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PRECISION BUILDERS, INC. CASH BALANCE PLAN 401k Plan overview

Plan NamePRECISION BUILDERS, INC. CASH BALANCE PLAN
Plan identification number 002

PRECISION BUILDERS, INC. CASH BALANCE PLAN Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Benefits are primarily pay related
  • Cash balance or similar plan - Plan has a "cash balance" formula. For this purpose, a "cash balance" formula is a benefit formula in a defined benefit plan by whatever name (for example, personal account plan, pension equity plan, life cycle plan, cash account plan, etc.) that rather than, or in addition to, expressing the accrued benefit as a life annuity commencing at normal retirement age, defines benefits for each employee in terms more common to a defined contribution plan such as a single sum distribution amount (for example, 10 percent of final average pay times years of service, or the amount of the employee's hypothetical account balance).
  • 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

PRECISION BUILDERS, INC. has sponsored the creation of one or more 401k plans.

Company Name:PRECISION BUILDERS, INC.
Employer identification number (EIN):351679662
NAIC Classification:541990
NAIC Description:All Other Professional, Scientific, and Technical Services

Form 5500 Filing Information

Submission information for form 5500 for 401k plan PRECISION BUILDERS, INC. CASH BALANCE PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0022023-01-01VICTOR SAYERS2023-11-15
0022022-01-01VICTOR SAYERS2023-09-28
0022021-01-01VICTOR SAYERS2022-07-13
0022020-01-01VICTOR SAYERS2021-07-06
0022019-01-01VICTOR SAYERS2020-10-15
0022018-01-01VICTOR SAYERS2019-10-11

Plan Statistics for PRECISION BUILDERS, INC. CASH BALANCE PLAN

401k plan membership statisitcs for PRECISION BUILDERS, INC. CASH BALANCE PLAN

Measure Date Value
2023: PRECISION BUILDERS, INC. CASH BALANCE PLAN 2023 401k membership
Market value of plan assets2023-10-27444,160
Acturial value of plan assets2023-10-27444,160
Funding target for retired participants and beneficiaries receiving payment2023-10-270
Number of terminated vested participants2023-10-270
Fundng target for terminated vested participants2023-10-270
Active participant vested funding target2023-10-27425,521
Number of active participants2023-10-274
Total funding liabilities for active participants2023-10-27425,521
Total participant count2023-10-274
Total funding target for all participants2023-10-27425,521
Balance at beginning of prior year after applicable adjustments2023-10-270
Prefunding balance at beginning of prior year after applicable adjustments2023-10-270
Carryover balanced portion elected for use to offset prior years funding requirement2023-10-270
Prefunding balanced used to offset prior years funding requirement2023-10-270
Amount remaining of carryover balance2023-10-270
Amount remaining of prefunding balance2023-10-270
Present value of excess contributions2023-10-2714,921
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2023-10-2714,921
Reductions in caryover balances due to elections or deemed elections2023-10-270
Reductions in prefunding balances due to elections or deemed elections2023-10-270
Balance of carryovers at beginning of current year2023-10-270
Balance of prefunding at beginning of current year2023-10-270
Total employer contributions2023-10-270
Total employee contributions2023-10-270
Contributions allocated toward unpaid minimum require contributions from prior years2023-10-270
Contributions made to avoid restrictions adjusted to valuation date2023-10-270
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2023-10-270
Unpaid minimum required contributions for all prior years2023-10-270
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2023-10-270
Remaining amount of unpaid minimum required contributions2023-10-270
Minimum required contributions for current year target normal cost2023-10-270
Net shortfall amortization installment of oustanding balance2023-10-270
Waiver amortization installment2023-10-270
Total funding amount beforereflecting carryover/prefunding balances2023-10-270
Carryover balance elected to use to offset funding requirement2023-10-270
Prefunding balance elected to use to offset funding requirement2023-10-270
Additional cash requirement2023-10-270
Contributions allocatedtoward minimum required contributions for current year2023-10-270
Unpaid minimum required contributions for current year2023-10-270
Unpaid minimum required contributions for all years2023-10-270
2022: PRECISION BUILDERS, INC. CASH BALANCE PLAN 2022 401k membership
Market value of plan assets2022-12-31152,277
Acturial value of plan assets2022-12-31152,277
Funding target for retired participants and beneficiaries receiving payment2022-12-310
Number of terminated vested participants2022-12-310
Fundng target for terminated vested participants2022-12-310
Active participant vested funding target2022-12-31129,274
Number of active participants2022-12-314
Total funding liabilities for active participants2022-12-31129,274
Total participant count2022-12-314
Total funding target for all participants2022-12-31129,274
Balance at beginning of prior year after applicable adjustments2022-12-310
Prefunding balance at beginning of prior year after applicable adjustments2022-12-310
Carryover balanced portion elected for use to offset prior years funding requirement2022-12-310
Prefunding balanced used to offset prior years funding requirement2022-12-310
Amount remaining of carryover balance2022-12-310
Amount remaining of prefunding balance2022-12-310
Present value of excess contributions2022-12-3178,228
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2022-12-3178,228
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2022-12-310
Reductions in caryover balances due to elections or deemed elections2022-12-310
Reductions in prefunding balances due to elections or deemed elections2022-12-310
Balance of carryovers at beginning of current year2022-12-310
Balance of prefunding at beginning of current year2022-12-310
Total employer contributions2022-12-31290,000
Total employee contributions2022-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2022-12-310
Contributions made to avoid restrictions adjusted to valuation date2022-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2022-12-31281,918
Unpaid minimum required contributions for all prior years2022-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2022-12-310
Remaining amount of unpaid minimum required contributions2022-12-310
Minimum required contributions for current year target normal cost2022-12-31290,000
Net shortfall amortization installment of oustanding balance2022-12-310
Waiver amortization installment2022-12-310
Total funding amount beforereflecting carryover/prefunding balances2022-12-31266,997
Carryover balance elected to use to offset funding requirement2022-12-310
Prefunding balance elected to use to offset funding requirement2022-12-310
Additional cash requirement2022-12-31266,997
Contributions allocatedtoward minimum required contributions for current year2022-12-31281,918
Unpaid minimum required contributions for current year2022-12-310
Unpaid minimum required contributions for all years2022-12-310
2021: PRECISION BUILDERS, INC. CASH BALANCE PLAN 2021 401k membership
Market value of plan assets2021-12-31876,665
Acturial value of plan assets2021-12-31876,665
Funding target for retired participants and beneficiaries receiving payment2021-12-310
Number of terminated vested participants2021-12-310
Fundng target for terminated vested participants2021-12-310
Active participant vested funding target2021-12-31797,768
Number of active participants2021-12-314
Total funding liabilities for active participants2021-12-31797,768
Total participant count2021-12-314
Total funding target for all participants2021-12-31797,768
Balance at beginning of prior year after applicable adjustments2021-12-310
Prefunding balance at beginning of prior year after applicable adjustments2021-12-310
Carryover balanced portion elected for use to offset prior years funding requirement2021-12-310
Prefunding balanced used to offset prior years funding requirement2021-12-310
Amount remaining of carryover balance2021-12-310
Amount remaining of prefunding balance2021-12-310
Present value of excess contributions2021-12-3170,485
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-12-3170,485
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2021-12-310
Reductions in caryover balances due to elections or deemed elections2021-12-310
Reductions in prefunding balances due to elections or deemed elections2021-12-310
Balance of carryovers at beginning of current year2021-12-310
Balance of prefunding at beginning of current year2021-12-310
Total employer contributions2021-12-31290,000
Total employee contributions2021-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2021-12-310
Contributions made to avoid restrictions adjusted to valuation date2021-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2021-12-31284,486
Unpaid minimum required contributions for all prior years2021-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2021-12-310
Remaining amount of unpaid minimum required contributions2021-12-310
Minimum required contributions for current year target normal cost2021-12-31285,155
Net shortfall amortization installment of oustanding balance2021-12-310
Waiver amortization installment2021-12-310
Total funding amount beforereflecting carryover/prefunding balances2021-12-31206,258
Carryover balance elected to use to offset funding requirement2021-12-310
Prefunding balance elected to use to offset funding requirement2021-12-310
Additional cash requirement2021-12-31206,258
Contributions allocatedtoward minimum required contributions for current year2021-12-31284,486
Unpaid minimum required contributions for current year2021-12-310
Unpaid minimum required contributions for all years2021-12-310
2020: PRECISION BUILDERS, INC. CASH BALANCE PLAN 2020 401k membership
Market value of plan assets2020-12-31593,982
Acturial value of plan assets2020-12-31593,982
Funding target for retired participants and beneficiaries receiving payment2020-12-310
Number of terminated vested participants2020-12-310
Fundng target for terminated vested participants2020-12-310
Active participant vested funding target2020-12-31520,878
Number of active participants2020-12-312
Total funding liabilities for active participants2020-12-31520,878
Total participant count2020-12-312
Total funding target for all participants2020-12-31520,878
Balance at beginning of prior year after applicable adjustments2020-12-310
Prefunding balance at beginning of prior year after applicable adjustments2020-12-310
Carryover balanced portion elected for use to offset prior years funding requirement2020-12-310
Prefunding balanced used to offset prior years funding requirement2020-12-310
Amount remaining of carryover balance2020-12-310
Amount remaining of prefunding balance2020-12-310
Present value of excess contributions2020-12-31113,763
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-12-31113,763
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2020-12-310
Reductions in caryover balances due to elections or deemed elections2020-12-310
Reductions in prefunding balances due to elections or deemed elections2020-12-310
Balance of carryovers at beginning of current year2020-12-310
Balance of prefunding at beginning of current year2020-12-310
Total employer contributions2020-12-31248,965
Total employee contributions2020-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2020-12-310
Contributions made to avoid restrictions adjusted to valuation date2020-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2020-12-31238,096
Unpaid minimum required contributions for all prior years2020-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2020-12-310
Remaining amount of unpaid minimum required contributions2020-12-310
Minimum required contributions for current year target normal cost2020-12-31240,715
Net shortfall amortization installment of oustanding balance2020-12-310
Waiver amortization installment2020-12-310
Total funding amount beforereflecting carryover/prefunding balances2020-12-31167,611
Additional cash requirement2020-12-31167,611
Contributions allocatedtoward minimum required contributions for current year2020-12-31238,096
Unpaid minimum required contributions for current year2020-12-310
Unpaid minimum required contributions for all years2020-12-310
2019: PRECISION BUILDERS, INC. CASH BALANCE PLAN 2019 401k membership
Market value of plan assets2019-12-31205,812
Acturial value of plan assets2019-12-31205,812
Funding target for retired participants and beneficiaries receiving payment2019-12-310
Number of terminated vested participants2019-12-310
Fundng target for terminated vested participants2019-12-310
Active participant vested funding target2019-12-310
Number of active participants2019-12-313
Total funding liabilities for active participants2019-12-31275,215
Total participant count2019-12-313
Total funding target for all participants2019-12-31275,215
Balance at beginning of prior year after applicable adjustments2019-12-310
Prefunding balance at beginning of prior year after applicable adjustments2019-12-310
Carryover balanced portion elected for use to offset prior years funding requirement2019-12-310
Prefunding balanced used to offset prior years funding requirement2019-12-310
Amount remaining of carryover balance2019-12-310
Amount remaining of prefunding balance2019-12-310
Present value of excess contributions2019-12-3159
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2019-12-3159
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2019-12-310
Reductions in caryover balances due to elections or deemed elections2019-12-310
Reductions in prefunding balances due to elections or deemed elections2019-12-310
Balance of carryovers at beginning of current year2019-12-310
Balance of prefunding at beginning of current year2019-12-310
Total employer contributions2019-12-31365,000
Total employee contributions2019-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2019-12-310
Contributions made to avoid restrictions adjusted to valuation date2019-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2019-12-31361,748
Unpaid minimum required contributions for all prior years2019-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2019-12-310
Remaining amount of unpaid minimum required contributions2019-12-310
Minimum required contributions for current year target normal cost2019-12-31236,708
Net shortfall amortization installment of oustanding balance2019-12-3169,403
Waiver amortization installment2019-12-310
Total funding amount beforereflecting carryover/prefunding balances2019-12-31247,985
Carryover balance elected to use to offset funding requirement2019-12-310
Prefunding balance elected to use to offset funding requirement2019-12-310
Additional cash requirement2019-12-31247,985
Contributions allocatedtoward minimum required contributions for current year2019-12-31361,748
Unpaid minimum required contributions for current year2019-12-310
Unpaid minimum required contributions for all years2019-12-310
2018: PRECISION BUILDERS, INC. CASH BALANCE PLAN 2018 401k membership
Market value of plan assets2018-12-310
Acturial value of plan assets2018-12-310
Funding target for retired participants and beneficiaries receiving payment2018-12-310
Number of terminated vested participants2018-12-310
Fundng target for terminated vested participants2018-12-310
Active participant vested funding target2018-12-310
Number of active participants2018-12-313
Total funding liabilities for active participants2018-12-310
Total participant count2018-12-313
Total funding target for all participants2018-12-310
Amount remaining of carryover balance2018-12-310
Amount remaining of prefunding balance2018-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-12-310
Reductions in caryover balances due to elections or deemed elections2018-12-310
Reductions in prefunding balances due to elections or deemed elections2018-12-310
Balance of carryovers at beginning of current year2018-12-310
Balance of prefunding at beginning of current year2018-12-310
Total employer contributions2018-12-31199,835
Total employee contributions2018-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2018-12-310
Contributions made to avoid restrictions adjusted to valuation date2018-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2018-12-31196,791
Unpaid minimum required contributions for all prior years2018-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2018-12-310
Remaining amount of unpaid minimum required contributions2018-12-310
Minimum required contributions for current year target normal cost2018-12-31196,732
Net shortfall amortization installment of oustanding balance2018-12-310
Waiver amortization installment2018-12-310
Total funding amount beforereflecting carryover/prefunding balances2018-12-31196,732
Additional cash requirement2018-12-31196,732
Contributions allocatedtoward minimum required contributions for current year2018-12-31196,791
Unpaid minimum required contributions for current year2018-12-310
Unpaid minimum required contributions for all years2018-12-310

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