401k Plan data: IDEAL ELECTRIC 401(K) PLAN plan

IDEAL ELECTRIC 401(K) PLAN 401k Plan overview

Plan Name	IDEAL ELECTRIC 401(K) PLAN
Plan identification number	002

IDEAL ELECTRIC 401(K) PLAN Benefits

401k Plan Type

Defined 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

IDEAL ELECTRIC CO., INC. has sponsored the creation of one or more 401k plans.

Company Name: IDEAL ELECTRIC CO., INC.

Employer identification number (EIN): 260680129

NAIC Classification: 221100

Form 5500 Filing Information

Submission information for form 5500 for 401k plan IDEAL ELECTRIC 401(K) PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator Signed Name of Company Sponsor Date Sponsor Signed
002 2023-01-01
002 2022-01-01
002 2021-01-01
002 2020-01-01
002 2019-01-01
002 2018-01-01 JANINE VIVEIROS
002 2017-01-01 JANINE VIVEIROS

Plan Statistics for IDEAL ELECTRIC 401(K) PLAN

401k plan membership statisitcs for IDEAL ELECTRIC 401(K) PLAN

Measure Date Value
2023: IDEAL ELECTRIC 401(K) PLAN 2023 401k membership
Total participants, beginning-of-year 2023-01-01 30
Total number of active participants reported on line 7a of the Form 5500 2023-01-01 27
Number of retired or separated participants receiving benefits 2023-01-01 0
Number of other retired or separated participants entitled to future benefits 2023-01-01 0
Total of all active and inactive participants 2023-01-01 27
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits 2023-01-01 0
Total participants 2023-01-01 27
Number of participants with account balances 2023-01-01 17
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 2023-01-01 0
2022: IDEAL ELECTRIC 401(K) PLAN 2022 401k membership
Total participants, beginning-of-year 2022-01-01 13
Total number of active participants reported on line 7a of the Form 5500 2022-01-01 30
Number of retired or separated participants receiving benefits 2022-01-01 0
Number of other retired or separated participants entitled to future benefits 2022-01-01 0
Total of all active and inactive participants 2022-01-01 30
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits 2022-01-01 0
Total participants 2022-01-01 30
Number of participants with account balances 2022-01-01 19
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 2022-01-01 0
2021: IDEAL ELECTRIC 401(K) PLAN 2021 401k membership
Total participants, beginning-of-year 2021-01-01 14
Total number of active participants reported on line 7a of the Form 5500 2021-01-01 12
Number of retired or separated participants receiving benefits 2021-01-01 0
Number of other retired or separated participants entitled to future benefits 2021-01-01 1
Total of all active and inactive participants 2021-01-01 13
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits 2021-01-01 0
Total participants 2021-01-01 13
Number of participants with account balances 2021-01-01 11
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 2021-01-01 0
2020: IDEAL ELECTRIC 401(K) PLAN 2020 401k membership
Total participants, beginning-of-year 2020-01-01 13
Total number of active participants reported on line 7a of the Form 5500 2020-01-01 13
Number of retired or separated participants receiving benefits 2020-01-01 0
Number of other retired or separated participants entitled to future benefits 2020-01-01 1
Total of all active and inactive participants 2020-01-01 14
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits 2020-01-01 0
Total participants 2020-01-01 14
Number of participants with account balances 2020-01-01 10
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 2020-01-01 0
2019: IDEAL ELECTRIC 401(K) PLAN 2019 401k membership
Total participants, beginning-of-year 2019-01-01 11
Total number of active participants reported on line 7a of the Form 5500 2019-01-01 12
Number of retired or separated participants receiving benefits 2019-01-01 0
Number of other retired or separated participants entitled to future benefits 2019-01-01 1
Total of all active and inactive participants 2019-01-01 13
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits 2019-01-01 0
Total participants 2019-01-01 13
Number of participants with account balances 2019-01-01 10
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 2019-01-01 0
2018: IDEAL ELECTRIC 401(K) PLAN 2018 401k membership
Total participants, beginning-of-year 2018-01-01 13
Total number of active participants reported on line 7a of the Form 5500 2018-01-01 10
Number of retired or separated participants receiving benefits 2018-01-01 0
Number of other retired or separated participants entitled to future benefits 2018-01-01 1
Total of all active and inactive participants 2018-01-01 11
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits 2018-01-01 0
Total participants 2018-01-01 11
Number of participants with account balances 2018-01-01 9
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 2018-01-01 0
2017: IDEAL ELECTRIC 401(K) PLAN 2017 401k membership
Total participants, beginning-of-year 2017-01-01 12
Total number of active participants reported on line 7a of the Form 5500 2017-01-01 13
Number of retired or separated participants receiving benefits 2017-01-01 0
Number of other retired or separated participants entitled to future benefits 2017-01-01 0
Total of all active and inactive participants 2017-01-01 13
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits 2017-01-01 0
Total participants 2017-01-01 13
Number of participants with account balances 2017-01-01 10
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 2017-01-01 0

Measure	Date	Value
2023: IDEAL ELECTRIC 401(K) PLAN 2023 401k membership
Total participants, beginning-of-year	2023-01-01	30
Total number of active participants reported on line 7a of the Form 5500	2023-01-01	27
Number of retired or separated participants receiving benefits	2023-01-01	0
Number of other retired or separated participants entitled to future benefits	2023-01-01	0
Total of all active and inactive participants	2023-01-01	27
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits	2023-01-01	0
Total participants	2023-01-01	27
Number of participants with account balances	2023-01-01	17
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested	2023-01-01	0
2022: IDEAL ELECTRIC 401(K) PLAN 2022 401k membership
Total participants, beginning-of-year	2022-01-01	13
Total number of active participants reported on line 7a of the Form 5500	2022-01-01	30
Number of retired or separated participants receiving benefits	2022-01-01	0
Number of other retired or separated participants entitled to future benefits	2022-01-01	0
Total of all active and inactive participants	2022-01-01	30
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits	2022-01-01	0
Total participants	2022-01-01	30
Number of participants with account balances	2022-01-01	19
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested	2022-01-01	0
2021: IDEAL ELECTRIC 401(K) PLAN 2021 401k membership
Total participants, beginning-of-year	2021-01-01	14
Total number of active participants reported on line 7a of the Form 5500	2021-01-01	12
Number of retired or separated participants receiving benefits	2021-01-01	0
Number of other retired or separated participants entitled to future benefits	2021-01-01	1
Total of all active and inactive participants	2021-01-01	13
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits	2021-01-01	0
Total participants	2021-01-01	13
Number of participants with account balances	2021-01-01	11
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested	2021-01-01	0
2020: IDEAL ELECTRIC 401(K) PLAN 2020 401k membership
Total participants, beginning-of-year	2020-01-01	13
Total number of active participants reported on line 7a of the Form 5500	2020-01-01	13
Number of retired or separated participants receiving benefits	2020-01-01	0
Number of other retired or separated participants entitled to future benefits	2020-01-01	1
Total of all active and inactive participants	2020-01-01	14
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits	2020-01-01	0
Total participants	2020-01-01	14
Number of participants with account balances	2020-01-01	10
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested	2020-01-01	0
2019: IDEAL ELECTRIC 401(K) PLAN 2019 401k membership
Total participants, beginning-of-year	2019-01-01	11
Total number of active participants reported on line 7a of the Form 5500	2019-01-01	12
Number of retired or separated participants receiving benefits	2019-01-01	0
Number of other retired or separated participants entitled to future benefits	2019-01-01	1
Total of all active and inactive participants	2019-01-01	13
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits	2019-01-01	0
Total participants	2019-01-01	13
Number of participants with account balances	2019-01-01	10
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested	2019-01-01	0
2018: IDEAL ELECTRIC 401(K) PLAN 2018 401k membership
Total participants, beginning-of-year	2018-01-01	13
Total number of active participants reported on line 7a of the Form 5500	2018-01-01	10
Number of retired or separated participants receiving benefits	2018-01-01	0
Number of other retired or separated participants entitled to future benefits	2018-01-01	1
Total of all active and inactive participants	2018-01-01	11
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits	2018-01-01	0
Total participants	2018-01-01	11
Number of participants with account balances	2018-01-01	9
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested	2018-01-01	0
2017: IDEAL ELECTRIC 401(K) PLAN 2017 401k membership
Total participants, beginning-of-year	2017-01-01	12
Total number of active participants reported on line 7a of the Form 5500	2017-01-01	13
Number of retired or separated participants receiving benefits	2017-01-01	0
Number of other retired or separated participants entitled to future benefits	2017-01-01	0
Total of all active and inactive participants	2017-01-01	13
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits	2017-01-01	0
Total participants	2017-01-01	13
Number of participants with account balances	2017-01-01	10
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested	2017-01-01	0

Financial Data on IDEAL ELECTRIC 401(K) PLAN

Measure	Date	Value
2023 : IDEAL ELECTRIC 401(K) PLAN 2023 401k financial data
Total income from all sources	2023-12-31	$569,965
Expenses. Total of all expenses incurred	2023-12-31	$585,768
Benefits paid (including direct rollovers)	2023-12-31	$584,988
Total plan assets at end of year	2023-12-31	$2,941,506
Total plan assets at beginning of year	2023-12-31	$2,957,309
Value of fidelity bond covering the plan	2023-12-31	$295,731
Total contributions received or receivable from participants	2023-12-31	$135,222
Other income received	2023-12-31	$380,908
Net income (gross income less expenses)	2023-12-31	$-15,803
Net plan assets at end of year (total assets less liabilities)	2023-12-31	$2,941,506
Net plan assets at beginning of year (total assets less liabilities)	2023-12-31	$2,957,309
Assets. Value of participant loans	2023-12-31	$98,249
Total contributions received or receivable from employer(s)	2023-12-31	$53,835
Expenses. Administrative service providers (salaries,fees and commissions)	2023-12-31	$780
2022 : IDEAL ELECTRIC 401(K) PLAN 2022 401k financial data
Total income from all sources	2022-12-31	$1,574,958
Expenses. Total of all expenses incurred	2022-12-31	$7,068
Benefits paid (including direct rollovers)	2022-12-31	$6,968
Total plan assets at end of year	2022-12-31	$2,957,309
Total plan assets at beginning of year	2022-12-31	$1,389,419
Value of fidelity bond covering the plan	2022-12-31	$250,000
Total contributions received or receivable from participants	2022-12-31	$99,127
Expenses. Other expenses not covered elsewhere	2022-12-31	$100
Contributions received from other sources (not participants or employers)	2022-12-31	$1,689,633
Other income received	2022-12-31	$-251,870
Net income (gross income less expenses)	2022-12-31	$1,567,890
Net plan assets at end of year (total assets less liabilities)	2022-12-31	$2,957,309
Net plan assets at beginning of year (total assets less liabilities)	2022-12-31	$1,389,419
Assets. Value of participant loans	2022-12-31	$5,071
Total contributions received or receivable from employer(s)	2022-12-31	$38,068
2021 : IDEAL ELECTRIC 401(K) PLAN 2021 401k financial data
Total income from all sources	2021-12-31	$225,999
Expenses. Total of all expenses incurred	2021-12-31	$100
Total plan assets at end of year	2021-12-31	$1,389,419
Total plan assets at beginning of year	2021-12-31	$1,163,520
Value of fidelity bond covering the plan	2021-12-31	$250,000
Total contributions received or receivable from participants	2021-12-31	$61,914
Expenses. Other expenses not covered elsewhere	2021-12-31	$100
Other income received	2021-12-31	$142,513
Net income (gross income less expenses)	2021-12-31	$225,899
Net plan assets at end of year (total assets less liabilities)	2021-12-31	$1,389,419
Net plan assets at beginning of year (total assets less liabilities)	2021-12-31	$1,163,520
Assets. Value of participant loans	2021-12-31	$6,616
Total contributions received or receivable from employer(s)	2021-12-31	$21,572
2020 : IDEAL ELECTRIC 401(K) PLAN 2020 401k financial data
Total income from all sources	2020-12-31	$176,442
Expenses. Total of all expenses incurred	2020-12-31	$625
Total plan assets at end of year	2020-12-31	$1,163,520
Total plan assets at beginning of year	2020-12-31	$987,703
Value of fidelity bond covering the plan	2020-12-31	$100,000
Total contributions received or receivable from participants	2020-12-31	$57,135
Expenses. Other expenses not covered elsewhere	2020-12-31	$625
Other income received	2020-12-31	$99,071
Net income (gross income less expenses)	2020-12-31	$175,817
Net plan assets at end of year (total assets less liabilities)	2020-12-31	$1,163,520
Net plan assets at beginning of year (total assets less liabilities)	2020-12-31	$987,703
Assets. Value of participant loans	2020-12-31	$8,049
Total contributions received or receivable from employer(s)	2020-12-31	$20,236
2019 : IDEAL ELECTRIC 401(K) PLAN 2019 401k financial data
Total income from all sources	2019-12-31	$196,214
Expenses. Total of all expenses incurred	2019-12-31	$725
Total plan assets at end of year	2019-12-31	$987,703
Total plan assets at beginning of year	2019-12-31	$792,214
Value of fidelity bond covering the plan	2019-12-31	$100,000
Total contributions received or receivable from participants	2019-12-31	$32,954
Other income received	2019-12-31	$146,070
Net income (gross income less expenses)	2019-12-31	$195,489
Net plan assets at end of year (total assets less liabilities)	2019-12-31	$987,703
Net plan assets at beginning of year (total assets less liabilities)	2019-12-31	$792,214
Assets. Value of participant loans	2019-12-31	$8,200
Total contributions received or receivable from employer(s)	2019-12-31	$17,190
Expenses. Administrative service providers (salaries,fees and commissions)	2019-12-31	$725
2018 : IDEAL ELECTRIC 401(K) PLAN 2018 401k financial data
Total income from all sources	2018-12-31	$29,763
Expenses. Total of all expenses incurred	2018-12-31	$1,618
Benefits paid (including direct rollovers)	2018-12-31	$1,593
Total plan assets at end of year	2018-12-31	$792,214
Total plan assets at beginning of year	2018-12-31	$764,069
Value of fidelity bond covering the plan	2018-12-31	$100,000
Total contributions received or receivable from participants	2018-12-31	$44,577
Other income received	2018-12-31	$-35,560
Net income (gross income less expenses)	2018-12-31	$28,145
Net plan assets at end of year (total assets less liabilities)	2018-12-31	$792,214
Net plan assets at beginning of year (total assets less liabilities)	2018-12-31	$764,069
Total contributions received or receivable from employer(s)	2018-12-31	$20,746
Expenses. Administrative service providers (salaries,fees and commissions)	2018-12-31	$25
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities	2018-12-31	$0
2017 : IDEAL ELECTRIC 401(K) PLAN 2017 401k financial data
Transfers to/from the plan	2017-12-31	$633,696
Total income from all sources	2017-12-31	$130,373
Expenses. Total of all expenses incurred	2017-12-31	$0
Total plan assets at end of year	2017-12-31	$764,069
Total plan assets at beginning of year	2017-12-31	$0
Value of fidelity bond covering the plan	2017-12-31	$100,000
Total contributions received or receivable from participants	2017-12-31	$39,168
Other income received	2017-12-31	$69,570
Net income (gross income less expenses)	2017-12-31	$130,373
Net plan assets at end of year (total assets less liabilities)	2017-12-31	$764,069
Net plan assets at beginning of year (total assets less liabilities)	2017-12-31	$0
Total contributions received or receivable from employer(s)	2017-12-31	$21,635

Form 5500 Responses for IDEAL ELECTRIC 401(K) PLAN

2023: IDEAL ELECTRIC 401(K) PLAN 2023 form 5500 responses
2023-01-01	Type of plan entity	Single employer plan
2023-01-01	Submission has been amended	No
2023-01-01	This submission is the final filing	No
2023-01-01	This return/report is a short plan year return/report (less than 12 months)	No
2023-01-01	Plan is a collectively bargained plan	No
2023-01-01	Plan funding arrangement – Trust	Yes
2023-01-01	Plan benefit arrangement - Trust	Yes
2022: IDEAL ELECTRIC 401(K) PLAN 2022 form 5500 responses
2022-01-01	Type of plan entity	Single employer plan
2022-01-01	Submission has been amended	No
2022-01-01	This submission is the final filing	No
2022-01-01	This return/report is a short plan year return/report (less than 12 months)	No
2022-01-01	Plan is a collectively bargained plan	No
2022-01-01	Plan funding arrangement – Trust	Yes
2022-01-01	Plan benefit arrangement - Trust	Yes
2021: IDEAL ELECTRIC 401(K) PLAN 2021 form 5500 responses
2021-01-01	Type of plan entity	Single employer plan
2021-01-01	Submission has been amended	No
2021-01-01	This submission is the final filing	No
2021-01-01	This return/report is a short plan year return/report (less than 12 months)	No
2021-01-01	Plan is a collectively bargained plan	No
2021-01-01	Plan funding arrangement – Trust	Yes
2021-01-01	Plan benefit arrangement - Trust	Yes
2020: IDEAL ELECTRIC 401(K) PLAN 2020 form 5500 responses
2020-01-01	Type of plan entity	Single employer plan
2020-01-01	Submission has been amended	No
2020-01-01	This submission is the final filing	No
2020-01-01	This return/report is a short plan year return/report (less than 12 months)	No
2020-01-01	Plan is a collectively bargained plan	No
2020-01-01	Plan funding arrangement – Trust	Yes
2020-01-01	Plan benefit arrangement - Trust	Yes
2019: IDEAL ELECTRIC 401(K) PLAN 2019 form 5500 responses
2019-01-01	Type of plan entity	Single employer plan
2019-01-01	Submission has been amended	No
2019-01-01	This submission is the final filing	No
2019-01-01	This return/report is a short plan year return/report (less than 12 months)	No
2019-01-01	Plan is a collectively bargained plan	No
2019-01-01	Plan funding arrangement – Trust	Yes
2019-01-01	Plan benefit arrangement - Trust	Yes
2018: IDEAL ELECTRIC 401(K) PLAN 2018 form 5500 responses
2018-01-01	Type of plan entity	Single employer plan
2018-01-01	Submission has been amended	No
2018-01-01	This submission is the final filing	No
2018-01-01	This return/report is a short plan year return/report (less than 12 months)	No
2018-01-01	Plan is a collectively bargained plan	No
2018-01-01	Plan funding arrangement – Trust	Yes
2018-01-01	Plan benefit arrangement - Trust	Yes
2017: IDEAL ELECTRIC 401(K) PLAN 2017 form 5500 responses
2017-01-01	Type of plan entity	Single employer plan
2017-01-01	First time form 5500 has been submitted	Yes
2017-01-01	Submission has been amended	No
2017-01-01	This submission is the final filing	No
2017-01-01	This return/report is a short plan year return/report (less than 12 months)	No
2017-01-01	Plan is a collectively bargained plan	No
2017-01-01	Plan funding arrangement – Trust	Yes
2017-01-01	Plan benefit arrangement - Trust	Yes

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Company Name:	IDEAL ELECTRIC CO., INC.
Employer identification number (EIN):	260680129
NAIC Classification:	221100