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GROOMS WEALTH MANAGEMENT DEFINED BENEFIT PENSION PLAN 401k Plan overview

Plan NameGROOMS WEALTH MANAGEMENT DEFINED BENEFIT PENSION PLAN
Plan identification number 001

GROOMS WEALTH MANAGEMENT DEFINED BENEFIT PENSION PLAN Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Benefits are primarily pay related
  • Plan covering Self-Employed individuals.
  • 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

GROOMS WEALTH MANAGEMENT, INC. has sponsored the creation of one or more 401k plans.

Company Name:GROOMS WEALTH MANAGEMENT, INC.
Employer identification number (EIN):823205073
NAIC Classification:523900

Form 5500 Filing Information

Submission information for form 5500 for 401k plan GROOMS WEALTH MANAGEMENT DEFINED BENEFIT PENSION 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
0012019-01-01SCOTT GROOMS2020-09-30
0012018-01-01

Plan Statistics for GROOMS WEALTH MANAGEMENT DEFINED BENEFIT PENSION PLAN

401k plan membership statisitcs for GROOMS WEALTH MANAGEMENT DEFINED BENEFIT PENSION PLAN

Measure Date Value
2020: GROOMS WEALTH MANAGEMENT DEFINED BENEFIT PENSION PLAN 2020 401k membership
Market value of plan assets2020-12-311,696,356
Acturial value of plan assets2020-12-311,696,356
Funding target for retired participants and beneficiaries receiving payment2020-12-310
Number of terminated vested participants2020-12-310
Fundng target for terminated vested participants2020-12-310
Active participant vested funding target2020-12-311,598,530
Number of active participants2020-12-314
Total funding liabilities for active participants2020-12-311,598,530
Total participant count2020-12-314
Total funding target for all participants2020-12-311,598,530
Balance at beginning of prior year after applicable adjustments2020-12-310
Prefunding balance at beginning of prior year after applicable adjustments2020-12-31270,666
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 balance2020-12-31270,666
Present value of excess contributions2020-12-31214,347
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-12-31214,347
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2020-12-31200,000
Reductions in caryover balances due to elections or deemed elections2020-12-310
Reductions in prefunding balances due to elections or deemed elections2020-12-31250,000
Balance of carryovers at beginning of current year2020-12-310
Balance of prefunding at beginning of current year2020-12-31271,605
Total employer contributions2020-12-31580,027
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 date2020-12-31558,262
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 cost2020-12-31225,760
Net shortfall amortization installment of oustanding balance2020-12-310
Waiver amortization installment2020-12-310
Total funding amount beforereflecting carryover/prefunding balances2020-12-31225,760
Carryover balance elected to use to offset funding requirement2020-12-310
Prefunding balance elected to use to offset funding requirement2020-12-310
Additional cash requirement2020-12-31225,760
Contributions allocatedtoward minimum required contributions for current year2020-12-31558,262
Unpaid minimum required contributions for current year2020-12-310
Unpaid minimum required contributions for all years2020-12-310
2019: GROOMS WEALTH MANAGEMENT DEFINED BENEFIT PENSION PLAN 2019 401k membership
Market value of plan assets2019-12-311,751,043
Acturial value of plan assets2019-12-311,751,043
Funding target for retired participants and beneficiaries receiving payment2019-12-310
Number of terminated vested participants2019-12-310
Fundng target for terminated vested participants2019-12-310
Active participant vested funding target2019-12-311,201,155
Number of active participants2019-12-314
Total funding liabilities for active participants2019-12-311,201,155
Total participant count2019-12-314
Total funding target for all participants2019-12-311,201,155
Balance at beginning of prior year after applicable adjustments2019-12-310
Prefunding balance at beginning of prior year after applicable adjustments2019-12-31284,972
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 balance2019-12-310
Amount remaining of prefunding balance2019-12-31284,972
Present value of excess contributions2019-12-31215,778
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2019-12-31215,778
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 year2019-12-31270,666
Total employer contributions2019-12-31303,090
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 date2019-12-31289,042
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 cost2019-12-31339,523
Net shortfall amortization installment of oustanding balance2019-12-310
Waiver amortization installment2019-12-310
Total funding amount beforereflecting carryover/prefunding balances2019-12-3175,133
Carryover balance elected to use to offset funding requirement2019-12-310
Prefunding balance elected to use to offset funding requirement2019-12-310
Additional cash requirement2019-12-3175,133
Contributions allocatedtoward minimum required contributions for current year2019-12-31289,042
Unpaid minimum required contributions for current year2019-12-310
Unpaid minimum required contributions for all years2019-12-310
Total participants, beginning-of-year2019-01-014
Total number of active participants reported on line 7a of the Form 55002019-01-014
Number of retired or separated participants receiving benefits2019-01-010
Number of other retired or separated participants entitled to future benefits2019-01-010
Total of all active and inactive participants2019-01-014
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2019-01-010
Total participants2019-01-014
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2019-01-010
2018: GROOMS WEALTH MANAGEMENT DEFINED BENEFIT PENSION PLAN 2018 401k membership
Market value of plan assets2018-12-311,028,160
Acturial value of plan assets2018-12-311,028,160
Funding target for retired participants and beneficiaries receiving payment2018-12-310
Number of terminated vested participants2018-12-310
Fundng target for terminated vested participants2018-12-310
Active participant vested funding target2018-12-31852,598
Number of active participants2018-12-314
Total funding liabilities for active participants2018-12-31852,598
Total participant count2018-12-314
Total funding target for all participants2018-12-31852,598
Balance at beginning of prior year after applicable adjustments2018-12-310
Prefunding balance at beginning of prior year after applicable adjustments2018-12-31145,028
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 balance2018-12-310
Amount remaining of prefunding balance2018-12-31145,028
Present value of excess contributions2018-12-31118,335
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-12-31118,335
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2018-12-31118,335
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 year2018-12-31284,972
Total employer contributions2018-12-31497,387
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 date2018-12-31480,413
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 cost2018-12-31264,635
Net shortfall amortization installment of oustanding balance2018-12-310
Waiver amortization installment2018-12-310
Total funding amount beforereflecting carryover/prefunding balances2018-12-31264,635
Carryover balance elected to use to offset funding requirement2018-12-310
Prefunding balance elected to use to offset funding requirement2018-12-310
Additional cash requirement2018-12-31264,635
Contributions allocatedtoward minimum required contributions for current year2018-12-31480,413
Unpaid minimum required contributions for current year2018-12-310
Unpaid minimum required contributions for all years2018-12-310

Financial Data on GROOMS WEALTH MANAGEMENT DEFINED BENEFIT PENSION PLAN

Measure Date Value
2019 : GROOMS WEALTH MANAGEMENT DEFINED BENEFIT PENSION PLAN 2019 401k financial data
Total plan liabilities at end of year2019-12-31$24,928
Total plan liabilities at beginning of year2019-12-31$0
Total income from all sources2019-12-31$533,633
Expenses. Total of all expenses incurred2019-12-31$5,047
Benefits paid (including direct rollovers)2019-12-31$0
Total plan assets at end of year2019-12-31$2,079,061
Total plan assets at beginning of year2019-12-31$1,525,547
Value of fidelity bond covering the plan2019-12-31$195,000
Total contributions received or receivable from participants2019-12-31$0
Assets. Value of loans (other than to participants)2019-12-31$75,000
Expenses. Other expenses not covered elsewhere2019-12-31$0
Contributions received from other sources (not participants or employers)2019-12-31$0
Other income received2019-12-31$230,543
Noncash contributions received2019-12-31$0
Net income (gross income less expenses)2019-12-31$528,586
Net plan assets at end of year (total assets less liabilities)2019-12-31$2,054,133
Net plan assets at beginning of year (total assets less liabilities)2019-12-31$1,525,547
Total contributions received or receivable from employer(s)2019-12-31$303,090
Value of certain deemed distributions of participant loans2019-12-31$0
Value of corrective distributions2019-12-31$0
Expenses. Administrative service providers (salaries,fees and commissions)2019-12-31$5,047
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2019-12-31$0

Form 5500 Responses for GROOMS WEALTH MANAGEMENT DEFINED BENEFIT PENSION PLAN

2019: GROOMS WEALTH MANAGEMENT DEFINED BENEFIT PENSION PLAN 2019 form 5500 responses
2019-01-01Type of plan entitySingle employer plan
2019-01-01Submission has been amendedNo
2019-01-01This submission is the final filingNo
2019-01-01This return/report is a short plan year return/report (less than 12 months)No
2019-01-01Plan is a collectively bargained planNo
2019-01-01Plan funding arrangement – TrustYes
2019-01-01Plan benefit arrangement - TrustYes

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