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FREEDOM FOREVER LLC 401(K) PLAN 401k Plan overview

Plan NameFREEDOM FOREVER LLC 401(K) PLAN
Plan identification number 001

FREEDOM FOREVER LLC 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.
  • 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

FREEDOM FOREVER, LLC has sponsored the creation of one or more 401k plans.

Company Name:FREEDOM FOREVER, LLC
Employer identification number (EIN):813208857
NAIC Classification:238900

Form 5500 Filing Information

Submission information for form 5500 for 401k plan FREEDOM FOREVER LLC 401(K) PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012022-01-01LYNETTE WILKERSON2023-10-10
0012021-01-01LYNETTE WILKERSON2022-10-12
0012020-01-01

Plan Statistics for FREEDOM FOREVER LLC 401(K) PLAN

401k plan membership statisitcs for FREEDOM FOREVER LLC 401(K) PLAN

Measure Date Value
2022: FREEDOM FOREVER LLC 401(K) PLAN 2022 401k membership
Total participants, beginning-of-year2022-01-012,027
Total number of active participants reported on line 7a of the Form 55002022-01-012,418
Number of retired or separated participants receiving benefits2022-01-010
Number of other retired or separated participants entitled to future benefits2022-01-0185
Total of all active and inactive participants2022-01-012,503
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2022-01-010
Total participants2022-01-012,503
Number of participants with account balances2022-01-01355
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2022-01-010
2021: FREEDOM FOREVER LLC 401(K) PLAN 2021 401k membership
Total participants, beginning-of-year2021-01-011,479
Total number of active participants reported on line 7a of the Form 55002021-01-011,853
Number of retired or separated participants receiving benefits2021-01-010
Number of other retired or separated participants entitled to future benefits2021-01-0150
Total of all active and inactive participants2021-01-011,903
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2021-01-010
Total participants2021-01-011,903
Number of participants with account balances2021-01-01319
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2021-01-010

Financial Data on FREEDOM FOREVER LLC 401(K) PLAN

Measure Date Value
2022 : FREEDOM FOREVER LLC 401(K) PLAN 2022 401k financial data
Total income from all sources (including contributions)2022-12-31$1,563,684
Total of all expenses incurred2022-12-31$555,897
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2022-12-31$460,647
Value of total corrective distributions2022-12-31$63,953
Total contributions o plan (from employers,participants, others, non cash contrinutions)2022-12-31$2,117,781
Value of total assets at end of year2022-12-31$3,745,802
Value of total assets at beginning of year2022-12-31$2,738,015
Total of administrative expenses incurred including professional, contract, advisory and management fees2022-12-31$31,297
Total interest from all sources2022-12-31$3,663
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2022-12-31No
Was this plan covered by a fidelity bond2022-12-31Yes
Value of fidelity bond cover2022-12-31$3,000,000
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$1,710,162
Participant contributions at end of year2022-12-31$87,578
Participant contributions at beginning of year2022-12-31$15,971
Income. Received or receivable in cash from other sources (including rollovers)2022-12-31$399,241
Total non interest bearing cash at beginning of year2022-12-31$1,346
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$1,007,787
Value of net assets at end of year (total assets less liabilities)2022-12-31$3,745,802
Value of net assets at beginning of year (total assets less liabilities)2022-12-31$2,738,015
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$3,636,949
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2022-12-31$2,716,316
Interest on participant loans2022-12-31$3,663
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2022-12-31$21,275
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year2022-12-31$4,382
Net investment gain/loss from registered investment companies (e.g. mutual funds)2022-12-31$-557,760
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
Assets. Invements in employer securities at beginning of year2022-12-31$0
Contributions received in cash from employer2022-12-31$8,378
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2022-12-31$460,647
Contract administrator fees2022-12-31$31,297
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 name2022-12-31RJI INTERNATIONAL CPA'S
Accountancy firm EIN2022-12-31330953262
2021 : FREEDOM FOREVER LLC 401(K) PLAN 2021 401k financial data
Total income from all sources (including contributions)2021-12-31$2,791,871
Total of all expenses incurred2021-12-31$64,224
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2021-12-31$49,717
Total contributions o plan (from employers,participants, others, non cash contrinutions)2021-12-31$2,678,524
Value of total assets at end of year2021-12-31$2,738,015
Value of total assets at beginning of year2021-12-31$10,368
Total of administrative expenses incurred including professional, contract, advisory and management fees2021-12-31$14,507
Total interest from all sources2021-12-31$230
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 bond2021-12-31Yes
Value of fidelity bond cover2021-12-31$3,000,000
If this is an individual account plan, was there a blackout period2021-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2021-12-31$0
Were there any nonexempt tranactions with any party-in-interest2021-12-31No
Contributions received from participants2021-12-31$1,335,534
Participant contributions at end of year2021-12-31$15,971
Participant contributions at beginning of year2021-12-31$0
Income. Received or receivable in cash from other sources (including rollovers)2021-12-31$1,342,990
Total non interest bearing cash at end of year2021-12-31$1,346
Total non interest bearing cash at beginning of year2021-12-31$0
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$2,727,647
Value of net assets at end of year (total assets less liabilities)2021-12-31$2,738,015
Value of net assets at beginning of year (total assets less liabilities)2021-12-31$10,368
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 registered invesment companies (eg mutual funds) at end of year2021-12-31$2,716,316
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2021-12-31$10,368
Interest on participant loans2021-12-31$230
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2021-12-31$4,382
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year2021-12-31$0
Net investment gain/loss from registered investment companies (e.g. mutual funds)2021-12-31$113,117
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
Assets. Invements in employer securities at end of year2021-12-31$0
Assets. Invements in employer securities at beginning of year2021-12-31$0
Contributions received in cash from employer2021-12-31$0
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2021-12-31$49,717
Contract administrator fees2021-12-31$14,507
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 name2021-12-31RJI INTERNATIONAL CPA'S
Accountancy firm EIN2021-12-31330953262

Form 5500 Responses for FREEDOM FOREVER LLC 401(K) PLAN

2022: FREEDOM FOREVER LLC 401(K) PLAN 2022 form 5500 responses
2022-01-01Type of plan entitySingle employer plan
2022-01-01Submission has been amendedNo
2022-01-01This submission is the final filingNo
2022-01-01This return/report is a short plan year return/report (less than 12 months)No
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: FREEDOM FOREVER LLC 401(K) PLAN 2021 form 5500 responses
2021-01-01Type of plan entitySingle employer plan
2021-01-01Submission has been amendedNo
2021-01-01This submission is the final filingNo
2021-01-01This return/report is a short plan year return/report (less than 12 months)No
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

Insurance Providers Used on plan

JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) (National Association of Insurance Commissioners NAIC id number: 65838 )
Policy contract number147046
Policy instance 1
Insurance contract or identification number147046
Number of Individuals Covered386
Insurance policy start date2022-01-01
Insurance policy end date2022-12-31
Total amount of commissions paid to insurance brokerUSD $16,301
Total amount of fees paid to insurance companyUSD $0
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
Commission paid to Insurance BrokerUSD $10,589
Amount paid for insurance broker fees0
Additional information about fees paid to insurance brokerCOMMISSION
Insurance broker organization code?3
JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) (National Association of Insurance Commissioners NAIC id number: 65838 )
Policy contract number147046
Policy instance 1
Insurance contract or identification number147046
Number of Individuals Covered350
Insurance policy start date2021-01-01
Insurance policy end date2021-12-31
Total amount of commissions paid to insurance brokerUSD $3,038
Total amount of fees paid to insurance companyUSD $1,350
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
Commission paid to Insurance BrokerUSD $3,038
Amount paid for insurance broker fees0
Additional information about fees paid to insurance brokerCOMMISSION
Insurance broker organization code?3

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