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OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 401k Plan overview

Plan NameOLSON & BURNS, P.C. PROFIT SHARING PLAN 401K
Plan identification number 001

OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 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

OLSON & BURNS PC has sponsored the creation of one or more 401k plans.

Company Name:OLSON & BURNS PC
Employer identification number (EIN):450391585
NAIC Classification:541110
NAIC Description:Offices of Lawyers

Form 5500 Filing Information

Submission information for form 5500 for 401k plan OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012023-01-01
0012022-01-01
0012021-01-01
0012020-01-01RICHARD P. OLSON2021-07-22
0012019-01-01RICHARD P. OLSON2020-07-15
0012018-01-01
0012017-01-01
0012016-01-01
0012015-01-01
0012014-01-01
0012013-01-01
0012012-01-01RICHARD P. OLSON
0012011-01-01RICHARD P. OLSON
0012010-01-01RICHARD P. OLSON
0012009-01-01RICHARD P. OLSON

Plan Statistics for OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K

401k plan membership statisitcs for OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K

Measure Date Value
2020: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2020 401k membership
Total participants, beginning-of-year2020-01-0115
Total number of active participants reported on line 7a of the Form 55002020-01-0110
Number of retired or separated participants receiving benefits2020-01-010
Number of other retired or separated participants entitled to future benefits2020-01-013
Total of all active and inactive participants2020-01-0113
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2020-01-010
Total participants2020-01-0113
Number of participants with account balances2020-01-0113
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2020-01-012
2019: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2019 401k membership
Total participants, beginning-of-year2019-01-0117
Total number of active participants reported on line 7a of the Form 55002019-01-0113
Number of other retired or separated participants entitled to future benefits2019-01-012
Total of all active and inactive participants2019-01-0115
Total participants2019-01-0115
Number of participants with account balances2019-01-0115
2018: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2018 401k membership
Total participants, beginning-of-year2018-01-0118
Total number of active participants reported on line 7a of the Form 55002018-01-0114
Number of other retired or separated participants entitled to future benefits2018-01-013
Total of all active and inactive participants2018-01-0117
Total participants2018-01-0117
Number of participants with account balances2018-01-0116
2017: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2017 401k membership
Total participants, beginning-of-year2017-01-0115
Total number of active participants reported on line 7a of the Form 55002017-01-0114
Total of all active and inactive participants2017-01-0114
Total participants2017-01-0114
Number of participants with account balances2017-01-0116
2016: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2016 401k membership
Total participants, beginning-of-year2016-01-0112
Total number of active participants reported on line 7a of the Form 55002016-01-0115
Total of all active and inactive participants2016-01-0115
Total participants2016-01-0115
Number of participants with account balances2016-01-0117
2015: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2015 401k membership
Total participants, beginning-of-year2015-01-0111
Total number of active participants reported on line 7a of the Form 55002015-01-0112
Total of all active and inactive participants2015-01-0112
Total participants2015-01-0112
Number of participants with account balances2015-01-0116
2014: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2014 401k membership
Total participants, beginning-of-year2014-01-0114
Total number of active participants reported on line 7a of the Form 55002014-01-0111
Total of all active and inactive participants2014-01-0111
Total participants2014-01-0111
Number of participants with account balances2014-01-0117
2013: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2013 401k membership
Total participants, beginning-of-year2013-01-0115
Total number of active participants reported on line 7a of the Form 55002013-01-0114
Total of all active and inactive participants2013-01-0114
Total participants2013-01-0114
Number of participants with account balances2013-01-0117
2012: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2012 401k membership
Total participants, beginning-of-year2012-01-0112
Total number of active participants reported on line 7a of the Form 55002012-01-0113
Total of all active and inactive participants2012-01-0113
Total participants2012-01-0113
Number of participants with account balances2012-01-0115
2011: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2011 401k membership
Total participants, beginning-of-year2011-01-0112
Total number of active participants reported on line 7a of the Form 55002011-01-0112
Total of all active and inactive participants2011-01-0112
Total participants2011-01-0112
Number of participants with account balances2011-01-0112
2010: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2010 401k membership
Total participants, beginning-of-year2010-01-0112
Total number of active participants reported on line 7a of the Form 55002010-01-0112
Total of all active and inactive participants2010-01-0112
Total participants2010-01-0112
Number of participants with account balances2010-01-0113
2009: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2009 401k membership
Total participants, beginning-of-year2009-01-0111
Total number of active participants reported on line 7a of the Form 55002009-01-0112
Total of all active and inactive participants2009-01-0112
Total participants2009-01-0112
Number of participants with account balances2009-01-0113
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2009-01-010

Financial Data on OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K

Measure Date Value
2020 : OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2020 401k financial data
Total income from all sources2020-12-31$656,699
Expenses. Total of all expenses incurred2020-12-31$2,037,866
Benefits paid (including direct rollovers)2020-12-31$2,028,567
Total plan assets at end of year2020-12-31$3,500,710
Total plan assets at beginning of year2020-12-31$4,881,877
Value of fidelity bond covering the plan2020-12-31$500,000
Total contributions received or receivable from participants2020-12-31$90,574
Other income received2020-12-31$499,900
Net income (gross income less expenses)2020-12-31$-1,381,167
Net plan assets at end of year (total assets less liabilities)2020-12-31$3,500,710
Net plan assets at beginning of year (total assets less liabilities)2020-12-31$4,881,877
Total contributions received or receivable from employer(s)2020-12-31$66,225
Expenses. Administrative service providers (salaries,fees and commissions)2020-12-31$9,299
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2020-12-31$0
2019 : OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2019 401k financial data
Total income from all sources2019-12-31$899,545
Expenses. Total of all expenses incurred2019-12-31$123,362
Benefits paid (including direct rollovers)2019-12-31$104,159
Total plan assets at end of year2019-12-31$4,881,877
Total plan assets at beginning of year2019-12-31$4,105,694
Total contributions received or receivable from participants2019-12-31$71,313
Other income received2019-12-31$810,541
Net income (gross income less expenses)2019-12-31$776,183
Net plan assets at end of year (total assets less liabilities)2019-12-31$4,881,877
Net plan assets at beginning of year (total assets less liabilities)2019-12-31$4,105,694
Total contributions received or receivable from employer(s)2019-12-31$17,691
Expenses. Administrative service providers (salaries,fees and commissions)2019-12-31$19,203
2018 : OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2018 401k financial data
Total income from all sources2018-12-31$-84,648
Expenses. Total of all expenses incurred2018-12-31$657,621
Benefits paid (including direct rollovers)2018-12-31$657,561
Total plan assets at end of year2018-12-31$4,106,195
Total plan assets at beginning of year2018-12-31$4,848,464
Total contributions received or receivable from participants2018-12-31$107,301
Other income received2018-12-31$-240,070
Net income (gross income less expenses)2018-12-31$-742,269
Net plan assets at end of year (total assets less liabilities)2018-12-31$4,106,195
Net plan assets at beginning of year (total assets less liabilities)2018-12-31$4,848,464
Total contributions received or receivable from employer(s)2018-12-31$48,121
Expenses. Administrative service providers (salaries,fees and commissions)2018-12-31$60
2017 : OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2017 401k financial data
Total income from all sources2017-12-31$818,214
Expenses. Total of all expenses incurred2017-12-31$37,244
Benefits paid (including direct rollovers)2017-12-31$37,214
Total plan assets at end of year2017-12-31$4,848,464
Total plan assets at beginning of year2017-12-31$4,067,494
Total contributions received or receivable from participants2017-12-31$136,922
Other income received2017-12-31$629,913
Net income (gross income less expenses)2017-12-31$780,970
Net plan assets at end of year (total assets less liabilities)2017-12-31$4,848,464
Net plan assets at beginning of year (total assets less liabilities)2017-12-31$4,067,494
Total contributions received or receivable from employer(s)2017-12-31$51,379
Expenses. Administrative service providers (salaries,fees and commissions)2017-12-31$30
2016 : OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2016 401k financial data
Total income from all sources2016-12-31$498,643
Expenses. Total of all expenses incurred2016-12-31$297,197
Benefits paid (including direct rollovers)2016-12-31$297,137
Total plan assets at end of year2016-12-31$4,067,494
Total plan assets at beginning of year2016-12-31$3,866,048
Total contributions received or receivable from participants2016-12-31$144,250
Other income received2016-12-31$262,902
Net income (gross income less expenses)2016-12-31$201,446
Net plan assets at end of year (total assets less liabilities)2016-12-31$4,067,494
Net plan assets at beginning of year (total assets less liabilities)2016-12-31$3,866,048
Total contributions received or receivable from employer(s)2016-12-31$91,491
Expenses. Administrative service providers (salaries,fees and commissions)2016-12-31$60
2015 : OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2015 401k financial data
Total income from all sources2015-12-31$114,055
Expenses. Total of all expenses incurred2015-12-31$7,453
Benefits paid (including direct rollovers)2015-12-31$7,263
Total plan assets at end of year2015-12-31$3,866,048
Total plan assets at beginning of year2015-12-31$3,759,446
Total contributions received or receivable from participants2015-12-31$122,678
Other income received2015-12-31$-102,294
Net income (gross income less expenses)2015-12-31$106,602
Net plan assets at end of year (total assets less liabilities)2015-12-31$3,866,048
Net plan assets at beginning of year (total assets less liabilities)2015-12-31$3,759,446
Total contributions received or receivable from employer(s)2015-12-31$93,671
Expenses. Administrative service providers (salaries,fees and commissions)2015-12-31$190
2014 : OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2014 401k financial data
Total income from all sources2014-12-31$388,645
Total plan assets at end of year2014-12-31$3,759,446
Total plan assets at beginning of year2014-12-31$3,370,801
Total contributions received or receivable from participants2014-12-31$106,941
Other income received2014-12-31$187,970
Net income (gross income less expenses)2014-12-31$388,645
Net plan assets at end of year (total assets less liabilities)2014-12-31$3,759,446
Net plan assets at beginning of year (total assets less liabilities)2014-12-31$3,370,801
Total contributions received or receivable from employer(s)2014-12-31$93,734
2013 : OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2013 401k financial data
Total income from all sources2013-12-31$674,392
Expenses. Total of all expenses incurred2013-12-31$111,746
Benefits paid (including direct rollovers)2013-12-31$111,716
Total plan assets at end of year2013-12-31$3,370,801
Total plan assets at beginning of year2013-12-31$2,808,155
Total contributions received or receivable from participants2013-12-31$122,477
Other income received2013-12-31$450,617
Net income (gross income less expenses)2013-12-31$562,646
Net plan assets at end of year (total assets less liabilities)2013-12-31$3,370,801
Net plan assets at beginning of year (total assets less liabilities)2013-12-31$2,808,155
Total contributions received or receivable from employer(s)2013-12-31$101,298
Expenses. Administrative service providers (salaries,fees and commissions)2013-12-31$30
2012 : OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2012 401k financial data
Total income from all sources2012-12-31$544,038
Expenses. Total of all expenses incurred2012-12-31$98
Total plan assets at end of year2012-12-31$2,808,155
Total plan assets at beginning of year2012-12-31$2,264,215
Total contributions received or receivable from participants2012-12-31$158,132
Other income received2012-12-31$269,466
Net income (gross income less expenses)2012-12-31$543,940
Net plan assets at end of year (total assets less liabilities)2012-12-31$2,808,155
Net plan assets at beginning of year (total assets less liabilities)2012-12-31$2,264,215
Total contributions received or receivable from employer(s)2012-12-31$116,440
Value of corrective distributions2012-12-31$98
2011 : OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2011 401k financial data
Total income from all sources2011-12-31$162,524
Expenses. Total of all expenses incurred2011-12-31$10,281
Benefits paid (including direct rollovers)2011-12-31$10,281
Total plan assets at end of year2011-12-31$2,264,215
Total plan assets at beginning of year2011-12-31$2,111,972
Total contributions received or receivable from participants2011-12-31$88,758
Other income received2011-12-31$-6,174
Net income (gross income less expenses)2011-12-31$152,243
Net plan assets at end of year (total assets less liabilities)2011-12-31$2,264,215
Net plan assets at beginning of year (total assets less liabilities)2011-12-31$2,111,972
Total contributions received or receivable from employer(s)2011-12-31$79,940
2010 : OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2010 401k financial data
Total income from all sources2010-12-31$349,351
Total plan assets at end of year2010-12-31$2,111,972
Total plan assets at beginning of year2010-12-31$1,762,621
Total contributions received or receivable from participants2010-12-31$64,217
Other income received2010-12-31$214,252
Net income (gross income less expenses)2010-12-31$349,351
Net plan assets at end of year (total assets less liabilities)2010-12-31$2,111,972
Net plan assets at beginning of year (total assets less liabilities)2010-12-31$1,762,621
Total contributions received or receivable from employer(s)2010-12-31$70,882

Form 5500 Responses for OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K

2020: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2020 form 5500 responses
2020-01-01Type of plan entitySingle employer plan
2020-01-01Plan funding arrangement – TrustYes
2020-01-01Plan benefit arrangement - TrustYes
2019: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2019 form 5500 responses
2019-01-01Type of plan entitySingle employer plan
2019-01-01Plan funding arrangement – TrustYes
2019-01-01Plan benefit arrangement - TrustYes
2018: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2018 form 5500 responses
2018-01-01Type of plan entitySingle employer plan
2018-01-01Plan funding arrangement – TrustYes
2018-01-01Plan benefit arrangement - TrustYes
2017: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2017 form 5500 responses
2017-01-01Type of plan entitySingle employer plan
2017-01-01Plan funding arrangement – TrustYes
2017-01-01Plan benefit arrangement - TrustYes
2016: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2016 form 5500 responses
2016-01-01Type of plan entitySingle employer plan
2016-01-01Plan funding arrangement – TrustYes
2016-01-01Plan benefit arrangement - TrustYes
2015: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2015 form 5500 responses
2015-01-01Type of plan entitySingle employer plan
2015-01-01Plan funding arrangement – TrustYes
2015-01-01Plan benefit arrangement - TrustYes
2014: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2014 form 5500 responses
2014-01-01Type of plan entitySingle employer plan
2014-01-01Plan funding arrangement – TrustYes
2014-01-01Plan benefit arrangement - TrustYes
2013: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2013 form 5500 responses
2013-01-01Type of plan entitySingle employer plan
2013-01-01Plan funding arrangement – TrustYes
2013-01-01Plan benefit arrangement - TrustYes
2012: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2012 form 5500 responses
2012-01-01Type of plan entitySingle employer plan
2012-01-01Plan funding arrangement – TrustYes
2012-01-01Plan benefit arrangement - TrustYes
2011: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2011 form 5500 responses
2011-01-01Type of plan entitySingle employer plan
2011-01-01Submission has been amendedYes
2011-01-01Plan funding arrangement – TrustYes
2011-01-01Plan benefit arrangement - TrustYes
2010: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2010 form 5500 responses
2010-01-01Type of plan entitySingle employer plan
2010-01-01Plan funding arrangement – TrustYes
2010-01-01Plan benefit arrangement - TrustYes
2009: OLSON & BURNS, P.C. PROFIT SHARING PLAN 401K 2009 form 5500 responses
2009-01-01Type of plan entitySingle employer plan
2009-01-01This submission is the final filingNo
2009-01-01Plan funding arrangement – TrustYes
2009-01-01Plan benefit arrangement - TrustYes

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