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FREEDOM CREDIT UNION DEFINED BENEFIT PLAN AND TRUST 401k Plan overview

Plan NameFREEDOM CREDIT UNION DEFINED BENEFIT PLAN AND TRUST
Plan identification number 001

FREEDOM CREDIT UNION DEFINED BENEFIT PLAN AND TRUST Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Benefits are primarily pay related
  • Covered by PBGC - Plan is covered under the PBGC insurance program (see ERISA section 4021).
  • Plan covered by PBGC that was terminated and closed out for PBGC purposes - Before the end of the plan year (or a prior plan year), (1) the plan terminated in a standard (or distress) termination and completed the distribution of plan assets in satisfaction of all benefit liabilities (or all ERISA Title IV benefits for distress termination); or (2) a trustee was appointed for a terminated plan pursuant to ERISA section 4042.
  • Frozen Plan - As of the last day of the plan year, the plan provides that no participant will get any new benefit accrual (whether because of service or compensation).
  • 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 CREDIT UNION has sponsored the creation of one or more 401k plans.

Company Name:FREEDOM CREDIT UNION
Employer identification number (EIN):870253260
NAIC Classification:522130
NAIC Description:Credit Unions

Form 5500 Filing Information

Submission information for form 5500 for 401k plan FREEDOM CREDIT UNION DEFINED BENEFIT PLAN AND TRUST

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012020-03-01KENNETH F PAYNE2020-12-14
0012019-03-01KENNETH F PAYNE2020-12-14
0012018-03-01KENNETH F PAYNE2019-09-16
0012017-03-01KENNETH F PAYNE2018-09-27
0012016-03-01KENNETH F PAYNE2017-09-15
0012015-03-01KENNETH F PAYNE2016-12-09
0012014-03-01KENNETH F PAYNE2015-08-11
0012013-03-01KENNETH F PAYNE2014-06-23
0012012-03-01KENNETH F PAYNE2013-08-07
0012011-03-01KEN PAYNE2012-08-03
0012010-03-01KEN PAYNE2011-06-28 KEN PAYNE2011-06-28

Plan Statistics for FREEDOM CREDIT UNION DEFINED BENEFIT PLAN AND TRUST

401k plan membership statisitcs for FREEDOM CREDIT UNION DEFINED BENEFIT PLAN AND TRUST

Measure Date Value
2020: FREEDOM CREDIT UNION DEFINED BENEFIT PLAN AND TRUST 2020 401k membership
Market value of plan assets2020-02-29436,381
Acturial value of plan assets2020-02-29436,381
Funding target for retired participants and beneficiaries receiving payment2020-02-2943,791
Number of terminated vested participants2020-02-292
Fundng target for terminated vested participants2020-02-2922,219
Active participant vested funding target2020-02-29277,203
Number of active participants2020-02-295
Total funding liabilities for active participants2020-02-29279,111
Total participant count2020-02-298
Total funding target for all participants2020-02-29345,121
Balance at beginning of prior year after applicable adjustments2020-02-2999,285
Prefunding balance at beginning of prior year after applicable adjustments2020-02-290
Carryover balanced portion elected for use to offset prior years funding requirement2020-02-290
Prefunding balanced used to offset prior years funding requirement2020-02-290
Amount remaining of carryover balance2020-02-2999,285
Amount remaining of prefunding balance2020-02-290
Present value of excess contributions2020-02-2935,726
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-02-2937,737
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2020-02-290
Reductions in caryover balances due to elections or deemed elections2020-02-290
Reductions in prefunding balances due to elections or deemed elections2020-02-290
Balance of carryovers at beginning of current year2020-02-2999,146
Balance of prefunding at beginning of current year2020-02-290
Total employer contributions2020-02-290
Total employee contributions2020-02-290
Contributions allocated toward unpaid minimum require contributions from prior years2020-02-290
Contributions made to avoid restrictions adjusted to valuation date2020-02-290
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2020-02-290
Unpaid minimum required contributions for all prior years2020-02-290
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2020-02-290
Remaining amount of unpaid minimum required contributions2020-02-290
Minimum required contributions for current year target normal cost2020-02-2922,112
Net shortfall amortization installment of oustanding balance2020-02-290
Waiver amortization installment2020-02-290
Total funding amount beforereflecting carryover/prefunding balances2020-02-2922,112
Carryover balance elected to use to offset funding requirement2020-02-2922,112
Prefunding balance elected to use to offset funding requirement2020-02-290
Additional cash requirement2020-02-290
Contributions allocatedtoward minimum required contributions for current year2020-02-290
Unpaid minimum required contributions for current year2020-02-290
Unpaid minimum required contributions for all years2020-02-290
2019: FREEDOM CREDIT UNION DEFINED BENEFIT PLAN AND TRUST 2019 401k membership
Market value of plan assets2019-02-28413,383
Acturial value of plan assets2019-02-28413,383
Funding target for retired participants and beneficiaries receiving payment2019-02-2841,674
Number of terminated vested participants2019-02-282
Fundng target for terminated vested participants2019-02-2820,621
Active participant vested funding target2019-02-28226,326
Number of active participants2019-02-285
Total funding liabilities for active participants2019-02-28228,275
Total participant count2019-02-288
Total funding target for all participants2019-02-28290,570
Balance at beginning of prior year after applicable adjustments2019-02-2889,535
Prefunding balance at beginning of prior year after applicable adjustments2019-02-280
Carryover balanced portion elected for use to offset prior years funding requirement2019-02-280
Prefunding balanced used to offset prior years funding requirement2019-02-280
Amount remaining of carryover balance2019-02-2889,535
Amount remaining of prefunding balance2019-02-280
Present value of excess contributions2019-02-2828,408
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2019-02-2830,078
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2019-02-280
Reductions in caryover balances due to elections or deemed elections2019-02-280
Reductions in prefunding balances due to elections or deemed elections2019-02-280
Balance of carryovers at beginning of current year2019-02-2899,285
Balance of prefunding at beginning of current year2019-02-280
Total employer contributions2019-02-2837,580
Total employee contributions2019-02-280
Contributions allocated toward unpaid minimum require contributions from prior years2019-02-280
Contributions made to avoid restrictions adjusted to valuation date2019-02-280
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2019-02-2836,120
Unpaid minimum required contributions for all prior years2019-02-280
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2019-02-280
Remaining amount of unpaid minimum required contributions2019-02-280
Minimum required contributions for current year target normal cost2019-02-2823,922
Net shortfall amortization installment of oustanding balance2019-02-280
Waiver amortization installment2019-02-280
Total funding amount beforereflecting carryover/prefunding balances2019-02-28394
Carryover balance elected to use to offset funding requirement2019-02-280
Prefunding balance elected to use to offset funding requirement2019-02-280
Additional cash requirement2019-02-28394
Contributions allocatedtoward minimum required contributions for current year2019-02-2836,120
Unpaid minimum required contributions for current year2019-02-280
Unpaid minimum required contributions for all years2019-02-280
2018: FREEDOM CREDIT UNION DEFINED BENEFIT PLAN AND TRUST 2018 401k membership
Market value of plan assets2018-02-28358,557
Acturial value of plan assets2018-02-28358,557
Funding target for retired participants and beneficiaries receiving payment2018-02-2843,790
Number of terminated vested participants2018-02-281
Fundng target for terminated vested participants2018-02-2817,820
Active participant vested funding target2018-02-28180,369
Number of active participants2018-02-286
Total funding liabilities for active participants2018-02-28182,246
Total participant count2018-02-288
Total funding target for all participants2018-02-28243,856
Balance at beginning of prior year after applicable adjustments2018-02-2877,426
Prefunding balance at beginning of prior year after applicable adjustments2018-02-280
Carryover balanced portion elected for use to offset prior years funding requirement2018-02-280
Prefunding balanced used to offset prior years funding requirement2018-02-280
Amount remaining of carryover balance2018-02-2877,426
Amount remaining of prefunding balance2018-02-280
Present value of excess contributions2018-02-2821,580
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-02-2822,909
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2018-02-280
Reductions in caryover balances due to elections or deemed elections2018-02-280
Reductions in prefunding balances due to elections or deemed elections2018-02-280
Balance of carryovers at beginning of current year2018-02-2889,535
Balance of prefunding at beginning of current year2018-02-280
Total employer contributions2018-02-2829,551
Total employee contributions2018-02-280
Contributions allocated toward unpaid minimum require contributions from prior years2018-02-280
Contributions made to avoid restrictions adjusted to valuation date2018-02-280
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2018-02-2828,408
Unpaid minimum required contributions for all prior years2018-02-280
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2018-02-280
Remaining amount of unpaid minimum required contributions2018-02-280
Minimum required contributions for current year target normal cost2018-02-2818,632
Net shortfall amortization installment of oustanding balance2018-02-280
Waiver amortization installment2018-02-280
Total funding amount beforereflecting carryover/prefunding balances2018-02-280
Carryover balance elected to use to offset funding requirement2018-02-280
Prefunding balance elected to use to offset funding requirement2018-02-280
Additional cash requirement2018-02-280
Contributions allocatedtoward minimum required contributions for current year2018-02-2828,408
Unpaid minimum required contributions for current year2018-02-280
Unpaid minimum required contributions for all years2018-02-280
2017: FREEDOM CREDIT UNION DEFINED BENEFIT PLAN AND TRUST 2017 401k membership
Market value of plan assets2017-02-28302,487
Acturial value of plan assets2017-02-28302,487
Funding target for retired participants and beneficiaries receiving payment2017-02-2846,195
Number of terminated vested participants2017-02-281
Fundng target for terminated vested participants2017-02-2816,518
Active participant vested funding target2017-02-28147,024
Number of active participants2017-02-286
Total funding liabilities for active participants2017-02-28148,508
Total participant count2017-02-288
Total funding target for all participants2017-02-28211,221
Balance at beginning of prior year after applicable adjustments2017-02-28117,653
Prefunding balance at beginning of prior year after applicable adjustments2017-02-280
Carryover balanced portion elected for use to offset prior years funding requirement2017-02-280
Prefunding balanced used to offset prior years funding requirement2017-02-280
Amount remaining of carryover balance2017-02-28117,653
Amount remaining of prefunding balance2017-02-280
Present value of excess contributions2017-02-2824,737
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2017-02-2826,300
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2017-02-280
Reductions in caryover balances due to elections or deemed elections2017-02-2830,179
Reductions in prefunding balances due to elections or deemed elections2017-02-280
Balance of carryovers at beginning of current year2017-02-2877,426
Balance of prefunding at beginning of current year2017-02-280
Total employer contributions2017-02-2822,295
Total employee contributions2017-02-280
Contributions allocated toward unpaid minimum require contributions from prior years2017-02-280
Contributions made to avoid restrictions adjusted to valuation date2017-02-280
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2017-02-2821,580
Unpaid minimum required contributions for all prior years2017-02-280
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2017-02-280
Remaining amount of unpaid minimum required contributions2017-02-280
Minimum required contributions for current year target normal cost2017-02-2813,840
Net shortfall amortization installment of oustanding balance2017-02-280
Waiver amortization installment2017-02-280
Waived amount of outstanding balance2017-02-280
Total funding amount beforereflecting carryover/prefunding balances2017-02-280
Carryover balance elected to use to offset funding requirement2017-02-280
Prefunding balance elected to use to offset funding requirement2017-02-280
Additional cash requirement2017-02-280
Contributions allocatedtoward minimum required contributions for current year2017-02-2821,580
Unpaid minimum required contributions for current year2017-02-280
Unpaid minimum required contributions for all years2017-02-280

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