401k Plan data: SUMMIT SALES, INC. CASH BALANCE PENSION PLAN AND TRUST plan

SUMMIT SALES, INC. CASH BALANCE PENSION PLAN AND TRUST 401k Plan overview

Plan Name	SUMMIT SALES, INC. CASH BALANCE PENSION PLAN AND TRUST
Plan identification number	002

SUMMIT SALES, INC. CASH BALANCE PENSION PLAN AND TRUST Benefits

401k Plan Type

Defined 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).
Floor-offset plan - Plan benefits are subject to offset for retirement benefits provided by an employer-sponsored defined contribution plan.

401k Sponsoring company profile

SUMMIT SALES INC has sponsored the creation of one or more 401k plans.

Company Name: SUMMIT SALES INC

Employer identification number (EIN): 480907910

NAIC Classification: 423700

Form 5500 Filing Information

Submission information for form 5500 for 401k plan SUMMIT SALES, INC. CASH BALANCE PENSION PLAN AND TRUST

Plan id# Filing Submission Date Name of Administrator Date Administrator Signed Name of Company Sponsor Date Sponsor Signed
002 2022-08-01 DARCY SAPPINGFIELD 2024-02-29

Plan id#	Filing Submission Date	Name of Administrator	Date Administrator Signed	Name of Company Sponsor	Date Sponsor Signed
002	2022-08-01	DARCY SAPPINGFIELD	2024-02-29

Plan Statistics for SUMMIT SALES, INC. CASH BALANCE PENSION PLAN AND TRUST

401k plan membership statisitcs for SUMMIT SALES, INC. CASH BALANCE PENSION PLAN AND TRUST

Measure Date Value
2023: SUMMIT SALES, INC. CASH BALANCE PENSION PLAN AND TRUST 2023 401k membership
Market value of plan assets 2023-07-31 33,766
Acturial value of plan assets 2023-07-31 33,766
Funding target for retired participants and beneficiaries receiving payment 2023-07-31 0
Number of terminated vested participants 2023-07-31 0
Fundng target for terminated vested participants 2023-07-31 0
Active participant vested funding target 2023-07-31 0
Number of active participants 2023-07-31 10
Total funding liabilities for active participants 2023-07-31 36,058
Total participant count 2023-07-31 10
Total funding target for all participants 2023-07-31 36,058
Balance at beginning of prior year after applicable adjustments 2023-07-31 0
Prefunding balance at beginning of prior year after applicable adjustments 2023-07-31 0
Amount remaining of carryover balance 2023-07-31 0
Amount remaining of prefunding balance 2023-07-31 0
Present value of excess contributions 2023-07-31 1,232
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance 2023-07-31 1,232
Reductions in caryover balances due to elections or deemed elections 2023-07-31 0
Reductions in prefunding balances due to elections or deemed elections 2023-07-31 0
Balance of carryovers at beginning of current year 2023-07-31 0
Balance of prefunding at beginning of current year 2023-07-31 0
Total employer contributions 2023-07-31 227,251
Total employee contributions 2023-07-31 0
Contributions allocated toward unpaid minimum require contributions from prior years 2023-07-31 0
Contributions made to avoid restrictions adjusted to valuation date 2023-07-31 0
Contributions allocated toward minimum required contributions for current year adjusted to valuation date 2023-07-31 225,022
Unpaid minimum required contributions for all prior years 2023-07-31 0
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years 2023-07-31 0
Remaining amount of unpaid minimum required contributions 2023-07-31 0
Minimum required contributions for current year target normal cost 2023-07-31 215,247
Net shortfall amortization installment of oustanding balance 2023-07-31 2,292
Total funding amount beforereflecting carryover/prefunding balances 2023-07-31 215,459
Additional cash requirement 2023-07-31 215,459
Contributions allocatedtoward minimum required contributions for current year 2023-07-31 225,022
Unpaid minimum required contributions for current year 2023-07-31 0
Unpaid minimum required contributions for all years 2023-07-31 0

Measure	Date	Value
2023: SUMMIT SALES, INC. CASH BALANCE PENSION PLAN AND TRUST 2023 401k membership
Market value of plan assets	2023-07-31	33,766
Acturial value of plan assets	2023-07-31	33,766
Funding target for retired participants and beneficiaries receiving payment	2023-07-31	0
Number of terminated vested participants	2023-07-31	0
Fundng target for terminated vested participants	2023-07-31	0
Active participant vested funding target	2023-07-31	0
Number of active participants	2023-07-31	10
Total funding liabilities for active participants	2023-07-31	36,058
Total participant count	2023-07-31	10
Total funding target for all participants	2023-07-31	36,058
Balance at beginning of prior year after applicable adjustments	2023-07-31	0
Prefunding balance at beginning of prior year after applicable adjustments	2023-07-31	0
Amount remaining of carryover balance	2023-07-31	0
Amount remaining of prefunding balance	2023-07-31	0
Present value of excess contributions	2023-07-31	1,232
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance	2023-07-31	1,232
Reductions in caryover balances due to elections or deemed elections	2023-07-31	0
Reductions in prefunding balances due to elections or deemed elections	2023-07-31	0
Balance of carryovers at beginning of current year	2023-07-31	0
Balance of prefunding at beginning of current year	2023-07-31	0
Total employer contributions	2023-07-31	227,251
Total employee contributions	2023-07-31	0
Contributions allocated toward unpaid minimum require contributions from prior years	2023-07-31	0
Contributions made to avoid restrictions adjusted to valuation date	2023-07-31	0
Contributions allocated toward minimum required contributions for current year adjusted to valuation date	2023-07-31	225,022
Unpaid minimum required contributions for all prior years	2023-07-31	0
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years	2023-07-31	0
Remaining amount of unpaid minimum required contributions	2023-07-31	0
Minimum required contributions for current year target normal cost	2023-07-31	215,247
Net shortfall amortization installment of oustanding balance	2023-07-31	2,292
Total funding amount beforereflecting carryover/prefunding balances	2023-07-31	215,459
Additional cash requirement	2023-07-31	215,459
Contributions allocatedtoward minimum required contributions for current year	2023-07-31	225,022
Unpaid minimum required contributions for current year	2023-07-31	0
Unpaid minimum required contributions for all years	2023-07-31	0

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Company Name:	SUMMIT SALES INC
Employer identification number (EIN):	480907910
NAIC Classification:	423700