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GENERAL BEARING CORPORATION PROFIT SHARING TRUST 401k Plan overview

Plan NameGENERAL BEARING CORPORATION PROFIT SHARING TRUST
Plan identification number 001

GENERAL BEARING CORPORATION PROFIT SHARING TRUST 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.
  • Participant-directed brokerage accounts provided as an investment option under the plan.
  • 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)).
  • Life insurance

401k Sponsoring company profile

GENERAL BEARING CORPORATION has sponsored the creation of one or more 401k plans.

Company Name:GENERAL BEARING CORPORATION
Employer identification number (EIN):132796245
NAIC Classification:332900

Additional information about GENERAL BEARING CORPORATION

Jurisdiction of Incorporation: State of Delaware Division of Corporations
Incorporation Date:
Company Identification Number: 2141132

More information about GENERAL BEARING CORPORATION

Form 5500 Filing Information

Submission information for form 5500 for 401k plan GENERAL BEARING CORPORATION PROFIT SHARING TRUST

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012018-01-01FRAN LAINO2019-08-01 ROCKY CAMBREA2019-08-01
0012017-01-01FRANCINE LAINO2018-08-20
0012016-01-01FRANCINE LAINO2017-08-21 ROCKY CAMBREA2017-08-21
0012015-01-01FRANCINE LAINO2016-09-09 ROCKY CAMBREA2016-09-09
0012014-01-01FRANCINE LAINO2015-07-09 ROCKY CAMBREA2015-07-09
0012013-01-01FRANCINE LAINO2014-09-11 ROCKY CAMBREA2014-09-11
0012012-01-01FRAN LAINO ROCKY CAMBREA2013-08-08
0012011-01-01FRAN LAINO
0012009-01-01FRAN LAINO FRAN LAINO2010-10-07

Plan Statistics for GENERAL BEARING CORPORATION PROFIT SHARING TRUST

401k plan membership statisitcs for GENERAL BEARING CORPORATION PROFIT SHARING TRUST

Measure Date Value
2012: GENERAL BEARING CORPORATION PROFIT SHARING TRUST 2012 401k membership
Total participants, beginning-of-year2012-01-0191
Total number of active participants reported on line 7a of the Form 55002012-01-0174
Number of retired or separated participants receiving benefits2012-01-013
Number of other retired or separated participants entitled to future benefits2012-01-0115
Total of all active and inactive participants2012-01-0192
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2012-01-010
Total participants2012-01-0192
Number of participants with account balances2012-01-0191
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2012-01-013
2011: GENERAL BEARING CORPORATION PROFIT SHARING TRUST 2011 401k membership
Total participants, beginning-of-year2011-01-0183
Total number of active participants reported on line 7a of the Form 55002011-01-0171
Number of retired or separated participants receiving benefits2011-01-013
Number of other retired or separated participants entitled to future benefits2011-01-0117
Total of all active and inactive participants2011-01-0191
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2011-01-010
Total participants2011-01-0191
Number of participants with account balances2011-01-0191
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2011-01-012
2009: GENERAL BEARING CORPORATION PROFIT SHARING TRUST 2009 401k membership
Total participants, beginning-of-year2009-01-01107
Total number of active participants reported on line 7a of the Form 55002009-01-0184
Number of retired or separated participants receiving benefits2009-01-011
Number of other retired or separated participants entitled to future benefits2009-01-0118
Total of all active and inactive participants2009-01-01103
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2009-01-010
Total participants2009-01-01103
Number of participants with account balances2009-01-0189
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2009-01-015

Financial Data on GENERAL BEARING CORPORATION PROFIT SHARING TRUST

Measure Date Value
2012 : GENERAL BEARING CORPORATION PROFIT SHARING TRUST 2012 401k financial data
Total income from all sources2012-12-31$2,186,927
Expenses. Total of all expenses incurred2012-12-31$949,467
Benefits paid (including direct rollovers)2012-12-31$948,957
Total plan assets at end of year2012-12-31$13,210,458
Total plan assets at beginning of year2012-12-31$11,972,998
Value of fidelity bond covering the plan2012-12-31$5,000,000
Total contributions received or receivable from participants2012-12-31$615,599
Expenses. Other expenses not covered elsewhere2012-12-31$260
Contributions received from other sources (not participants or employers)2012-12-31$0
Other income received2012-12-31$1,411,313
Net income (gross income less expenses)2012-12-31$1,237,460
Net plan assets at end of year (total assets less liabilities)2012-12-31$13,210,458
Net plan assets at beginning of year (total assets less liabilities)2012-12-31$11,972,998
Assets. Value of participant loans2012-12-31$52,460
Total contributions received or receivable from employer(s)2012-12-31$160,015
Value of certain deemed distributions of participant loans2012-12-31$0
Value of corrective distributions2012-12-31$0
Expenses. Administrative service providers (salaries,fees and commissions)2012-12-31$250
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2012-12-31$0
2011 : GENERAL BEARING CORPORATION PROFIT SHARING TRUST 2011 401k financial data
Total unrealized appreciation/depreciation of assets2011-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2011-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2011-12-31$0
Total income from all sources (including contributions)2011-12-31$565,867
Total loss/gain on sale of assets2011-12-31$8,303
Total of all expenses incurred2011-12-31$355,780
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2011-12-31$355,405
Total contributions o plan (from employers,participants, others, non cash contrinutions)2011-12-31$741,477
Value of total assets at end of year2011-12-31$11,972,998
Value of total assets at beginning of year2011-12-31$11,762,911
Total of administrative expenses incurred including professional, contract, advisory and management fees2011-12-31$375
Total interest from all sources2011-12-31$6,856
Total dividends received (eg from common stock, registered investment company shares)2011-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2011-12-31No
Was this plan covered by a fidelity bond2011-12-31Yes
Value of fidelity bond cover2011-12-31$500,000
If this is an individual account plan, was there a blackout period2011-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2011-12-31$0
Were there any nonexempt tranactions with any party-in-interest2011-12-31No
Contributions received from participants2011-12-31$587,387
Participant contributions at end of year2011-12-31$102,804
Participant contributions at beginning of year2011-12-31$190,782
Income. Received or receivable in cash from other sources (including rollovers)2011-12-31$0
Administrative expenses (other) incurred2011-12-31$0
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2011-12-31No
Value of net income/loss2011-12-31$210,087
Value of net assets at end of year (total assets less liabilities)2011-12-31$11,972,998
Value of net assets at beginning of year (total assets less liabilities)2011-12-31$11,762,911
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2011-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2011-12-31No
Were any leases to which the plan was party in default or uncollectible2011-12-31No
Investment advisory and management fees2011-12-31$0
Value of interest in pooled separate accounts at end of year2011-12-31$11,870,194
Value of interest in pooled separate accounts at beginning of year2011-12-31$7,980,310
Interest on participant loans2011-12-31$6,856
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year2011-12-31$3,591,819
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year2011-12-31$3,591,819
Expenses. Payments to insurance carriers foe the provision of benefits2011-12-31$2,135
Net investment gain/loss from pooled separate accounts2011-12-31$-190,769
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2011-12-31No
Was there a failure to transmit to the plan any participant contributions2011-12-31No
Has the plan failed to provide any benefit when due under the plan2011-12-31No
Contributions received in cash from employer2011-12-31$154,090
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2011-12-31$353,270
Contract administrator fees2011-12-31$375
Did the plan have assets held for investment2011-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2011-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2011-12-31No
Aggregate proceeds on sale of assets2011-12-31$856,657
Aggregate carrying amount (costs) on sale of assets2011-12-31$848,354
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2011-12-31Yes
Opinion of an independent qualified public accountant for this plan2011-12-31Disclaimer
Accountancy firm name2011-12-31UHY, LLP
Accountancy firm EIN2011-12-31200694403
2010 : GENERAL BEARING CORPORATION PROFIT SHARING TRUST 2010 401k financial data
Unrealized appreciation/depreciation of other (non real estate) assets2010-12-31$89
Total unrealized appreciation/depreciation of assets2010-12-31$89
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2010-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2010-12-31$0
Total income from all sources (including contributions)2010-12-31$1,944,281
Total loss/gain on sale of assets2010-12-31$8,281
Total of all expenses incurred2010-12-31$446,548
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2010-12-31$444,878
Expenses. Certain deemed distributions of participant loans2010-12-31$0
Value of total corrective distributions2010-12-31$0
Total contributions o plan (from employers,participants, others, non cash contrinutions)2010-12-31$768,296
Value of total assets at end of year2010-12-31$11,762,671
Value of total assets at beginning of year2010-12-31$10,264,936
Total of administrative expenses incurred including professional, contract, advisory and management fees2010-12-31$1,670
Total interest from all sources2010-12-31$10,848
Total dividends received (eg from common stock, registered investment company shares)2010-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2010-12-31No
Administrative expenses professional fees incurred2010-12-31$0
Was this plan covered by a fidelity bond2010-12-31Yes
Value of fidelity bond cover2010-12-31$500,000
If this is an individual account plan, was there a blackout period2010-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2010-12-31$0
Were there any nonexempt tranactions with any party-in-interest2010-12-31No
Contributions received from participants2010-12-31$538,882
Participant contributions at end of year2010-12-31$190,541
Participant contributions at beginning of year2010-12-31$197,013
Income. Received or receivable in cash from other sources (including rollovers)2010-12-31$130,561
Expenses. Other payments made (not to insurance carriers or or participants/beneficiaries)2010-12-31$0
Administrative expenses (other) incurred2010-12-31$0
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2010-12-31No
Value of net income/loss2010-12-31$1,497,733
Value of net assets at end of year (total assets less liabilities)2010-12-31$11,762,671
Value of net assets at beginning of year (total assets less liabilities)2010-12-31$10,264,936
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2010-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2010-12-31No
Were any leases to which the plan was party in default or uncollectible2010-12-31No
Investment advisory and management fees2010-12-31$0
Value of interest in pooled separate accounts at end of year2010-12-31$7,980,310
Value of interest in pooled separate accounts at beginning of year2010-12-31$6,123,729
Interest on participant loans2010-12-31$10,848
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year2010-12-31$3,591,820
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year2010-12-31$3,944,194
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year2010-12-31$3,944,194
Value of funds held in insurance company general accounts (unallocated contracts) at end of year2010-12-31$0
Value of funds held in insurance company general accounts (unallocated contracts) at beginning of year2010-12-31$0
Expenses. Payments to insurance carriers foe the provision of benefits2010-12-31$2,433
Net investment gain/loss from pooled separate accounts2010-12-31$1,156,767
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2010-12-31No
Was there a failure to transmit to the plan any participant contributions2010-12-31No
Has the plan failed to provide any benefit when due under the plan2010-12-31No
Contributions received in cash from employer2010-12-31$98,853
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2010-12-31$442,445
Contract administrator fees2010-12-31$1,670
Did the plan have assets held for investment2010-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2010-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2010-12-31No
Aggregate proceeds on sale of assets2010-12-31$855,984
Aggregate carrying amount (costs) on sale of assets2010-12-31$847,703
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2010-12-31Yes
Opinion of an independent qualified public accountant for this plan2010-12-31Disclaimer
Accountancy firm name2010-12-31UHY LLP
Accountancy firm EIN2010-12-31200694403
2009 : GENERAL BEARING CORPORATION PROFIT SHARING TRUST 2009 401k financial data
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2009-12-31$0

Form 5500 Responses for GENERAL BEARING CORPORATION PROFIT SHARING TRUST

2012: GENERAL BEARING CORPORATION PROFIT SHARING TRUST 2012 form 5500 responses
2012-01-01Type of plan entitySingle employer plan
2012-01-01Submission has been amendedNo
2012-01-01This submission is the final filingNo
2012-01-01This return/report is a short plan year return/report (less than 12 months)No
2012-01-01Plan is a collectively bargained planNo
2012-01-01Plan funding arrangement – InsuranceYes
2012-01-01Plan funding arrangement – TrustYes
2012-01-01Plan benefit arrangement – InsuranceYes
2012-01-01Plan benefit arrangement - TrustYes
2011: GENERAL BEARING CORPORATION PROFIT SHARING TRUST 2011 form 5500 responses
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 – InsuranceYes
2011-01-01Plan funding arrangement – TrustYes
2011-01-01Plan benefit arrangement – InsuranceYes
2011-01-01Plan benefit arrangement - TrustYes
2009: GENERAL BEARING CORPORATION PROFIT SHARING TRUST 2009 form 5500 responses
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 – InsuranceYes
2009-01-01Plan funding arrangement – TrustYes
2009-01-01Plan benefit arrangement – InsuranceYes
2009-01-01Plan benefit arrangement - TrustYes

Insurance Providers Used on plan

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 65935 )
Policy contract numberSF 7551
Policy instance 1
Insurance contract or identification numberSF 7551
Number of Individuals Covered92
Insurance policy start date2012-01-01
Insurance policy end date2012-12-31
Total amount of commissions paid to insurance brokerUSD $13,819
Total amount of fees paid to insurance companyUSD $0
Are there contracts with allocated funds for individual policies?No
Are there contracts with allocated funds for group deferred annuity?No
Are there contracts with allocated funds for types other than group deferred annuity or individual?No
Contract purchased, in whole or in part, to distribute benefits from a terminating planNo
Contracts With Unallocated Funds Deposit Administration0
Are there contracts with unallocated funds for contracts of type immediate participation guarantee?No
Are there contracts with unallocated funds for contracts of type guaranteed investment?No
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?Yes
Health Insurance Welfare BenefitNo
Dental Insurance Welfare BenefitNo
Vision Insurance Welfare BenefitNo
Life Insurance Welfare BenefitNo
Temporary Disability Insurance Welfare BenefitNo
Long Term Disability Insurance Welfare BenefitNo
Unemployment Insurance Welfare BenefitNo
Were dividends or retroactive rate refunds paid in cash?No
Were dividends or retroactive rate refunds paid as a credit?No
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
Commission paid to Insurance BrokerUSD $13,819
Insurance broker organization code?3
Insurance broker nameT & H BENEFTIS LLC
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 65935 )
Policy contract numberSF 7551
Policy instance 1
Insurance contract or identification numberSF 7551
Number of Individuals Covered109
Insurance policy start date2011-01-01
Insurance policy end date2011-12-31
Total amount of commissions paid to insurance brokerUSD $11,849
Total amount of fees paid to insurance companyUSD $0
Are there contracts with allocated funds for individual policies?No
Are there contracts with allocated funds for group deferred annuity?No
Are there contracts with allocated funds for types other than group deferred annuity or individual?No
Contract purchased, in whole or in part, to distribute benefits from a terminating planNo
Contracts With Unallocated Funds Deposit Administration0
Are there contracts with unallocated funds for contracts of type immediate participation guarantee?No
Are there contracts with unallocated funds for contracts of type guaranteed investment?No
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?Yes
Health Insurance Welfare BenefitNo
Dental Insurance Welfare BenefitNo
Vision Insurance Welfare BenefitNo
Life Insurance Welfare BenefitNo
Temporary Disability Insurance Welfare BenefitNo
Long Term Disability Insurance Welfare BenefitNo
Unemployment Insurance Welfare BenefitNo
Were dividends or retroactive rate refunds paid in cash?No
Were dividends or retroactive rate refunds paid as a credit?No
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 65935 )
Policy contract numberSF 7551
Policy instance 1
Insurance contract or identification numberSF 7551
Number of Individuals Covered101
Insurance policy start date2010-01-01
Insurance policy end date2010-12-31
Total amount of commissions paid to insurance brokerUSD $10,361
Total amount of fees paid to insurance companyUSD $0
Are there contracts with allocated funds for individual policies?No
Are there contracts with allocated funds for group deferred annuity?No
Are there contracts with allocated funds for types other than group deferred annuity or individual?No
Contract purchased, in whole or in part, to distribute benefits from a terminating planNo
Contracts With Unallocated Funds Deposit Administration0
Are there contracts with unallocated funds for contracts of type immediate participation guarantee?No
Are there contracts with unallocated funds for contracts of type guaranteed investment?No
Are there contracts with unallocated funds for contract types other than deposit administration, immediate participation guarantee or guaranteed investment?Yes
Health Insurance Welfare BenefitNo
Dental Insurance Welfare BenefitNo
Vision Insurance Welfare BenefitNo
Life Insurance Welfare BenefitNo
Temporary Disability Insurance Welfare BenefitNo
Long Term Disability Insurance Welfare BenefitNo
Unemployment Insurance Welfare BenefitNo
Were dividends or retroactive rate refunds paid in cash?No
Were dividends or retroactive rate refunds paid as a credit?No
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
Commission paid to Insurance BrokerUSD $10,361
Insurance broker organization code?3
Insurance broker nameT & H BENEFITS LLC

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