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INDEPENDENT TURBO SERVICES 401(K) PLAN 401k Plan overview

Plan NameINDEPENDENT TURBO SERVICES 401(K) PLAN
Plan identification number 001

INDEPENDENT TURBO SERVICES 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.
  • Plan provides for automatic enrollment in plan that has employee contributions deducted from payroll.
  • 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

DOOSAN TURBOMACHINERY SERVICES, INC. has sponsored the creation of one or more 401k plans.

Company Name:DOOSAN TURBOMACHINERY SERVICES, INC.
Employer identification number (EIN):760506897
NAIC Classification:333610

Form 5500 Filing Information

Submission information for form 5500 for 401k plan INDEPENDENT TURBO SERVICES 401(K) 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
0012018-01-01KERRY MCGUIRE2019-06-26
0012017-01-01KERRY MCGUIRE2018-07-20
0012016-01-01KERRY MCGUIRE2017-07-18
0012015-01-01MATTHEW GOLDSTON2016-06-24
0012014-01-01MATTHEW GOLDSTON2015-06-08
0012013-01-01MATTHEW GOLDSTON2014-07-16
0012012-01-01MATTHEW GOLDSTON2013-07-11

Plan Statistics for INDEPENDENT TURBO SERVICES 401(K) PLAN

401k plan membership statisitcs for INDEPENDENT TURBO SERVICES 401(K) PLAN

Measure Date Value
2022: INDEPENDENT TURBO SERVICES 401(K) PLAN 2022 401k membership
Total participants, beginning-of-year2022-01-01139
Total number of active participants reported on line 7a of the Form 55002022-01-01138
Number of retired or separated participants receiving benefits2022-01-014
Number of other retired or separated participants entitled to future benefits2022-01-0130
Total of all active and inactive participants2022-01-01172
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2022-01-010
Total participants2022-01-01172
Number of participants with account balances2022-01-01141
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2022-01-017
2021: INDEPENDENT TURBO SERVICES 401(K) PLAN 2021 401k membership
Total participants, beginning-of-year2021-01-01135
Total number of active participants reported on line 7a of the Form 55002021-01-01119
Number of retired or separated participants receiving benefits2021-01-010
Number of other retired or separated participants entitled to future benefits2021-01-0123
Total of all active and inactive participants2021-01-01142
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2021-01-010
Total participants2021-01-01142
Number of participants with account balances2021-01-01117
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2021-01-017
2020: INDEPENDENT TURBO SERVICES 401(K) PLAN 2020 401k membership
Total participants, beginning-of-year2020-01-01128
Total number of active participants reported on line 7a of the Form 55002020-01-01116
Number of retired or separated participants receiving benefits2020-01-010
Number of other retired or separated participants entitled to future benefits2020-01-0115
Total of all active and inactive participants2020-01-01131
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2020-01-010
Total participants2020-01-01131
Number of participants with account balances2020-01-01110
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2020-01-015

Financial Data on INDEPENDENT TURBO SERVICES 401(K) PLAN

Measure Date Value
2022 : INDEPENDENT TURBO SERVICES 401(K) PLAN 2022 401k financial data
Total income from all sources (including contributions)2022-12-31$-65,400
Total of all expenses incurred2022-12-31$210,128
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2022-12-31$207,274
Expenses. Certain deemed distributions of participant loans2022-12-31$0
Total contributions o plan (from employers,participants, others, non cash contrinutions)2022-12-31$1,169,353
Value of total assets at end of year2022-12-31$6,298,167
Value of total assets at beginning of year2022-12-31$6,573,695
Total of administrative expenses incurred including professional, contract, advisory and management fees2022-12-31$2,854
Total interest from all sources2022-12-31$6,236
Total dividends received (eg from common stock, registered investment company shares)2022-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2022-12-31No
Total dividends received from registered investment company shares (eg mutual funds)2022-12-31$0
Was this plan covered by a fidelity bond2022-12-31Yes
Value of fidelity bond cover2022-12-31$500,000
If this is an individual account plan, was there a blackout period2022-12-31No
Were there any nonexempt tranactions with any party-in-interest2022-12-31No
Contributions received from participants2022-12-31$711,522
Participant contributions at end of year2022-12-31$133,511
Participant contributions at beginning of year2022-12-31$105,749
Participant contributions at end of year2022-12-31$0
Participant contributions at beginning of year2022-12-31$0
Income. Received or receivable in cash from other sources (including rollovers)2022-12-31$0
Value of other receiveables (less allowance for doubtful accounts) at end of year2022-12-31$0
Value of other receiveables (less allowance for doubtful accounts) at beginning of year2022-12-31$0
Total non interest bearing cash at end of year2022-12-31$18,732
Total non interest bearing cash at beginning of year2022-12-31$18,732
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2022-12-31No
Value of net income/loss2022-12-31$-275,528
Value of net assets at end of year (total assets less liabilities)2022-12-31$6,298,167
Value of net assets at beginning of year (total assets less liabilities)2022-12-31$6,573,695
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2022-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2022-12-31No
Were any leases to which the plan was party in default or uncollectible2022-12-31No
Value of interest in registered invesment companies (eg mutual funds) at end of year2022-12-31$6,145,924
Value of interest in pooled separate accounts at beginning of year2022-12-31$6,449,214
Interest on participant loans2022-12-31$6,236
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2022-12-31$0
Expenses. Payments to insurance carriers foe the provision of benefits2022-12-31$0
Net investment gain/loss from registered investment companies (e.g. mutual funds)2022-12-31$-1,240,989
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2022-12-31No
Was there a failure to transmit to the plan any participant contributions2022-12-31No
Has the plan failed to provide any benefit when due under the plan2022-12-31No
Contributions received in cash from employer2022-12-31$457,831
Employer contributions (assets) at end of year2022-12-31$0
Employer contributions (assets) at beginning of year2022-12-31$0
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2022-12-31$207,274
Contract administrator fees2022-12-31$2,854
Did the plan have assets held for investment2022-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2022-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2022-12-31No
Opinion of an independent qualified public accountant for this plan2022-12-31Unqualified
Accountancy firm name2022-12-31PKF OF TEXAS, P.C.
Accountancy firm EIN2022-12-31760356844
2021 : INDEPENDENT TURBO SERVICES 401(K) PLAN 2021 401k financial data
Total income from all sources (including contributions)2021-12-31$1,929,377
Total of all expenses incurred2021-12-31$201,948
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2021-12-31$199,261
Expenses. Certain deemed distributions of participant loans2021-12-31$0
Total contributions o plan (from employers,participants, others, non cash contrinutions)2021-12-31$1,183,902
Value of total assets at end of year2021-12-31$6,573,695
Value of total assets at beginning of year2021-12-31$4,846,266
Total of administrative expenses incurred including professional, contract, advisory and management fees2021-12-31$2,687
Total interest from all sources2021-12-31$3,568
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2021-12-31No
Was this plan covered by a fidelity bond2021-12-31No
If this is an individual account plan, was there a blackout period2021-12-31No
Were there any nonexempt tranactions with any party-in-interest2021-12-31No
Contributions received from participants2021-12-31$649,441
Participant contributions at end of year2021-12-31$105,749
Participant contributions at beginning of year2021-12-31$50,592
Participant contributions at end of year2021-12-31$0
Participant contributions at beginning of year2021-12-31$0
Income. Received or receivable in cash from other sources (including rollovers)2021-12-31$153,067
Value of other receiveables (less allowance for doubtful accounts) at end of year2021-12-31$0
Value of other receiveables (less allowance for doubtful accounts) at beginning of year2021-12-31$0
Total non interest bearing cash at end of year2021-12-31$18,732
Total non interest bearing cash at beginning of year2021-12-31$10,960
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2021-12-31No
Value of net income/loss2021-12-31$1,727,429
Value of net assets at end of year (total assets less liabilities)2021-12-31$6,573,695
Value of net assets at beginning of year (total assets less liabilities)2021-12-31$4,846,266
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2021-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2021-12-31No
Were any leases to which the plan was party in default or uncollectible2021-12-31No
Value of interest in pooled separate accounts at end of year2021-12-31$6,449,214
Value of interest in pooled separate accounts at beginning of year2021-12-31$4,784,714
Interest on participant loans2021-12-31$0
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2021-12-31$3,568
Expenses. Payments to insurance carriers foe the provision of benefits2021-12-31$0
Net investment gain or loss from common/collective trusts2021-12-31$741,907
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2021-12-31No
Was there a failure to transmit to the plan any participant contributions2021-12-31No
Has the plan failed to provide any benefit when due under the plan2021-12-31No
Contributions received in cash from employer2021-12-31$381,394
Employer contributions (assets) at end of year2021-12-31$0
Employer contributions (assets) at beginning of year2021-12-31$0
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2021-12-31$199,261
Contract administrator fees2021-12-31$2,687
Was the provided the required notice or one of the exceptions to providing the black out period notice applied under 29 CFR 2520.101-32021-12-31No
Did the plan have assets held for investment2021-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2021-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2021-12-31No
Opinion of an independent qualified public accountant for this plan2021-12-31Unqualified
Accountancy firm name2021-12-31CROWE LLP
Accountancy firm EIN2021-12-31350921680
2020 : INDEPENDENT TURBO SERVICES 401(K) PLAN 2020 401k financial data
Expenses. Interest paid2020-12-31$0
Amount of participant contributions which was failed to transmit to the plan within the time period described in 29 CFR 251.3-1022020-12-31$0
Total income from all sources (including contributions)2020-12-31$1,530,026
Total of all expenses incurred2020-12-31$158,794
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2020-12-31$158,582
Expenses. Certain deemed distributions of participant loans2020-12-31$0
Total contributions o plan (from employers,participants, others, non cash contrinutions)2020-12-31$925,403
Value of total assets at end of year2020-12-31$4,846,266
Value of total assets at beginning of year2020-12-31$3,475,034
Total of administrative expenses incurred including professional, contract, advisory and management fees2020-12-31$212
Total interest from all sources2020-12-31$592
Total dividends received (eg from common stock, registered investment company shares)2020-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2020-12-31No
Total dividends received from registered investment company shares (eg mutual funds)2020-12-31$0
Was this plan covered by a fidelity bond2020-12-31No
If this is an individual account plan, was there a blackout period2020-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2020-12-31$0
Were there any nonexempt tranactions with any party-in-interest2020-12-31No
Contributions received from participants2020-12-31$587,986
Participant contributions at end of year2020-12-31$50,592
Participant contributions at end of year2020-12-31$0
Income. Received or receivable in cash from other sources (including rollovers)2020-12-31$0
Value of other receiveables (less allowance for doubtful accounts) at end of year2020-12-31$0
Total non interest bearing cash at end of year2020-12-31$10,960
Total non interest bearing cash at beginning of year2020-12-31$10,869
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2020-12-31No
Value of net income/loss2020-12-31$1,371,232
Value of net assets at end of year (total assets less liabilities)2020-12-31$4,846,266
Value of net assets at beginning of year (total assets less liabilities)2020-12-31$3,475,034
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2020-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2020-12-31No
Were any leases to which the plan was party in default or uncollectible2020-12-31No
Value of interest in pooled separate accounts at end of year2020-12-31$4,784,714
Value of interest in pooled separate accounts at beginning of year2020-12-31$3,464,165
Interest on participant loans2020-12-31$592
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2020-12-31$0
Expenses. Payments to insurance carriers foe the provision of benefits2020-12-31$0
Net investment gain/loss from registered investment companies (e.g. mutual funds)2020-12-31$0
Net investment gain/loss from pooled separate accounts2020-12-31$604,031
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2020-12-31No
Was there a failure to transmit to the plan any participant contributions2020-12-31No
Has the plan failed to provide any benefit when due under the plan2020-12-31No
Contributions received in cash from employer2020-12-31$337,417
Employer contributions (assets) at end of year2020-12-31$0
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2020-12-31$158,582
Contract administrator fees2020-12-31$212
Was the provided the required notice or one of the exceptions to providing the black out period notice applied under 29 CFR 2520.101-32020-12-31No
Did the plan have assets held for investment2020-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2020-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2020-12-31No
Opinion of an independent qualified public accountant for this plan2020-12-31Disclaimer
Accountancy firm name2020-12-31BRIGGS & VESELKA CO.
Accountancy firm EIN2020-12-31741769118

Form 5500 Responses for INDEPENDENT TURBO SERVICES 401(K) PLAN

2022: INDEPENDENT TURBO SERVICES 401(K) PLAN 2022 form 5500 responses
2022-01-01Type of plan entitySingle employer plan
2022-01-01Plan funding arrangement – InsuranceYes
2022-01-01Plan funding arrangement – TrustYes
2022-01-01Plan benefit arrangement - TrustYes
2021: INDEPENDENT TURBO SERVICES 401(K) PLAN 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 - TrustYes
2020: INDEPENDENT TURBO SERVICES 401(K) PLAN 2020 form 5500 responses
2020-01-01Type of plan entitySingle employer plan
2020-01-01Plan funding arrangement – InsuranceYes
2020-01-01Plan funding arrangement – TrustYes
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 number105889
Policy instance 1
Insurance contract or identification number105889
Number of Individuals Covered165
Insurance policy start date2022-01-01
Insurance policy end date2022-12-31
Total amount of commissions paid to insurance brokerUSD $26,961
Total amount of fees paid to insurance companyUSD $5,109
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
Commission paid to Insurance BrokerUSD $26,961
Additional information about fees paid to insurance brokerBROKER COMMISSIONS
Insurance broker organization code?3
Amount paid for insurance broker fees5109
JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) (National Association of Insurance Commissioners NAIC id number: 65838 )
Policy contract number105889
Policy instance 1
Insurance contract or identification number105889
Number of Individuals Covered134
Insurance policy start date2021-01-01
Insurance policy end date2021-12-31
Total amount of commissions paid to insurance brokerUSD $25,069
Total amount of fees paid to insurance companyUSD $5,024
Commission paid to Insurance BrokerUSD $25,069
Additional information about fees paid to insurance brokerBROKER COMMISSION
Insurance broker organization code?3
Amount paid for insurance broker fees5024
JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) (National Association of Insurance Commissioners NAIC id number: 65838 )
Policy contract number105889
Policy instance 1
Insurance contract or identification number105889
Number of Individuals Covered130
Insurance policy start date2020-01-01
Insurance policy end date2020-12-31
Total amount of commissions paid to insurance brokerUSD $16,794
Total amount of fees paid to insurance companyUSD $3,749
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
Commission paid to Insurance BrokerUSD $10,492
Additional information about fees paid to insurance brokerBROKER COMMISSION
Insurance broker organization code?3
Amount paid for insurance broker fees1875

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