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LIFETIME EYECARE 401(K) PLAN 401k Plan overview

Plan NameLIFETIME EYECARE 401(K) PLAN
Plan identification number 001

LIFETIME EYECARE 401(K) PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Age/Service Weighted or new comparability or similar plan - Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New comparability or similar plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the theshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of section 401(l).
  • 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

EASTERN VIRGINIA EYE ASSOCIATES has sponsored the creation of one or more 401k plans.

Company Name:EASTERN VIRGINIA EYE ASSOCIATES
Employer identification number (EIN):542057485
NAIC Classification:621320
NAIC Description:Offices of Optometrists

Form 5500 Filing Information

Submission information for form 5500 for 401k plan LIFETIME EYECARE 401(K) PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012022-01-01
0012021-01-01
0012020-01-01
0012019-01-01
0012018-01-01
0012017-01-01
0012016-01-01
0012015-01-01
0012014-01-01DR. SHANE SWATTS2015-10-08
0012013-01-01DR. SHANE SWATTS2014-10-01
0012012-01-01DR. SHANE SWATTS2013-05-14
0012011-01-01DR. SHANE SWATTS2012-04-27
0012010-01-01DR. SHANE SWATTS2011-07-13

Plan Statistics for LIFETIME EYECARE 401(K) PLAN

401k plan membership statisitcs for LIFETIME EYECARE 401(K) PLAN

Measure Date Value
2022: LIFETIME EYECARE 401(K) PLAN 2022 401k membership
Total participants, beginning-of-year2022-01-0125
Total number of active participants reported on line 7a of the Form 55002022-01-0119
Number of retired or separated participants receiving benefits2022-01-010
Number of other retired or separated participants entitled to future benefits2022-01-012
Total of all active and inactive participants2022-01-0121
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2022-01-010
Total participants2022-01-0121
Number of participants with account balances2022-01-018
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2022-01-010
2021: LIFETIME EYECARE 401(K) PLAN 2021 401k membership
Total participants, beginning-of-year2021-01-0119
Total number of active participants reported on line 7a of the Form 55002021-01-0121
Number of retired or separated participants receiving benefits2021-01-010
Number of other retired or separated participants entitled to future benefits2021-01-014
Total of all active and inactive participants2021-01-0125
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2021-01-010
Total participants2021-01-0125
Number of participants with account balances2021-01-018
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2021-01-010
2020: LIFETIME EYECARE 401(K) PLAN 2020 401k membership
Total participants, beginning-of-year2020-01-0119
Total number of active participants reported on line 7a of the Form 55002020-01-0115
Number of retired or separated participants receiving benefits2020-01-010
Number of other retired or separated participants entitled to future benefits2020-01-014
Total of all active and inactive participants2020-01-0119
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2020-01-010
Total participants2020-01-0119
Number of participants with account balances2020-01-016
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2020-01-010

Financial Data on LIFETIME EYECARE 401(K) PLAN

Measure Date Value
2022 : LIFETIME EYECARE 401(K) PLAN 2022 401k financial data
Transfers to/from the plan2022-12-31$0
Total plan liabilities at end of year2022-12-31$0
Total plan liabilities at beginning of year2022-12-31$0
Total income from all sources2022-12-31$-64,161
Expenses. Total of all expenses incurred2022-12-31$17,168
Benefits paid (including direct rollovers)2022-12-31$17,168
Total plan assets at end of year2022-12-31$500,056
Total plan assets at beginning of year2022-12-31$581,385
Value of fidelity bond covering the plan2022-12-31$50,000
Total contributions received or receivable from participants2022-12-31$22,746
Expenses. Other expenses not covered elsewhere2022-12-31$0
Contributions received from other sources (not participants or employers)2022-12-31$11,342
Other income received2022-12-31$-110,322
Noncash contributions received2022-12-31$0
Net income (gross income less expenses)2022-12-31$-81,329
Net plan assets at end of year (total assets less liabilities)2022-12-31$500,056
Net plan assets at beginning of year (total assets less liabilities)2022-12-31$581,385
Assets. Value of participant loans2022-12-31$34,048
Total contributions received or receivable from employer(s)2022-12-31$12,073
Value of certain deemed distributions of participant loans2022-12-31$0
Value of corrective distributions2022-12-31$0
Expenses. Administrative service providers (salaries,fees and commissions)2022-12-31$0
2021 : LIFETIME EYECARE 401(K) PLAN 2021 401k financial data
Transfers to/from the plan2021-12-31$0
Total plan liabilities at end of year2021-12-31$0
Total plan liabilities at beginning of year2021-12-31$0
Total income from all sources2021-12-31$93,062
Expenses. Total of all expenses incurred2021-12-31$43,741
Benefits paid (including direct rollovers)2021-12-31$43,741
Total plan assets at end of year2021-12-31$581,385
Total plan assets at beginning of year2021-12-31$532,064
Value of fidelity bond covering the plan2021-12-31$50,000
Total contributions received or receivable from participants2021-12-31$10,856
Expenses. Other expenses not covered elsewhere2021-12-31$0
Contributions received from other sources (not participants or employers)2021-12-31$14,130
Other income received2021-12-31$63,734
Noncash contributions received2021-12-31$0
Net income (gross income less expenses)2021-12-31$49,321
Net plan assets at end of year (total assets less liabilities)2021-12-31$581,385
Net plan assets at beginning of year (total assets less liabilities)2021-12-31$532,064
Assets. Value of participant loans2021-12-31$8,713
Total contributions received or receivable from employer(s)2021-12-31$4,342
Value of certain deemed distributions of participant loans2021-12-31$0
Value of corrective distributions2021-12-31$0
Expenses. Administrative service providers (salaries,fees and commissions)2021-12-31$0
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2021-12-31$0
2020 : LIFETIME EYECARE 401(K) PLAN 2020 401k financial data
Transfers to/from the plan2020-12-31$0
Total plan liabilities at end of year2020-12-31$0
Total plan liabilities at beginning of year2020-12-31$0
Total income from all sources2020-12-31$80,959
Expenses. Total of all expenses incurred2020-12-31$29,758
Benefits paid (including direct rollovers)2020-12-31$28,036
Total plan assets at end of year2020-12-31$532,064
Total plan assets at beginning of year2020-12-31$480,863
Value of fidelity bond covering the plan2020-12-31$50,000
Total contributions received or receivable from participants2020-12-31$2,482
Expenses. Other expenses not covered elsewhere2020-12-31$0
Contributions received from other sources (not participants or employers)2020-12-31$0
Other income received2020-12-31$76,857
Noncash contributions received2020-12-31$0
Net income (gross income less expenses)2020-12-31$51,201
Net plan assets at end of year (total assets less liabilities)2020-12-31$532,064
Net plan assets at beginning of year (total assets less liabilities)2020-12-31$480,863
Assets. Value of participant loans2020-12-31$67,545
Total contributions received or receivable from employer(s)2020-12-31$1,620
Value of certain deemed distributions of participant loans2020-12-31$0
Value of corrective distributions2020-12-31$0
Expenses. Administrative service providers (salaries,fees and commissions)2020-12-31$1,722
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2020-12-31$0

Form 5500 Responses for LIFETIME EYECARE 401(K) PLAN

2022: LIFETIME EYECARE 401(K) PLAN 2022 form 5500 responses
2022-01-01Type of plan entitySingle employer plan
2022-01-01Submission has been amendedYes
2022-01-01This submission is the final filingNo
2022-01-01This return/report is a short plan year return/report (less than 12 months)No
2022-01-01Plan is a collectively bargained planNo
2022-01-01Plan funding arrangement – InsuranceYes
2022-01-01Plan funding arrangement – TrustYes
2022-01-01Plan benefit arrangement – InsuranceYes
2022-01-01Plan benefit arrangement - TrustYes
2021: LIFETIME EYECARE 401(K) PLAN 2021 form 5500 responses
2021-01-01Type of plan entitySingle employer plan
2021-01-01Submission has been amendedNo
2021-01-01This submission is the final filingNo
2021-01-01This return/report is a short plan year return/report (less than 12 months)No
2021-01-01Plan is a collectively bargained planNo
2021-01-01Plan funding arrangement – InsuranceYes
2021-01-01Plan funding arrangement – TrustYes
2021-01-01Plan benefit arrangement – InsuranceYes
2021-01-01Plan benefit arrangement - TrustYes
2020: LIFETIME EYECARE 401(K) PLAN 2020 form 5500 responses
2020-01-01Type of plan entitySingle employer plan
2020-01-01Submission has been amendedNo
2020-01-01This submission is the final filingNo
2020-01-01This return/report is a short plan year return/report (less than 12 months)No
2020-01-01Plan is a collectively bargained planNo
2020-01-01Plan funding arrangement – InsuranceYes
2020-01-01Plan funding arrangement – TrustYes
2020-01-01Plan benefit arrangement – InsuranceYes
2020-01-01Plan benefit arrangement - TrustYes

Insurance Providers Used on plan

JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) (National Association of Insurance Commissioners NAIC id number: 65838 )
Policy contract number110928
Policy instance 1
Insurance contract or identification number110928
Number of Individuals Covered9
Insurance policy start date2022-01-01
Insurance policy end date2022-12-31
Total amount of commissions paid to insurance brokerUSD $1,909
Total amount of fees paid to insurance companyUSD $0
Commission paid to Insurance BrokerUSD $1,909
Insurance broker organization code?3
JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) (National Association of Insurance Commissioners NAIC id number: 65838 )
Policy contract number110928
Policy instance 1
Insurance contract or identification number110928
Number of Individuals Covered9
Insurance policy start date2021-01-01
Insurance policy end date2021-12-31
Total amount of commissions paid to insurance brokerUSD $1,750
Total amount of fees paid to insurance companyUSD $0
Commission paid to Insurance BrokerUSD $1,750
Insurance broker organization code?3
JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) (National Association of Insurance Commissioners NAIC id number: 65838 )
Policy contract number110928
Policy instance 1
Insurance contract or identification number110928
Number of Individuals Covered10
Insurance policy start date2020-01-01
Insurance policy end date2020-12-31
Total amount of commissions paid to insurance brokerUSD $1,411
Total amount of fees paid to insurance companyUSD $311
Commission paid to Insurance BrokerUSD $1,411
Additional information about fees paid to insurance brokerBROKER COMMISSIONS
Insurance broker organization code?3
Amount paid for insurance broker fees39

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