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BIDDEFORD SAVINGS BANK 401(K) SAVINGS PLAN 401k Plan overview

Plan NameBIDDEFORD SAVINGS BANK 401(K) SAVINGS PLAN
Plan identification number 002

BIDDEFORD SAVINGS BANK 401(K) SAVINGS 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.
  • 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.

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

Form 5500 Filing Information

Submission information for form 5500 for 401k plan BIDDEFORD SAVINGS BANK 401(K) SAVINGS PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0022017-01-01DALE HUOT2017-06-14
0022016-01-01DALE HUOT2017-06-15
0022015-01-01DALE HUOT2016-06-09
0022013-01-01DALE HUOT2014-08-20 DALE HUOT2014-08-20
0022012-01-01DALE HUOT2013-06-24 DALE HUOT2013-06-24
0022011-01-01DALE HUOT
0022009-01-01DALE HUOT DALE HUOT2010-08-05

Plan Statistics for BIDDEFORD SAVINGS BANK 401(K) SAVINGS PLAN

401k plan membership statisitcs for BIDDEFORD SAVINGS BANK 401(K) SAVINGS PLAN

Measure Date Value
2011
Total participants, beginning-of-year2011-01-0167
Total number of active participants reported on line 7a of the Form 55002011-01-0161
Number of retired or separated participants receiving benefits2011-01-010
Number of other retired or separated participants entitled to future benefits2011-01-019
Total of all active and inactive participants2011-01-0170
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2011-01-010
Total participants2011-01-0170
Number of participants with account balances2011-01-0162
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2011-01-010
2009
Total participants, beginning-of-year2009-01-0165
Total number of active participants reported on line 7a of the Form 55002009-01-0159
Number of retired or separated participants receiving benefits2009-01-011
Number of other retired or separated participants entitled to future benefits2009-01-018
Total of all active and inactive participants2009-01-0168
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2009-01-010
Total participants2009-01-0168
Number of participants with account balances2009-01-0161
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2009-01-010

Financial Data on BIDDEFORD SAVINGS BANK 401(K) SAVINGS PLAN

Measure Date Value
2011
Total income from all sources2011-12-31$393,181
Expenses. Total of all expenses incurred2011-12-31$531,260
Benefits paid (including direct rollovers)2011-12-31$525,007
Total plan assets at end of year2011-12-31$3,364,436
Total plan assets at beginning of year2011-12-31$3,502,515
Value of fidelity bond covering the plan2011-12-31$5,000,000
Total contributions received or receivable from participants2011-12-31$269,234
Expenses. Other expenses not covered elsewhere2011-12-31$180
Contributions received from other sources (not participants or employers)2011-12-31$5,173
Other income received2011-12-31$9,007
Net income (gross income less expenses)2011-12-31$-138,079
Net plan assets at end of year (total assets less liabilities)2011-12-31$3,364,436
Net plan assets at beginning of year (total assets less liabilities)2011-12-31$3,502,515
Assets. Value of participant loans2011-12-31$17,138
Total contributions received or receivable from employer(s)2011-12-31$109,767
Expenses. Administrative service providers (salaries,fees and commissions)2011-12-31$6,073
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2011-12-31$0
2010
Total income from all sources2010-12-31$696,801
Expenses. Total of all expenses incurred2010-12-31$66,559
Benefits paid (including direct rollovers)2010-12-31$60,425
Total plan assets at end of year2010-12-31$3,502,515
Total plan assets at beginning of year2010-12-31$2,872,273
Value of fidelity bond covering the plan2010-12-31$5,000,000
Total contributions received or receivable from participants2010-12-31$226,275
Expenses. Other expenses not covered elsewhere2010-12-31$720
Contributions received from other sources (not participants or employers)2010-12-31$21,858
Other income received2010-12-31$344,568
Net income (gross income less expenses)2010-12-31$630,242
Net plan assets at end of year (total assets less liabilities)2010-12-31$3,502,515
Net plan assets at beginning of year (total assets less liabilities)2010-12-31$2,872,273
Assets. Value of participant loans2010-12-31$31,165
Total contributions received or receivable from employer(s)2010-12-31$104,100
Expenses. Administrative service providers (salaries,fees and commissions)2010-12-31$5,414
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2010-12-31$0
2009
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2009-12-31$0

Form 5500 Responses

2011
2011-01-01Type of plan entitySingle employer plan
2011-01-01Submission has been amendedNo
2011-01-01This submission is the final filingNo
2011-01-01This return/report is a short plan year return/report (less than 12 months)No
2011-01-01Plan is a collectively bargained planNo
2011-01-01Plan funding arrangement – TrustYes
2011-01-01Plan benefit arrangement - TrustYes
2009
2009-01-01Type of plan entitySingle employer plan
2009-01-01Submission has been amendedNo
2009-01-01This submission is the final filingNo
2009-01-01This return/report is a short plan year return/report (less than 12 months)No
2009-01-01Plan is a collectively bargained planNo
2009-01-01Plan funding arrangement – TrustYes
2009-01-01Plan benefit arrangement - TrustYes

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