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THE FIRST NATIONAL BANK OF STERLING CITY DEFINED BENEFIT PENSION PLAN AND TRUST 401k Plan overview

Plan NameTHE FIRST NATIONAL BANK OF STERLING CITY DEFINED BENEFIT PENSION PLAN AND TRUST
Plan identification number 001

THE FIRST NATIONAL BANK OF STERLING CITY DEFINED BENEFIT PENSION PLAN AND TRUST 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).

401k Sponsoring company profile

THE FIRST NATIONAL BANK OF STERLING CITY has sponsored the creation of one or more 401k plans.

Company Name:THE FIRST NATIONAL BANK OF STERLING CITY
Employer identification number (EIN):750585717
NAIC Classification:522110
NAIC Description:Commercial Banking

Form 5500 Filing Information

Submission information for form 5500 for 401k plan THE FIRST NATIONAL BANK OF STERLING CITY DEFINED BENEFIT PENSION PLAN AND TRUST

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012023-01-01SCOT LONG2024-02-26
0012022-01-01SCOT LONG2023-07-13
0012021-01-01SCOT LONG2022-10-17
0012020-01-01ROGER D. WILLIAMS2021-04-15
0012019-01-01
0012018-01-01
0012017-01-01
0012016-01-01
0012015-05-01
0012014-05-01
0012013-05-01
0012012-05-01JASON COX2013-11-04 JASON COX2013-11-04
0012011-05-01JASON COX2013-02-07 JASON COX2013-02-07
0012010-05-01JASON COX2011-08-31 ROGER D. WILLIAMS2011-10-20

Plan Statistics for THE FIRST NATIONAL BANK OF STERLING CITY DEFINED BENEFIT PENSION PLAN AND TRUST

401k plan membership statisitcs for THE FIRST NATIONAL BANK OF STERLING CITY DEFINED BENEFIT PENSION PLAN AND TRUST

Measure Date Value
2022: THE FIRST NATIONAL BANK OF STERLING CITY DEFINED BENEFIT PENSION PLAN AND TRUST 2022 401k membership
Market value of plan assets2022-12-316,447,516
Acturial value of plan assets2022-12-316,447,516
Funding target for retired participants and beneficiaries receiving payment2022-12-312,321,877
Number of terminated vested participants2022-12-319
Fundng target for terminated vested participants2022-12-31179,504
Active participant vested funding target2022-12-311,450,954
Number of active participants2022-12-3118
Total funding liabilities for active participants2022-12-311,468,371
Total participant count2022-12-3133
Total funding target for all participants2022-12-313,969,752
Balance at beginning of prior year after applicable adjustments2022-12-313,246
Prefunding balance at beginning of prior year after applicable adjustments2022-12-310
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 balance2022-12-313,246
Amount remaining of prefunding balance2022-12-310
Present value of excess contributions2022-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2022-12-310
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2022-12-310
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 year2022-12-313,632
Balance of prefunding at beginning of current year2022-12-310
Total employer contributions2022-12-310
Total employee contributions2022-12-310
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 cost2022-12-31101,672
Net shortfall amortization installment of oustanding balance2022-12-310
Waiver amortization installment2022-12-310
Total funding amount beforereflecting carryover/prefunding balances2022-12-310
Carryover balance elected to use to offset funding requirement2022-12-310
Prefunding balance elected to use to offset funding requirement2022-12-310
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: THE FIRST NATIONAL BANK OF STERLING CITY DEFINED BENEFIT PENSION PLAN AND TRUST 2021 401k membership
Market value of plan assets2021-12-316,451,158
Acturial value of plan assets2021-12-316,451,158
Funding target for retired participants and beneficiaries receiving payment2021-12-311,085,226
Number of terminated vested participants2021-12-319
Fundng target for terminated vested participants2021-12-31176,231
Active participant vested funding target2021-12-313,114,769
Number of active participants2021-12-3121
Total funding liabilities for active participants2021-12-313,130,371
Total participant count2021-12-3135
Total funding target for all participants2021-12-314,391,828
Balance at beginning of prior year after applicable adjustments2021-12-312,863
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 balance2021-12-312,863
Amount remaining of prefunding balance2021-12-310
Present value of excess contributions2021-12-31735,713
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-12-31735,713
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 year2021-12-313,246
Balance of prefunding at beginning of current year2021-12-310
Total employer contributions2021-12-310
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 date2021-12-310
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 cost2021-12-31108,206
Net shortfall amortization installment of oustanding balance2021-12-310
Waiver amortization installment2021-12-310
Total funding amount beforereflecting carryover/prefunding balances2021-12-310
Carryover balance elected to use to offset funding requirement2021-12-310
Prefunding balance elected to use to offset funding requirement2021-12-310
Additional cash requirement2021-12-310
Contributions allocatedtoward minimum required contributions for current year2021-12-310
Unpaid minimum required contributions for current year2021-12-310
Unpaid minimum required contributions for all years2021-12-310
2020: THE FIRST NATIONAL BANK OF STERLING CITY DEFINED BENEFIT PENSION PLAN AND TRUST 2020 401k membership
Market value of plan assets2020-12-315,046,625
Acturial value of plan assets2020-12-315,046,625
Funding target for retired participants and beneficiaries receiving payment2020-12-31920,030
Number of terminated vested participants2020-12-319
Fundng target for terminated vested participants2020-12-31158,698
Active participant vested funding target2020-12-312,788,142
Number of active participants2020-12-3120
Total funding liabilities for active participants2020-12-312,795,977
Total participant count2020-12-3133
Total funding target for all participants2020-12-313,874,705
Balance at beginning of prior year after applicable adjustments2020-12-312,388
Prefunding balance at beginning of prior year after applicable adjustments2020-12-310
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 balance2020-12-312,388
Amount remaining of prefunding balance2020-12-310
Present value of excess contributions2020-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-12-310
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2020-12-310
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 year2020-12-312,863
Balance of prefunding at beginning of current year2020-12-310
Total employer contributions2020-12-31750,000
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 date2020-12-31735,713
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 cost2020-12-31182,246
Net shortfall amortization installment of oustanding balance2020-12-310
Waiver amortization installment2020-12-310
Total funding amount beforereflecting carryover/prefunding balances2020-12-310
Carryover balance elected to use to offset funding requirement2020-12-310
Prefunding balance elected to use to offset funding requirement2020-12-310
Additional cash requirement2020-12-310
Contributions allocatedtoward minimum required contributions for current year2020-12-31735,713
Unpaid minimum required contributions for current year2020-12-310
Unpaid minimum required contributions for all years2020-12-310
2019: THE FIRST NATIONAL BANK OF STERLING CITY DEFINED BENEFIT PENSION PLAN AND TRUST 2019 401k membership
Market value of plan assets2019-12-314,479,234
Acturial value of plan assets2019-12-314,479,234
Funding target for retired participants and beneficiaries receiving payment2019-12-31925,000
Number of terminated vested participants2019-12-318
Fundng target for terminated vested participants2019-12-31325,170
Active participant vested funding target2019-12-312,567,976
Number of active participants2019-12-3118
Total funding liabilities for active participants2019-12-312,570,988
Total participant count2019-12-3130
Total funding target for all participants2019-12-313,821,158
Balance at beginning of prior year after applicable adjustments2019-12-312,514
Prefunding balance at beginning of prior year after applicable adjustments2019-12-310
Carryover balanced portion elected for use to offset prior years funding requirement2019-12-310
Prefunding balanced used to offset prior years funding requirement2019-12-310
Amount remaining of carryover balance2019-12-312,514
Amount remaining of prefunding balance2019-12-310
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 year2019-12-312,388
Balance of prefunding at beginning of current year2019-12-310
Total employer contributions2019-12-310
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 date2019-12-310
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 cost2019-12-31210,514
Net shortfall amortization installment of oustanding balance2019-12-310
Waiver amortization installment2019-12-310
Total funding amount beforereflecting carryover/prefunding balances2019-12-310
Carryover balance elected to use to offset funding requirement2019-12-310
Prefunding balance elected to use to offset funding requirement2019-12-310
Additional cash requirement2019-12-310
Contributions allocatedtoward minimum required contributions for current year2019-12-310
Unpaid minimum required contributions for current year2019-12-310
Unpaid minimum required contributions for all years2019-12-310
2018: THE FIRST NATIONAL BANK OF STERLING CITY DEFINED BENEFIT PENSION PLAN AND TRUST 2018 401k membership
Market value of plan assets2018-12-314,779,621
Acturial value of plan assets2018-12-314,779,621
Funding target for retired participants and beneficiaries receiving payment2018-12-31375,862
Number of terminated vested participants2018-12-318
Fundng target for terminated vested participants2018-12-31135,957
Active participant vested funding target2018-12-313,008,396
Number of active participants2018-12-3120
Total funding liabilities for active participants2018-12-313,016,084
Total participant count2018-12-3132
Total funding target for all participants2018-12-313,527,903
Balance at beginning of prior year after applicable adjustments2018-12-312,186
Prefunding balance at beginning of prior year after applicable adjustments2018-12-310
Carryover balanced portion elected for use to offset prior years funding requirement2018-12-310
Prefunding balanced used to offset prior years funding requirement2018-12-310
Amount remaining of carryover balance2018-12-312,186
Amount remaining of prefunding balance2018-12-310
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 year2018-12-312,514
Balance of prefunding at beginning of current year2018-12-310
Total employer contributions2018-12-310
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 date2018-12-310
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 cost2018-12-31199,540
Net shortfall amortization installment of oustanding balance2018-12-310
Waiver amortization installment2018-12-310
Total funding amount beforereflecting carryover/prefunding balances2018-12-310
Carryover balance elected to use to offset funding requirement2018-12-310
Prefunding balance elected to use to offset funding requirement2018-12-310
Additional cash requirement2018-12-310
Contributions allocatedtoward minimum required contributions for current year2018-12-310
Unpaid minimum required contributions for current year2018-12-310
Unpaid minimum required contributions for all years2018-12-310
2017: THE FIRST NATIONAL BANK OF STERLING CITY DEFINED BENEFIT PENSION PLAN AND TRUST 2017 401k membership
Market value of plan assets2017-12-314,186,219
Acturial value of plan assets2017-12-314,186,219
Funding target for retired participants and beneficiaries receiving payment2017-12-31323,969
Number of terminated vested participants2017-12-318
Fundng target for terminated vested participants2017-12-31122,653
Active participant vested funding target2017-12-312,548,001
Number of active participants2017-12-3119
Total funding liabilities for active participants2017-12-312,556,466
Total participant count2017-12-3131
Total funding target for all participants2017-12-313,003,088
Balance at beginning of prior year after applicable adjustments2017-12-312,075
Prefunding balance at beginning of prior year after applicable adjustments2017-12-310
Carryover balanced portion elected for use to offset prior years funding requirement2017-12-310
Prefunding balanced used to offset prior years funding requirement2017-12-310
Amount remaining of carryover balance2017-12-312,075
Amount remaining of prefunding balance2017-12-310
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 year2017-12-312,186
Balance of prefunding at beginning of current year2017-12-310
Total employer contributions2017-12-310
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 date2017-12-310
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 cost2017-12-31112,545
Net shortfall amortization installment of oustanding balance2017-12-310
Waiver amortization installment2017-12-310
Total funding amount beforereflecting carryover/prefunding balances2017-12-310
Carryover balance elected to use to offset funding requirement2017-12-310
Prefunding balance elected to use to offset funding requirement2017-12-310
Additional cash requirement2017-12-310
Contributions allocatedtoward minimum required contributions for current year2017-12-310
Unpaid minimum required contributions for current year2017-12-310
Unpaid minimum required contributions for all years2017-12-310
2016: THE FIRST NATIONAL BANK OF STERLING CITY DEFINED BENEFIT PENSION PLAN AND TRUST 2016 401k membership
Market value of plan assets2016-12-314,005,672
Acturial value of plan assets2016-12-314,005,672
Funding target for retired participants and beneficiaries receiving payment2016-12-31327,508
Number of terminated vested participants2016-12-316
Fundng target for terminated vested participants2016-12-31109,419
Active participant vested funding target2016-12-312,179,238
Number of active participants2016-12-3121
Total funding liabilities for active participants2016-12-312,190,014
Total participant count2016-12-3131
Total funding target for all participants2016-12-312,626,941
Balance at beginning of prior year after applicable adjustments2016-12-312,112
Prefunding balance at beginning of prior year after applicable adjustments2016-12-310
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 balance2016-12-312,112
Amount remaining of prefunding balance2016-12-310
Present value of excess contributions2016-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2016-12-310
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2016-12-310
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 year2016-12-312,075
Balance of prefunding at beginning of current year2016-12-310
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 date2016-12-310
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 cost2016-12-31188,445
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 balances2016-12-310
Carryover balance elected to use to offset funding requirement2016-12-310
Prefunding balance elected to use to offset funding requirement2016-12-310
Additional cash requirement2016-12-310
Contributions allocatedtoward minimum required contributions for current year2016-12-310
Unpaid minimum required contributions for current year2016-12-310
Unpaid minimum required contributions for all years2016-12-310

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