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BIDDEFORD SAVINGS BANK RETIREMENT PLAN 401k Plan overview

Plan NameBIDDEFORD SAVINGS BANK RETIREMENT PLAN
Plan identification number 001

BIDDEFORD SAVINGS BANK RETIREMENT PLAN 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).
  • 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

BIDDEFORD SAVINGS BANK has sponsored the creation of one or more 401k plans.

Company Name:BIDDEFORD SAVINGS BANK
Employer identification number (EIN):010029610
NAIC Classification:522120
NAIC Description:Savings Institutions

Additional information about BIDDEFORD SAVINGS BANK

Jurisdiction of Incorporation: Maine Bureau of Corporations, Elections & Commissions
Incorporation Date:
Company Identification Number: 18650000B

More information about BIDDEFORD SAVINGS BANK

Form 5500 Filing Information

Submission information for form 5500 for 401k plan BIDDEFORD SAVINGS BANK RETIREMENT PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012022-01-01SUZANNE CARNEY2023-07-10
0012021-01-01SUZANNE CARNEY2022-06-13
0012020-01-01SUZANNE CARNEY2021-10-12
0012019-01-01SUZANNE CARNEY2020-06-26
0012018-01-01DALE E HUOT2019-05-06
0012017-01-01DALE E HUOT2018-06-06 DALE E HUOT2018-06-06
0012016-01-01DALE E HUOT2017-07-15
0012015-01-01DALE E HUOT2016-09-19 DALE E. HUOT2016-09-19
0012014-01-01DALE E HUOT2015-10-01
0012013-01-01DALE E HUOT2014-08-25
0012012-01-01DALE E HUOT2013-07-03
0012011-01-01DALE E HUOT2012-09-20
0012010-01-01DALE E. HUOT2011-10-03

Plan Statistics for BIDDEFORD SAVINGS BANK RETIREMENT PLAN

401k plan membership statisitcs for BIDDEFORD SAVINGS BANK RETIREMENT PLAN

Measure Date Value
2022: BIDDEFORD SAVINGS BANK RETIREMENT PLAN 2022 401k membership
Market value of plan assets2022-12-3112,000,577
Acturial value of plan assets2022-12-3112,000,577
Funding target for retired participants and beneficiaries receiving payment2022-12-314,403,460
Number of terminated vested participants2022-12-3115
Fundng target for terminated vested participants2022-12-31415,955
Active participant vested funding target2022-12-31827,420
Number of active participants2022-12-3117
Total funding liabilities for active participants2022-12-31827,420
Total participant count2022-12-3171
Total funding target for all participants2022-12-315,646,835
Balance at beginning of prior year after applicable adjustments2022-12-310
Prefunding balance at beginning of prior year after applicable adjustments2022-12-311,576,354
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 balance2022-12-310
Amount remaining of prefunding balance2022-12-311,576,354
Present value of excess contributions2022-12-31193,679
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2022-12-31193,679
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 year2022-12-310
Balance of prefunding at beginning of current year2022-12-311,794,048
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 cost2022-12-310
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: BIDDEFORD SAVINGS BANK RETIREMENT PLAN 2021 401k membership
Market value of plan assets2021-12-3110,770,615
Acturial value of plan assets2021-12-3110,770,615
Funding target for retired participants and beneficiaries receiving payment2021-12-314,038,475
Number of terminated vested participants2021-12-3116
Fundng target for terminated vested participants2021-12-31630,297
Active participant vested funding target2021-12-31909,701
Number of active participants2021-12-3119
Total funding liabilities for active participants2021-12-31909,701
Total participant count2021-12-3171
Total funding target for all participants2021-12-315,578,473
Balance at beginning of prior year after applicable adjustments2021-12-310
Prefunding balance at beginning of prior year after applicable adjustments2021-12-311,422,702
Amount remaining of carryover balance2021-12-310
Amount remaining of prefunding balance2021-12-311,422,702
Present value of excess contributions2021-12-31198,164
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-12-31208,726
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 year2021-12-311,576,354
Total employer contributions2021-12-31200,000
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 date2021-12-31193,679
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 cost2021-12-310
Net shortfall amortization installment of oustanding balance2021-12-310
Waiver amortization installment2021-12-310
Total funding amount beforereflecting carryover/prefunding balances2021-12-310
Additional cash requirement2021-12-310
Contributions allocatedtoward minimum required contributions for current year2021-12-31193,679
Unpaid minimum required contributions for current year2021-12-310
Unpaid minimum required contributions for all years2021-12-310
2020: BIDDEFORD SAVINGS BANK RETIREMENT PLAN 2020 401k membership
Market value of plan assets2020-12-319,950,520
Acturial value of plan assets2020-12-319,950,520
Funding target for retired participants and beneficiaries receiving payment2020-12-314,598,807
Number of terminated vested participants2020-12-3117
Fundng target for terminated vested participants2020-12-31652,116
Active participant vested funding target2020-12-31886,518
Number of active participants2020-12-3120
Total funding liabilities for active participants2020-12-31886,518
Total participant count2020-12-3172
Total funding target for all participants2020-12-316,137,441
Balance at beginning of prior year after applicable adjustments2020-12-310
Prefunding balance at beginning of prior year after applicable adjustments2020-12-311,168,256
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 balance2020-12-311,168,256
Present value of excess contributions2020-12-31198,686
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-12-31209,594
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 year2020-12-310
Balance of prefunding at beginning of current year2020-12-311,422,702
Total employer contributions2020-12-31200,000
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 date2020-12-31198,164
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 cost2020-12-310
Net shortfall amortization installment of oustanding balance2020-12-310
Waiver amortization installment2020-12-310
Total funding amount beforereflecting carryover/prefunding balances2020-12-310
Additional cash requirement2020-12-310
Contributions allocatedtoward minimum required contributions for current year2020-12-31198,164
Unpaid minimum required contributions for current year2020-12-310
Unpaid minimum required contributions for all years2020-12-310
2019: BIDDEFORD SAVINGS BANK RETIREMENT PLAN 2019 401k membership
Market value of plan assets2019-12-318,369,756
Acturial value of plan assets2019-12-318,369,756
Funding target for retired participants and beneficiaries receiving payment2019-12-313,696,954
Number of terminated vested participants2019-12-3118
Fundng target for terminated vested participants2019-12-31637,858
Active participant vested funding target2019-12-311,747,782
Number of active participants2019-12-3123
Total funding liabilities for active participants2019-12-311,747,782
Total participant count2019-12-3172
Total funding target for all participants2019-12-316,082,594
Balance at beginning of prior year after applicable adjustments2019-12-310
Prefunding balance at beginning of prior year after applicable adjustments2019-12-311,176,373
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 balance2019-12-311,176,373
Present value of excess contributions2019-12-31198,911
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2019-12-31210,229
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 year2019-12-311,168,256
Total employer contributions2019-12-31200,000
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 date2019-12-31198,686
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 cost2019-12-310
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 year2019-12-31198,686
Unpaid minimum required contributions for current year2019-12-310
Unpaid minimum required contributions for all years2019-12-310
2018: BIDDEFORD SAVINGS BANK RETIREMENT PLAN 2018 401k membership
Market value of plan assets2018-12-318,620,116
Acturial value of plan assets2018-12-318,620,116
Funding target for retired participants and beneficiaries receiving payment2018-12-313,841,543
Number of terminated vested participants2018-12-3118
Fundng target for terminated vested participants2018-12-31640,737
Active participant vested funding target2018-12-311,604,174
Number of active participants2018-12-3124
Total funding liabilities for active participants2018-12-311,604,174
Total participant count2018-12-3177
Total funding target for all participants2018-12-316,086,454
Balance at beginning of prior year after applicable adjustments2018-12-310
Prefunding balance at beginning of prior year after applicable adjustments2018-12-31983,507
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 balance2018-12-31983,507
Present value of excess contributions2018-12-31193,377
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-12-31204,767
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 year2018-12-310
Balance of prefunding at beginning of current year2018-12-311,176,373
Total employer contributions2018-12-31200,000
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 date2018-12-31198,911
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 cost2018-12-310
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 year2018-12-31198,911
Unpaid minimum required contributions for current year2018-12-310
Unpaid minimum required contributions for all years2018-12-310
2017: BIDDEFORD SAVINGS BANK RETIREMENT PLAN 2017 401k membership
Market value of plan assets2017-12-317,387,613
Acturial value of plan assets2017-12-317,387,613
Funding target for retired participants and beneficiaries receiving payment2017-12-313,416,108
Number of terminated vested participants2017-12-3116
Fundng target for terminated vested participants2017-12-31546,168
Active participant vested funding target2017-12-311,764,597
Number of active participants2017-12-3126
Total funding liabilities for active participants2017-12-311,764,597
Total participant count2017-12-3177
Total funding target for all participants2017-12-315,726,873
Balance at beginning of prior year after applicable adjustments2017-12-310
Prefunding balance at beginning of prior year after applicable adjustments2017-12-31938,461
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 balance2017-12-310
Amount remaining of prefunding balance2017-12-31938,461
Present value of excess contributions2017-12-31192,650
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2017-12-31204,344
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 year2017-12-310
Balance of prefunding at beginning of current year2017-12-31983,507
Total employer contributions2017-12-31200,000
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 date2017-12-31193,377
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 cost2017-12-310
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 year2017-12-31193,377
Unpaid minimum required contributions for current year2017-12-310
Unpaid minimum required contributions for all years2017-12-310
2016: BIDDEFORD SAVINGS BANK RETIREMENT PLAN 2016 401k membership
Market value of plan assets2016-12-317,224,112
Acturial value of plan assets2016-12-317,224,112
Funding target for retired participants and beneficiaries receiving payment2016-12-312,967,716
Number of terminated vested participants2016-12-3116
Fundng target for terminated vested participants2016-12-31512,003
Active participant vested funding target2016-12-312,042,626
Number of active participants2016-12-3130
Total funding liabilities for active participants2016-12-312,042,626
Total participant count2016-12-3179
Total funding target for all participants2016-12-315,522,345
Balance at beginning of prior year after applicable adjustments2016-12-310
Prefunding balance at beginning of prior year after applicable adjustments2016-12-31929,537
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 balance2016-12-310
Amount remaining of prefunding balance2016-12-31929,537
Present value of excess contributions2016-12-31192,487
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2016-12-31204,556
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 year2016-12-310
Balance of prefunding at beginning of current year2016-12-31938,461
Total employer contributions2016-12-31200,000
Total employee contributions2016-12-310
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 date2016-12-31192,650
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 cost2016-12-310
Net shortfall amortization installment of oustanding balance2016-12-310
Waiver amortization installment2016-12-310
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 year2016-12-31192,650
Unpaid minimum required contributions for current year2016-12-310
Unpaid minimum required contributions for all years2016-12-310

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