2021-08-31Disclaimer
Accountancy firm name2021-08-31ROBINSON BURDETTE MARTIN & SERIGHT
Accountancy firm EIN2021-08-31752489868
Total unrealized appreciation/depreciation of assets2021-01-31$0
Total transfer of assets to this plan2021-01-31$7,253,440
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2021-01-31$4,395
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2021-01-31$0
Total income from all sources (including contributions)2021-01-31$2,357,801
Total loss/gain on sale of assets2021-01-31$0
Total of all expenses incurred2021-01-31$1,022,151
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2021-01-31$960,171
Total contributions o plan (from employers,participants, others, non cash contrinutions)2021-01-31$1,303,810
Value of total assets at end of year2021-01-31$8,593,485
Value of total assets at beginning of year2021-01-31$0
Total of administrative expenses incurred including professional, contract, advisory and management fees2021-01-31$61,980
Total interest from all sources2021-01-31$11,729
Total dividends received (eg from common stock, registered investment company shares)2021-01-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2021-01-31No
Administrative expenses professional fees incurred2021-01-31$11,528
Was this plan covered by a fidelity bond2021-01-31No
If this is an individual account plan, was there a blackout period2021-01-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2021-01-31$0
Were there any nonexempt tranactions with any party-in-interest2021-01-31No
Contributions received from participants2021-01-31$574,631
Participant contributions at end of year2021-01-31$208,725
Participant contributions at beginning of year2021-01-31$0
Income. Received or receivable in cash from other sources (including rollovers)2021-01-31$525,668
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at end of year2021-01-31$4,395
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year2021-01-31$0
Other income not declared elsewhere2021-01-31$1,932
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2021-01-31No
Value of net income/loss2021-01-31$1,335,650
Value of net assets at end of year (total assets less liabilities)2021-01-31$8,589,090
Value of net assets at beginning of year (total assets less liabilities)2021-01-31$0
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2021-01-31No
Were any loans by the plan or fixed income obligations due to the plan in default2021-01-31No
Were any leases to which the plan was party in default or uncollectible2021-01-31No
Investment advisory and management fees2021-01-31$30,552
Value of interest in registered invesment companies (eg mutual funds) at end of year2021-01-31$8,380,027
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2021-01-31$0
Income. Interest from loans (other than to participants)2021-01-31$11,729
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2021-01-31$4,733
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year2021-01-31$0
Net gain/loss from 103.12 investment entities2021-01-31$1,040,330
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2021-01-31No
Was there a failure to transmit to the plan any participant contributions2021-01-31No
Has the plan failed to provide any benefit when due under the plan2021-01-31No
Contributions received in cash from employer2021-01-31$203,511
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2021-01-31$960,171
Contract administrator fees2021-01-31$19,900
Did the plan have assets held for investment2021-01-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2021-01-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2021-01-31No
Opinion of an independent qualified public accountant for this plan2021-01-31Disclaimer
Accountancy firm name2021-01-31ROBINSON BURDETTE MARTIN & SERIGHT
Accountancy firm EIN2021-01-31752489868

Form 5500 Responses for PRO PETROLEUM 401(K) PLAN

2021: PRO PETROLEUM 401(K) PLAN 2021 form 5500 responses
2021-02-01Type of plan entitySingle employer plan
2021-02-01Submission has been amendedNo
2021-02-01This submission is the final filingYes
2021-02-01This return/report is a short plan year return/report (less than 12 months)Yes
2021-02-01Plan is a collectively bargained planNo
2021-02-01Plan funding arrangement – InsuranceYes
2021-02-01Plan funding arrangement – TrustYes
2021-02-01Plan benefit arrangement - TrustYes
2020: PRO PETROLEUM 401(K) PLAN 2020 form 5500 responses
2020-02-01Type of plan entitySingle employer plan
2020-02-01First time form 5500 has been submittedYes
2020-02-01Submission has been amendedNo
2020-02-01This submission is the final filingNo
2020-02-01This return/report is a short plan year return/report (less than 12 months)No
2020-02-01Plan is a collectively bargained planNo
2020-02-01Plan funding arrangement – InsuranceYes
2020-02-01Plan funding arrangement – TrustYes
2020-02-01Plan 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 number144054
Policy instance 1
Insurance contract or identification number144054
Number of Individuals Covered0
Insurance policy start date2021-02-01
Insurance policy end date2021-08-02
Total amount of commissions paid to insurance brokerUSD $0
Total amount of fees paid to insurance companyUSD $5,349
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
Amount paid for insurance broker fees5349
Additional information about fees paid to insurance brokerTPA FEES PAID
Insurance broker organization code?5
JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) (National Association of Insurance Commissioners NAIC id number: 65838 )
Policy contract number144054
Policy instance 1
Insurance contract or identification number144054
Number of Individuals Covered121
Insurance policy start date2020-02-01
Insurance policy end date2021-01-31
Total amount of commissions paid to insurance brokerUSD $30,552
Total amount of fees paid to insurance companyUSD $25,644
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
Commission paid to Insurance BrokerUSD $30,552
Insurance broker organization code?3
Amount paid for insurance broker fees25644
Additional information about fees paid to insurance brokerTPA COMPENSATION

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