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FIRST CHOICE WELLNESS CORP. 401(K) PROFIT SHARING PLAN 401k Plan overview

Plan NameFIRST CHOICE WELLNESS CORP. 401(K) PROFIT SHARING PLAN
Plan identification number 001

FIRST CHOICE WELLNESS CORP. 401(K) PROFIT SHARING PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Profit-sharing
  • Partial participant-directed account plan - Participants have the opportunity to direct the investment of a portion of 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.
  • 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

FIRST CHOICE WELLNESS CORP. has sponsored the creation of one or more 401k plans.

Company Name:FIRST CHOICE WELLNESS CORP.
Employer identification number (EIN):920718450
NAIC Classification:621330
NAIC Description:Offices of Mental Health Practitioners (except Physicians)

Form 5500 Filing Information

Submission information for form 5500 for 401k plan FIRST CHOICE WELLNESS CORP. 401(K) PROFIT SHARING PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012023-01-01
0012022-10-17

Plan Statistics for FIRST CHOICE WELLNESS CORP. 401(K) PROFIT SHARING PLAN

401k plan membership statisitcs for FIRST CHOICE WELLNESS CORP. 401(K) PROFIT SHARING PLAN

Measure Date Value
2023: FIRST CHOICE WELLNESS CORP. 401(K) PROFIT SHARING PLAN 2023 401k membership
Total participants, beginning-of-year2023-01-012
Total number of active participants reported on line 7a of the Form 55002023-01-012
Number of retired or separated participants receiving benefits2023-01-010
Number of other retired or separated participants entitled to future benefits2023-01-010
Total of all active and inactive participants2023-01-012
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2023-01-010
Total participants2023-01-012
Number of participants with account balances2023-01-012
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2023-01-010
2022: FIRST CHOICE WELLNESS CORP. 401(K) PROFIT SHARING PLAN 2022 401k membership
Total participants, beginning-of-year2022-10-172
Total number of active participants reported on line 7a of the Form 55002022-10-172
Number of retired or separated participants receiving benefits2022-10-170
Number of other retired or separated participants entitled to future benefits2022-10-170
Total of all active and inactive participants2022-10-172
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2022-10-170
Total participants2022-10-172
Number of participants with account balances2022-10-171
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2022-10-170

Financial Data on FIRST CHOICE WELLNESS CORP. 401(K) PROFIT SHARING PLAN

Measure Date Value
2023 : FIRST CHOICE WELLNESS CORP. 401(K) PROFIT SHARING PLAN 2023 401k financial data
Total plan liabilities at end of year2023-12-31$0
Total plan liabilities at beginning of year2023-12-31$0
Total income from all sources2023-12-31$57,361
Expenses. Total of all expenses incurred2023-12-31$0
Benefits paid (including direct rollovers)2023-12-31$0
Total plan assets at end of year2023-12-31$80,863
Total plan assets at beginning of year2023-12-31$23,502
Total contributions received or receivable from participants2023-12-31$0
Expenses. Other expenses not covered elsewhere2023-12-31$0
Contributions received from other sources (not participants or employers)2023-12-31$50,903
Other income received2023-12-31$6,458
Noncash contributions received2023-12-31$0
Net income (gross income less expenses)2023-12-31$57,361
Net plan assets at end of year (total assets less liabilities)2023-12-31$80,863
Net plan assets at beginning of year (total assets less liabilities)2023-12-31$23,502
Total contributions received or receivable from employer(s)2023-12-31$0
Value of certain deemed distributions of participant loans2023-12-31$0
Value of corrective distributions2023-12-31$0
Expenses. Administrative service providers (salaries,fees and commissions)2023-12-31$0
2022 : FIRST CHOICE WELLNESS CORP. 401(K) PROFIT SHARING PLAN 2022 401k financial data
Total plan liabilities at end of year2022-12-31$0
Total plan liabilities at beginning of year2022-12-31$0
Total income from all sources2022-12-31$23,502
Expenses. Total of all expenses incurred2022-12-31$0
Benefits paid (including direct rollovers)2022-12-31$0
Total plan assets at end of year2022-12-31$23,502
Total plan assets at beginning of year2022-12-31$0
Total contributions received or receivable from participants2022-12-31$0
Expenses. Other expenses not covered elsewhere2022-12-31$0
Contributions received from other sources (not participants or employers)2022-12-31$24,455
Other income received2022-12-31$-953
Noncash contributions received2022-12-31$0
Net income (gross income less expenses)2022-12-31$23,502
Net plan assets at end of year (total assets less liabilities)2022-12-31$23,502
Net plan assets at beginning of year (total assets less liabilities)2022-12-31$0
Total contributions received or receivable from employer(s)2022-12-31$0
Value of certain deemed distributions of participant loans2022-12-31$0
Value of corrective distributions2022-12-31$0
Expenses. Administrative service providers (salaries,fees and commissions)2022-12-31$0

Form 5500 Responses for FIRST CHOICE WELLNESS CORP. 401(K) PROFIT SHARING PLAN

2023: FIRST CHOICE WELLNESS CORP. 401(K) PROFIT SHARING PLAN 2023 form 5500 responses
2023-01-01Type of plan entitySingle employer plan
2023-01-01Submission has been amendedNo
2023-01-01This submission is the final filingNo
2023-01-01This return/report is a short plan year return/report (less than 12 months)No
2023-01-01Plan is a collectively bargained planNo
2023-01-01Plan funding arrangement – TrustYes
2023-01-01Plan benefit arrangement - TrustYes
2022: FIRST CHOICE WELLNESS CORP. 401(K) PROFIT SHARING PLAN 2022 form 5500 responses
2022-10-17Type of plan entitySingle employer plan
2022-10-17First time form 5500 has been submittedYes
2022-10-17Submission has been amendedNo
2022-10-17This submission is the final filingNo
2022-10-17This return/report is a short plan year return/report (less than 12 months)Yes
2022-10-17Plan is a collectively bargained planNo
2022-10-17Plan funding arrangement – TrustYes
2022-10-17Plan benefit arrangement - TrustYes

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