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PENSION PLAN FOR THE EMPLOYEES OF FARMERS STATE BANK 401k Plan overview

Plan NamePENSION PLAN FOR THE EMPLOYEES OF FARMERS STATE BANK
Plan identification number 001

PENSION PLAN FOR THE EMPLOYEES OF FARMERS STATE BANK Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Benefits are primarily pay related
  • Covered by PBGC - Plan is covered under the PBGC insurance program (see ERISA section 4021).
  • 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

FARMERS STATE BANK has sponsored the creation of one or more 401k plans.

Company Name:FARMERS STATE BANK
Employer identification number (EIN):620198260
NAIC Classification:522110
NAIC Description:Commercial Banking

Form 5500 Filing Information

Submission information for form 5500 for 401k plan PENSION PLAN FOR THE EMPLOYEES OF FARMERS STATE BANK

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012023-01-01JOHN MUSE2024-10-10
0012022-01-01JOHN MUSE2023-10-13
0012021-01-01JOHN MUSE2022-10-05
0012020-01-01JOHN MUSE2021-07-02
0012020-01-01JOHN MUSE2022-02-14
0012019-01-01JOHN MUSE2020-07-22
0012018-01-01JOHN MUSE2019-05-28
0012017-01-01JOHN MUSE2018-07-09
0012016-01-01JOHN MUSE2017-06-27
0012015-01-01JOHN MUSE2016-05-23
0012014-01-01JOHN MUSE2015-08-24
0012013-01-01JOHN MUSE2014-06-03
0012012-01-01JOHN MUSE2013-05-03
0012011-01-01JOHN MUSE2012-04-12
0012010-01-01JOHN MUSE2011-03-04

Plan Statistics for PENSION PLAN FOR THE EMPLOYEES OF FARMERS STATE BANK

401k plan membership statisitcs for PENSION PLAN FOR THE EMPLOYEES OF FARMERS STATE BANK

Measure Date Value
2022: PENSION PLAN FOR THE EMPLOYEES OF FARMERS STATE BANK 2022 401k membership
Market value of plan assets2022-12-315,280,560
Acturial value of plan assets2022-12-315,000,572
Funding target for retired participants and beneficiaries receiving payment2022-12-312,149,799
Number of terminated vested participants2022-12-3114
Fundng target for terminated vested participants2022-12-31324,031
Active participant vested funding target2022-12-312,176,346
Number of active participants2022-12-3137
Total funding liabilities for active participants2022-12-312,179,767
Total participant count2022-12-3162
Total funding target for all participants2022-12-314,653,597
Balance at beginning of prior year after applicable adjustments2022-12-310
Prefunding balance at beginning of prior year after applicable adjustments2022-12-31352,226
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 balance2022-12-31352,226
Present value of excess contributions2022-12-31196,505
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2022-12-31207,313
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2022-12-31207,302
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 year2022-12-31600,104
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 date2022-12-310
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 cost2022-12-31166,150
Net shortfall amortization installment of oustanding balance2022-12-31253,129
Waiver amortization installment2022-12-310
Total funding amount beforereflecting carryover/prefunding balances2022-12-31194,888
Carryover balance elected to use to offset funding requirement2022-12-310
Prefunding balance elected to use to offset funding requirement2022-12-31194,888
Additional cash requirement2022-12-310
Contributions allocatedtoward minimum required contributions for current year2022-12-310
Unpaid minimum required contributions for current year2022-12-310
Unpaid minimum required contributions for all years2022-12-310
2021: PENSION PLAN FOR THE EMPLOYEES OF FARMERS STATE BANK 2021 401k membership
Market value of plan assets2021-12-314,664,950
Acturial value of plan assets2021-12-314,226,689
Funding target for retired participants and beneficiaries receiving payment2021-12-312,170,191
Number of terminated vested participants2021-12-3113
Fundng target for terminated vested participants2021-12-31291,217
Active participant vested funding target2021-12-311,895,610
Number of active participants2021-12-3138
Total funding liabilities for active participants2021-12-311,901,338
Total participant count2021-12-3162
Total funding target for all participants2021-12-314,362,746
Balance at beginning of prior year after applicable adjustments2021-12-310
Prefunding balance at beginning of prior year after applicable adjustments2021-12-31251,217
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 balance2021-12-31251,217
Present value of excess contributions2021-12-3175,158
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-12-3179,404
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2021-12-3179,404
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 year2021-12-31352,226
Total employer contributions2021-12-31364,417
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 date2021-12-31348,113
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 cost2021-12-31103,158
Net shortfall amortization installment of oustanding balance2021-12-31488,283
Waiver amortization installment2021-12-310
Total funding amount beforereflecting carryover/prefunding balances2021-12-31151,608
Carryover balance elected to use to offset funding requirement2021-12-310
Prefunding balance elected to use to offset funding requirement2021-12-310
Additional cash requirement2021-12-31151,608
Contributions allocatedtoward minimum required contributions for current year2021-12-31348,113
Unpaid minimum required contributions for current year2021-12-310
Unpaid minimum required contributions for all years2021-12-310
2020: PENSION PLAN FOR THE EMPLOYEES OF FARMERS STATE BANK 2020 401k membership
Market value of plan assets2020-12-315,025,972
Acturial value of plan assets2020-12-314,719,802
Funding target for retired participants and beneficiaries receiving payment2020-12-311,913,655
Number of terminated vested participants2020-12-3114
Fundng target for terminated vested participants2020-12-31295,765
Active participant vested funding target2020-12-312,681,105
Number of active participants2020-12-3139
Total funding liabilities for active participants2020-12-312,687,865
Total participant count2020-12-3163
Total funding target for all participants2020-12-314,897,285
Balance at beginning of prior year after applicable adjustments2020-12-310
Prefunding balance at beginning of prior year after applicable adjustments2020-12-31175,781
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 balance2020-12-31175,781
Present value of excess contributions2020-12-3111,518
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-12-3112,134
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2020-12-3112,134
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 year2020-12-31205,370
Total employer contributions2020-12-31205,157
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 date2020-12-31204,550
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 cost2020-12-31105,742
Net shortfall amortization installment of oustanding balance2020-12-31382,853
Waiver amortization installment2020-12-310
Total funding amount beforereflecting carryover/prefunding balances2020-12-31194,968
Carryover balance elected to use to offset funding requirement2020-12-310
Prefunding balance elected to use to offset funding requirement2020-12-310
Additional cash requirement2020-12-31194,968
Contributions allocatedtoward minimum required contributions for current year2020-12-31204,550
Unpaid minimum required contributions for current year2020-12-310
Unpaid minimum required contributions for all years2020-12-310
2019: PENSION PLAN FOR THE EMPLOYEES OF FARMERS STATE BANK 2019 401k membership
Market value of plan assets2019-12-314,285,961
Acturial value of plan assets2019-12-314,400,029
Funding target for retired participants and beneficiaries receiving payment2019-12-311,468,251
Number of terminated vested participants2019-12-3112
Fundng target for terminated vested participants2019-12-31264,509
Active participant vested funding target2019-12-312,850,668
Number of active participants2019-12-3142
Total funding liabilities for active participants2019-12-312,878,688
Total participant count2019-12-3162
Total funding target for all participants2019-12-314,611,448
Balance at beginning of prior year after applicable adjustments2019-12-310
Prefunding balance at beginning of prior year after applicable adjustments2019-12-31173,612
Carryover balanced portion elected for use to offset prior years funding requirement2019-12-310
Prefunding balanced used to offset prior years funding requirement2019-12-317,184
Amount remaining of carryover balance2019-12-310
Amount remaining of prefunding balance2019-12-31166,428
Present value of excess contributions2019-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2019-12-310
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 year2019-12-31175,781
Total employer contributions2019-12-31243,599
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 date2019-12-31242,837
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 cost2019-12-31152,000
Net shortfall amortization installment of oustanding balance2019-12-31387,200
Waiver amortization installment2019-12-310
Total funding amount beforereflecting carryover/prefunding balances2019-12-31231,319
Additional cash requirement2019-12-31231,319
Contributions allocatedtoward minimum required contributions for current year2019-12-31242,837
Unpaid minimum required contributions for current year2019-12-310
Unpaid minimum required contributions for all years2019-12-310
2018: PENSION PLAN FOR THE EMPLOYEES OF FARMERS STATE BANK 2018 401k membership
Market value of plan assets2018-12-314,535,213
Acturial value of plan assets2018-12-314,208,134
Funding target for retired participants and beneficiaries receiving payment2018-12-311,494,331
Number of terminated vested participants2018-12-3112
Fundng target for terminated vested participants2018-12-31242,589
Active participant vested funding target2018-12-312,762,446
Number of active participants2018-12-3143
Total funding liabilities for active participants2018-12-312,784,391
Total participant count2018-12-3163
Total funding target for all participants2018-12-314,521,311
Balance at beginning of prior year after applicable adjustments2018-12-310
Prefunding balance at beginning of prior year after applicable adjustments2018-12-31166,824
Carryover balanced portion elected for use to offset prior years funding requirement2018-12-310
Prefunding balanced used to offset prior years funding requirement2018-12-314,933
Amount remaining of carryover balance2018-12-310
Amount remaining of prefunding balance2018-12-31161,891
Present value of excess contributions2018-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-12-310
Total available prior years excess cotributions added 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 year2018-12-31173,612
Total employer contributions2018-12-31231,661
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 date2018-12-31230,207
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 cost2018-12-31152,013
Net shortfall amortization installment of oustanding balance2018-12-31486,789
Waiver amortization installment2018-12-310
Total funding amount beforereflecting carryover/prefunding balances2018-12-31237,391
Carryover balance elected to use to offset funding requirement2018-12-310
Prefunding balance elected to use to offset funding requirement2018-12-317,184
Additional cash requirement2018-12-31230,207
Contributions allocatedtoward minimum required contributions for current year2018-12-31230,207
Unpaid minimum required contributions for current year2018-12-310
Unpaid minimum required contributions for all years2018-12-310
2017: PENSION PLAN FOR THE EMPLOYEES OF FARMERS STATE BANK 2017 401k membership
Market value of plan assets2017-12-313,873,939
Acturial value of plan assets2017-12-313,925,212
Funding target for retired participants and beneficiaries receiving payment2017-12-311,454,107
Number of terminated vested participants2017-12-3113
Fundng target for terminated vested participants2017-12-31214,563
Active participant vested funding target2017-12-312,367,052
Number of active participants2017-12-3140
Total funding liabilities for active participants2017-12-312,394,010
Total participant count2017-12-3161
Total funding target for all participants2017-12-314,062,680
Balance at beginning of prior year after applicable adjustments2017-12-310
Prefunding balance at beginning of prior year after applicable adjustments2017-12-31171,325
Carryover balanced portion elected for use to offset prior years funding requirement2017-12-310
Prefunding balanced used to offset prior years funding requirement2017-12-319,908
Amount remaining of carryover balance2017-12-310
Amount remaining of prefunding balance2017-12-31161,417
Present value of excess contributions2017-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2017-12-310
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2017-12-310
Reductions in caryover balances due to elections or deemed elections2017-12-310
Reductions in prefunding balances due to elections or deemed elections2017-12-310
Balance of carryovers at beginning of current year2017-12-310
Balance of prefunding at beginning of current year2017-12-31166,824
Total employer contributions2017-12-31196,138
Total employee contributions2017-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2017-12-310
Contributions made to avoid restrictions adjusted to valuation date2017-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2017-12-31195,526
Unpaid minimum required contributions for all prior years2017-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2017-12-310
Remaining amount of unpaid minimum required contributions2017-12-310
Minimum required contributions for current year target normal cost2017-12-31150,491
Net shortfall amortization installment of oustanding balance2017-12-31304,292
Waiver amortization installment2017-12-310
Total funding amount beforereflecting carryover/prefunding balances2017-12-31200,459
Carryover balance elected to use to offset funding requirement2017-12-310
Prefunding balance elected to use to offset funding requirement2017-12-314,933
Additional cash requirement2017-12-31195,526
Contributions allocatedtoward minimum required contributions for current year2017-12-31195,526
Unpaid minimum required contributions for current year2017-12-310
Unpaid minimum required contributions for all years2017-12-310
2016: PENSION PLAN FOR THE EMPLOYEES OF FARMERS STATE BANK 2016 401k membership
Market value of plan assets2016-12-313,979,162
Acturial value of plan assets2016-12-314,098,856
Funding target for retired participants and beneficiaries receiving payment2016-12-31952,366
Number of terminated vested participants2016-12-3113
Fundng target for terminated vested participants2016-12-31194,617
Active participant vested funding target2016-12-312,815,951
Number of active participants2016-12-3138
Total funding liabilities for active participants2016-12-312,835,205
Total participant count2016-12-3158
Total funding target for all participants2016-12-313,982,188
Balance at beginning of prior year after applicable adjustments2016-12-310
Prefunding balance at beginning of prior year after applicable adjustments2016-12-3142,970
Carryover balanced portion elected for use to offset prior years funding requirement2016-12-310
Prefunding balanced used to offset prior years funding requirement2016-12-310
Amount remaining of carryover balance2016-12-310
Amount remaining of prefunding balance2016-12-3142,970
Present value of excess contributions2016-12-31120,885
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2016-12-31128,235
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2016-12-31128,235
Reductions in caryover balances due to elections or deemed elections2016-12-310
Reductions in prefunding balances due to elections or deemed elections2016-12-310
Balance of carryovers at beginning of current year2016-12-310
Balance of prefunding at beginning of current year2016-12-31171,325
Total employer contributions2016-12-31143,000
Total employee contributions2016-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2016-12-310
Contributions made to avoid restrictions adjusted to valuation date2016-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2016-12-31142,597
Unpaid minimum required contributions for all prior years2016-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2016-12-310
Remaining amount of unpaid minimum required contributions2016-12-310
Minimum required contributions for current year target normal cost2016-12-31152,505
Net shortfall amortization installment of oustanding balance2016-12-310
Waiver amortization installment2016-12-310
Waived amount of outstanding balance2016-12-310
Total funding amount beforereflecting carryover/prefunding balances2016-12-31152,505
Carryover balance elected to use to offset funding requirement2016-12-310
Prefunding balance elected to use to offset funding requirement2016-12-319,908
Additional cash requirement2016-12-31142,597
Contributions allocatedtoward minimum required contributions for current year2016-12-31142,597
Unpaid minimum required contributions for current year2016-12-310
Unpaid minimum required contributions for all years2016-12-310

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