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BUDDE PRECISION MACHINING CORP. 401(K) PLAN 401k Plan overview

Plan NameBUDDE PRECISION MACHINING CORP. 401(K) PLAN
Plan identification number 001

BUDDE PRECISION MACHINING CORP. 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.
  • 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

BUDDE PRECISION MACHINING CORP. has sponsored the creation of one or more 401k plans.

Company Name:BUDDE PRECISION MACHINING CORP.
Employer identification number (EIN):831834479
NAIC Classification:332900

Form 5500 Filing Information

Submission information for form 5500 for 401k plan BUDDE PRECISION MACHINING CORP. 401(K) PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012022-01-01MICHAEL BUDDE2023-08-03
0012021-07-01MICHAEL BUDDE2022-08-08
0012020-07-01MICHAEL BUDDE2021-09-22
0012019-07-01
0012018-09-07

Plan Statistics for BUDDE PRECISION MACHINING CORP. 401(K) PLAN

401k plan membership statisitcs for BUDDE PRECISION MACHINING CORP. 401(K) PLAN

Measure Date Value
2019: BUDDE PRECISION MACHINING CORP. 401(K) PLAN 2019 401k membership
Total participants, beginning-of-year2019-07-0111
Total number of active participants reported on line 7a of the Form 55002019-07-0113
Number of retired or separated participants receiving benefits2019-07-010
Number of other retired or separated participants entitled to future benefits2019-07-011
Total of all active and inactive participants2019-07-0114
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2019-07-010
Total participants2019-07-0114
Number of participants with account balances2019-07-0110
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2019-07-011
2018: BUDDE PRECISION MACHINING CORP. 401(K) PLAN 2018 401k membership
Total participants, beginning-of-year2018-09-0711
Total number of active participants reported on line 7a of the Form 55002018-09-0710
Number of retired or separated participants receiving benefits2018-09-070
Number of other retired or separated participants entitled to future benefits2018-09-070
Total of all active and inactive participants2018-09-0710
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2018-09-070
Total participants2018-09-0710
Number of participants with account balances2018-09-079
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2018-09-070

Financial Data on BUDDE PRECISION MACHINING CORP. 401(K) PLAN

Measure Date Value
2020 : BUDDE PRECISION MACHINING CORP. 401(K) PLAN 2020 401k financial data
Total income from all sources2020-06-30$-147,880
Expenses. Total of all expenses incurred2020-06-30$4,644
Benefits paid (including direct rollovers)2020-06-30$3,936
Total plan assets at end of year2020-06-30$134,305
Total plan assets at beginning of year2020-06-30$286,829
Value of fidelity bond covering the plan2020-06-30$15,000
Total contributions received or receivable from participants2020-06-30$38,914
Contributions received from other sources (not participants or employers)2020-06-30$0
Other income received2020-06-30$-204,043
Net income (gross income less expenses)2020-06-30$-152,524
Net plan assets at end of year (total assets less liabilities)2020-06-30$134,305
Net plan assets at beginning of year (total assets less liabilities)2020-06-30$286,829
Total contributions received or receivable from employer(s)2020-06-30$17,249
Value of certain deemed distributions of participant loans2020-06-30$0
Expenses. Administrative service providers (salaries,fees and commissions)2020-06-30$708
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2020-06-30$0
2019 : BUDDE PRECISION MACHINING CORP. 401(K) PLAN 2019 401k financial data
Total income from all sources2019-06-30$286,948
Expenses. Total of all expenses incurred2019-06-30$119
Benefits paid (including direct rollovers)2019-06-30$0
Total plan assets at end of year2019-06-30$286,829
Total plan assets at beginning of year2019-06-30$0
Value of fidelity bond covering the plan2019-06-30$15,000
Total contributions received or receivable from participants2019-06-30$19,477
Contributions received from other sources (not participants or employers)2019-06-30$186,756
Other income received2019-06-30$71,957
Net income (gross income less expenses)2019-06-30$286,829
Net plan assets at end of year (total assets less liabilities)2019-06-30$286,829
Net plan assets at beginning of year (total assets less liabilities)2019-06-30$0
Assets. Value of employer securities2019-06-30$218,941
Total contributions received or receivable from employer(s)2019-06-30$8,758
Expenses. Administrative service providers (salaries,fees and commissions)2019-06-30$119

Form 5500 Responses for BUDDE PRECISION MACHINING CORP. 401(K) PLAN

2019: BUDDE PRECISION MACHINING CORP. 401(K) PLAN 2019 form 5500 responses
2019-07-01Type of plan entitySingle employer plan
2019-07-01Plan funding arrangement – InsuranceYes
2019-07-01Plan funding arrangement – TrustYes
2019-07-01Plan benefit arrangement – InsuranceYes
2019-07-01Plan benefit arrangement - TrustYes
2018: BUDDE PRECISION MACHINING CORP. 401(K) PLAN 2018 form 5500 responses
2018-09-07Type of plan entitySingle employer plan
2018-09-07First time form 5500 has been submittedYes
2018-09-07This return/report is a short plan year return/report (less than 12 months)Yes
2018-09-07Plan funding arrangement – InsuranceYes
2018-09-07Plan funding arrangement – TrustYes
2018-09-07Plan benefit arrangement – InsuranceYes
2018-09-07Plan benefit arrangement - TrustYes

Insurance Providers Used on plan

NATIONWIDE LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 66869 )
Policy contract numberGAP-CP-LG2H
Policy instance 1
Insurance contract or identification numberGAP-CP-LG2H
Number of Individuals Covered10
Insurance policy start date2019-07-01
Insurance policy end date2020-06-30
Are there contracts with unallocated funds for contracts of type guaranteed investment?Yes
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
NATIONWIDE LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 66869 )
Policy contract numberGAP-CP-LG2H
Policy instance 1
Insurance contract or identification numberGAP-CP-LG2H
Number of Individuals Covered9
Insurance policy start date2018-09-07
Insurance policy end date2019-06-30
Are there contracts with unallocated funds for contracts of type guaranteed investment?Yes

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