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PRECISION AIR SYSTEMS, INC. CASH BALANCE PLAN 401k Plan overview

Plan NamePRECISION AIR SYSTEMS, INC. CASH BALANCE PLAN
Plan identification number 002

PRECISION AIR SYSTEMS, INC. CASH BALANCE PLAN Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • 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 AIR SYSTEMS, INC 401(K) PROFIT SHARING PLAN has sponsored the creation of one or more 401k plans.

Company Name:PRECISION AIR SYSTEMS, INC 401(K) PROFIT SHARING PLAN
Employer identification number (EIN):650480483
NAIC Classification:238220
NAIC Description:Plumbing, Heating, and Air-Conditioning Contractors

Form 5500 Filing Information

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

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0022022-01-01TERRY KOTALIK2023-10-02
0022021-01-01TERRY KOTALIK2023-02-14

Plan Statistics for PRECISION AIR SYSTEMS, INC. CASH BALANCE PLAN

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

Measure Date Value
2021: PRECISION AIR SYSTEMS, INC. CASH BALANCE PLAN 2021 401k membership
Market value of plan assets2021-12-31319,890
Acturial value of plan assets2021-12-31319,890
Funding target for retired participants and beneficiaries receiving payment2021-12-310
Number of terminated vested participants2021-12-312
Fundng target for terminated vested participants2021-12-316,729
Active participant vested funding target2021-12-31228,177
Number of active participants2021-12-3112
Total funding liabilities for active participants2021-12-31228,177
Total participant count2021-12-3114
Total funding target for all participants2021-12-31234,906
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 contributions2021-12-3190,911
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-12-3190,911
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 contributions2021-12-31318,255
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 date2021-12-31317,015
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 cost2021-12-31232,645
Net shortfall amortization installment of oustanding balance2021-12-310
Waiver amortization installment2021-12-310
Total funding amount beforereflecting carryover/prefunding balances2021-12-31147,661
Carryover balance elected to use to offset funding requirement2021-12-310
Prefunding balance elected to use to offset funding requirement2021-12-310
Additional cash requirement2021-12-31147,661
Contributions allocatedtoward minimum required contributions for current year2021-12-31317,015
Unpaid minimum required contributions for current year2021-12-310
Unpaid minimum required contributions for all years2021-12-310

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