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BANK OF IDAHO 401(K) PLAN 401k Plan overview

Plan NameBANK OF IDAHO 401(K) PLAN
Plan identification number 002

BANK OF IDAHO 401(K) PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • 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.
  • Plan provides for automatic enrollment in plan that has employee contributions deducted from payroll.
  • 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.
  • Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).

401k Sponsoring company profile

BANK OF IDAHO HOLDING COMPANY has sponsored the creation of one or more 401k plans.

Company Name:BANK OF IDAHO HOLDING COMPANY
Employer identification number (EIN):820496760
NAIC Classification:522110
NAIC Description:Commercial Banking

Form 5500 Filing Information

Submission information for form 5500 for 401k plan BANK OF IDAHO 401(K) PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0022023-05-01

Plan Statistics for BANK OF IDAHO 401(K) PLAN

401k plan membership statisitcs for BANK OF IDAHO 401(K) PLAN

Measure Date Value
2023: BANK OF IDAHO 401(K) PLAN 2023 401k membership
Total participants, beginning-of-year2023-05-01288
Total number of active participants reported on line 7a of the Form 55002023-05-01213
Number of retired or separated participants receiving benefits2023-05-010
Number of other retired or separated participants entitled to future benefits2023-05-0134
Total of all active and inactive participants2023-05-01247
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2023-05-010
Total participants2023-05-01247
Number of participants with account balances2023-05-01208
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2023-05-011

Financial Data on BANK OF IDAHO 401(K) PLAN

Measure Date Value
2023 : BANK OF IDAHO 401(K) PLAN 2023 401k financial data
Total unrealized appreciation/depreciation of assets2023-12-31$0
Total transfer of assets to this plan2023-12-31$7,081,984
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2023-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2023-12-31$0
Total income from all sources (including contributions)2023-12-31$2,103,364
Total loss/gain on sale of assets2023-12-31$0
Total of all expenses incurred2023-12-31$1,279,974
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2023-12-31$1,257,052
Total contributions o plan (from employers,participants, others, non cash contrinutions)2023-12-31$1,349,029
Value of total assets at end of year2023-12-31$7,905,374
Value of total assets at beginning of year2023-12-31$0
Total of administrative expenses incurred including professional, contract, advisory and management fees2023-12-31$22,922
Total interest from all sources2023-12-31$20,837
Total dividends received (eg from common stock, registered investment company shares)2023-12-31$138,290
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2023-12-31No
Total dividends received from registered investment company shares (eg mutual funds)2023-12-31$138,290
Was this plan covered by a fidelity bond2023-12-31Yes
Value of fidelity bond cover2023-12-31$5,000,000
If this is an individual account plan, was there a blackout period2023-12-31Yes
Were there any nonexempt tranactions with any party-in-interest2023-12-31No
Contributions received from participants2023-12-31$710,820
Participant contributions at end of year2023-12-31$261,695
Participant contributions at end of year2023-12-31$36,674
Income. Received or receivable in cash from other sources (including rollovers)2023-12-31$293,030
Expenses. Other payments made (not to insurance carriers or or participants/beneficiaries)2023-12-31$43
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2023-12-31No
Value of net income/loss2023-12-31$823,390
Value of net assets at end of year (total assets less liabilities)2023-12-31$7,905,374
Value of net assets at beginning of year (total assets less liabilities)2023-12-31$0
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2023-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2023-12-31No
Were any leases to which the plan was party in default or uncollectible2023-12-31No
Investment advisory and management fees2023-12-31$6,391
Value of interest in registered invesment companies (eg mutual funds) at end of year2023-12-31$7,370,260
Interest on participant loans2023-12-31$10,307
Interest earned on other investments2023-12-31$10,530
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2023-12-31$217,898
Net investment gain/loss from registered investment companies (e.g. mutual funds)2023-12-31$595,208
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2023-12-31No
Was there a failure to transmit to the plan any participant contributions2023-12-31No
Has the plan failed to provide any benefit when due under the plan2023-12-31No
Contributions received in cash from employer2023-12-31$345,179
Employer contributions (assets) at end of year2023-12-31$18,847
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2023-12-31$1,257,009
Contract administrator fees2023-12-31$16,531
Was the provided the required notice or one of the exceptions to providing the black out period notice applied under 29 CFR 2520.101-32023-12-31Yes
Did the plan have assets held for investment2023-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2023-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2023-12-31No
Opinion of an independent qualified public accountant for this plan2023-12-31Unqualified
Accountancy firm name2023-12-31WIPFLI, LLP
Accountancy firm EIN2023-12-31390758449

Form 5500 Responses for BANK OF IDAHO 401(K) PLAN

2023: BANK OF IDAHO 401(K) PLAN 2023 form 5500 responses
2023-05-01Type of plan entitySingle employer plan
2023-05-01First time form 5500 has been submittedYes
2023-05-01This submission is the final filingNo
2023-05-01This return/report is a short plan year return/report (less than 12 months)Yes
2023-05-01Plan is a collectively bargained planNo
2023-05-01Plan funding arrangement – InsuranceYes
2023-05-01Plan funding arrangement – TrustYes
2023-05-01Plan benefit arrangement – InsuranceYes
2023-05-01Plan benefit arrangement - TrustYes

Insurance Providers Used on plan

PRINCIPAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 61271 )
Policy contract number467968
Policy instance 1
Insurance contract or identification number467968
Number of Individuals Covered247
Insurance policy start date2023-05-01
Insurance policy end date2023-12-31
Total amount of commissions paid to insurance brokerUSD $0
Total amount of fees paid to insurance companyUSD $0
Contract purchased, in whole or in part, to distribute benefits from a terminating planNo
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?Yes
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No

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