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GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN 401k Plan overview

Plan NameGATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN
Plan identification number 001

GATE CITY ELECTRIC 401(K) PROFIT SHARING 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.
  • 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.

401k Sponsoring company profile

GATE CITY ELECTRIC has sponsored the creation of one or more 401k plans.

Company Name:GATE CITY ELECTRIC
Employer identification number (EIN):201438577
NAIC Classification:238210
NAIC Description:Electrical Contractors and Other Wiring Installation Contractors

Form 5500 Filing Information

Submission information for form 5500 for 401k plan GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012023-01-01
0012022-01-01
0012021-01-01
0012020-01-01
0012019-01-01
0012018-01-01DONALD GINGRAS2019-07-15
0012017-01-01DONALD GINGRAS2018-06-28
0012016-01-01DONALD GINGRAS2017-07-26
0012015-01-01
0012014-01-01DONALD E. GINGRAS2015-04-09
0012013-01-01DONALD E. GINGRAS2014-07-15
0012012-01-01DONALD E. GINGRAS2013-02-13
0012011-01-01DONALD E. GINGRAS2012-04-24
0012010-01-01DONALD E. GINGRAS2011-06-21

Plan Statistics for GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN

401k plan membership statisitcs for GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN

Measure Date Value
2023: GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN 2023 401k membership
Total participants, beginning-of-year2023-01-0150
Total number of active participants reported on line 7a of the Form 55002023-01-0145
Number of retired or separated participants receiving benefits2023-01-010
Number of other retired or separated participants entitled to future benefits2023-01-018
Total of all active and inactive participants2023-01-0153
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2023-01-010
Total participants2023-01-0153
Number of participants with account balances2023-01-0130
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2023-01-010
2022: GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN 2022 401k membership
Total participants, beginning-of-year2022-01-0153
Total number of active participants reported on line 7a of the Form 55002022-01-0142
Number of retired or separated participants receiving benefits2022-01-010
Number of other retired or separated participants entitled to future benefits2022-01-018
Total of all active and inactive participants2022-01-0150
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2022-01-010
Total participants2022-01-0150
Number of participants with account balances2022-01-0131
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2022-01-010
2021: GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN 2021 401k membership
Total participants, beginning-of-year2021-01-0151
Total number of active participants reported on line 7a of the Form 55002021-01-0144
Number of retired or separated participants receiving benefits2021-01-010
Number of other retired or separated participants entitled to future benefits2021-01-019
Total of all active and inactive participants2021-01-0153
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2021-01-010
Total participants2021-01-0153
Number of participants with account balances2021-01-0134
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2021-01-010
2020: GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN 2020 401k membership
Total participants, beginning-of-year2020-01-0152
Total number of active participants reported on line 7a of the Form 55002020-01-0144
Number of retired or separated participants receiving benefits2020-01-010
Number of other retired or separated participants entitled to future benefits2020-01-017
Total of all active and inactive participants2020-01-0151
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2020-01-010
Total participants2020-01-0151
Number of participants with account balances2020-01-0130
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2020-01-010
2019: GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN 2019 401k membership
Total participants, beginning-of-year2019-01-0152
Total number of active participants reported on line 7a of the Form 55002019-01-0143
Number of retired or separated participants receiving benefits2019-01-010
Number of other retired or separated participants entitled to future benefits2019-01-019
Total of all active and inactive participants2019-01-0152
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2019-01-010
Total participants2019-01-0152
Number of participants with account balances2019-01-0130
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2019-01-010

Financial Data on GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN

Measure Date Value
2023 : GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN 2023 401k financial data
Transfers to/from the plan2023-12-31$0
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$758,860
Expenses. Total of all expenses incurred2023-12-31$561,826
Benefits paid (including direct rollovers)2023-12-31$547,441
Total plan assets at end of year2023-12-31$2,860,170
Total plan assets at beginning of year2023-12-31$2,663,136
Value of fidelity bond covering the plan2023-12-31$300,000
Assets. Value of tangible personal property2023-12-31$0
Total contributions received or receivable from participants2023-12-31$233,636
Assets. Value of loans (other than to participants)2023-12-31$0
Expenses. Other expenses not covered elsewhere2023-12-31$0
Contributions received from other sources (not participants or employers)2023-12-31$0
Other income received2023-12-31$426,597
Noncash contributions received2023-12-31$0
Net income (gross income less expenses)2023-12-31$197,034
Net plan assets at end of year (total assets less liabilities)2023-12-31$2,860,170
Net plan assets at beginning of year (total assets less liabilities)2023-12-31$2,663,136
Assets. Value of participant loans2023-12-31$0
Assets. Value of assets in partnership/joint-venture interests2023-12-31$0
Assets. Value of real-estate (other than employer real property)2023-12-31$0
Value of participant contributions where there was a failure to transmit these to the plan within the time period described in 29 CFR 2510.3-1022023-12-31$0
Assets. Value of employer securities2023-12-31$0
Assets. Value of employer real property2023-12-31$0
Total contributions received or receivable from employer(s)2023-12-31$98,627
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$14,385
2022 : GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN 2022 401k financial data
Transfers to/from the plan2022-12-31$0
Total plan liabilities at end of year2022-12-31$0
Total plan liabilities at beginning of year2022-12-31$0
Total income from all sources2022-12-31$-231,027
Expenses. Total of all expenses incurred2022-12-31$282,284
Benefits paid (including direct rollovers)2022-12-31$267,591
Total plan assets at end of year2022-12-31$2,663,136
Total plan assets at beginning of year2022-12-31$3,176,447
Value of fidelity bond covering the plan2022-12-31$250,000
Assets. Value of tangible personal property2022-12-31$0
Total contributions received or receivable from participants2022-12-31$214,449
Assets. Value of loans (other than to participants)2022-12-31$0
Expenses. Other expenses not covered elsewhere2022-12-31$0
Contributions received from other sources (not participants or employers)2022-12-31$0
Other income received2022-12-31$-538,528
Noncash contributions received2022-12-31$0
Net income (gross income less expenses)2022-12-31$-513,311
Net plan assets at end of year (total assets less liabilities)2022-12-31$2,663,136
Net plan assets at beginning of year (total assets less liabilities)2022-12-31$3,176,447
Assets. Value of participant loans2022-12-31$0
Assets. Value of assets in partnership/joint-venture interests2022-12-31$0
Assets. Value of real-estate (other than employer real property)2022-12-31$0
Value of participant contributions where there was a failure to transmit these to the plan within the time period described in 29 CFR 2510.3-1022022-12-31$0
Assets. Value of employer securities2022-12-31$0
Assets. Value of employer real property2022-12-31$0
Total contributions received or receivable from employer(s)2022-12-31$93,052
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$14,693
2021 : GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN 2021 401k financial data
Transfers to/from the plan2021-12-31$0
Total plan liabilities at end of year2021-12-31$0
Total plan liabilities at beginning of year2021-12-31$0
Total income from all sources2021-12-31$640,194
Expenses. Total of all expenses incurred2021-12-31$82,892
Benefits paid (including direct rollovers)2021-12-31$68,448
Total plan assets at end of year2021-12-31$3,176,447
Total plan assets at beginning of year2021-12-31$2,619,145
Value of fidelity bond covering the plan2021-12-31$250,000
Assets. Value of tangible personal property2021-12-31$0
Total contributions received or receivable from participants2021-12-31$197,214
Assets. Value of loans (other than to participants)2021-12-31$0
Expenses. Other expenses not covered elsewhere2021-12-31$0
Contributions received from other sources (not participants or employers)2021-12-31$0
Other income received2021-12-31$356,431
Noncash contributions received2021-12-31$0
Net income (gross income less expenses)2021-12-31$557,302
Net plan assets at end of year (total assets less liabilities)2021-12-31$3,176,447
Net plan assets at beginning of year (total assets less liabilities)2021-12-31$2,619,145
Assets. Value of participant loans2021-12-31$0
Assets. Value of assets in partnership/joint-venture interests2021-12-31$0
Assets. Value of real-estate (other than employer real property)2021-12-31$0
Value of participant contributions where there was a failure to transmit these to the plan within the time period described in 29 CFR 2510.3-1022021-12-31$0
Assets. Value of employer securities2021-12-31$0
Assets. Value of employer real property2021-12-31$0
Total contributions received or receivable from employer(s)2021-12-31$86,549
Value of certain deemed distributions of participant loans2021-12-31$0
Value of corrective distributions2021-12-31$0
Expenses. Administrative service providers (salaries,fees and commissions)2021-12-31$14,444
2020 : GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN 2020 401k financial data
Transfers to/from the plan2020-12-31$0
Total plan liabilities at end of year2020-12-31$0
Total plan liabilities at beginning of year2020-12-31$0
Total income from all sources2020-12-31$698,878
Expenses. Total of all expenses incurred2020-12-31$105,138
Benefits paid (including direct rollovers)2020-12-31$95,494
Total plan assets at end of year2020-12-31$2,619,145
Total plan assets at beginning of year2020-12-31$2,025,405
Value of fidelity bond covering the plan2020-12-31$250,000
Assets. Value of tangible personal property2020-12-31$0
Total contributions received or receivable from participants2020-12-31$177,298
Assets. Value of loans (other than to participants)2020-12-31$0
Expenses. Other expenses not covered elsewhere2020-12-31$0
Contributions received from other sources (not participants or employers)2020-12-31$69,325
Other income received2020-12-31$372,160
Noncash contributions received2020-12-31$0
Net income (gross income less expenses)2020-12-31$593,740
Net plan assets at end of year (total assets less liabilities)2020-12-31$2,619,145
Net plan assets at beginning of year (total assets less liabilities)2020-12-31$2,025,405
Assets. Value of participant loans2020-12-31$0
Assets. Value of assets in partnership/joint-venture interests2020-12-31$0
Assets. Value of real-estate (other than employer real property)2020-12-31$0
Value of participant contributions where there was a failure to transmit these to the plan within the time period described in 29 CFR 2510.3-1022020-12-31$0
Assets. Value of employer securities2020-12-31$0
Assets. Value of employer real property2020-12-31$0
Total contributions received or receivable from employer(s)2020-12-31$80,095
Value of certain deemed distributions of participant loans2020-12-31$0
Value of corrective distributions2020-12-31$0
Expenses. Administrative service providers (salaries,fees and commissions)2020-12-31$9,644
2019 : GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN 2019 401k financial data
Transfers to/from the plan2019-12-31$0
Total plan liabilities at end of year2019-12-31$0
Total plan liabilities at beginning of year2019-12-31$0
Total income from all sources2019-12-31$542,336
Expenses. Total of all expenses incurred2019-12-31$130,849
Benefits paid (including direct rollovers)2019-12-31$130,299
Total plan assets at end of year2019-12-31$2,025,405
Total plan assets at beginning of year2019-12-31$1,613,918
Value of fidelity bond covering the plan2019-12-31$200,000
Total contributions received or receivable from participants2019-12-31$174,836
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$285,589
Noncash contributions received2019-12-31$0
Net income (gross income less expenses)2019-12-31$411,487
Net plan assets at end of year (total assets less liabilities)2019-12-31$2,025,405
Net plan assets at beginning of year (total assets less liabilities)2019-12-31$1,613,918
Total contributions received or receivable from employer(s)2019-12-31$81,911
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$550

Form 5500 Responses for GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN

2023: GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN 2023 form 5500 responses
2023-01-01Type of plan entitySingle employer plan
2023-01-01This submission is the final filingNo
2023-01-01Plan is a collectively bargained planNo
2023-01-01Plan funding arrangement – TrustYes
2023-01-01Plan benefit arrangement - TrustYes
2022: GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN 2022 form 5500 responses
2022-01-01Type of plan entitySingle employer plan
2022-01-01This submission is the final filingNo
2022-01-01Plan is a collectively bargained planNo
2022-01-01Plan funding arrangement – TrustYes
2022-01-01Plan benefit arrangement - TrustYes
2021: GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN 2021 form 5500 responses
2021-01-01Type of plan entitySingle employer plan
2021-01-01Submission has been amendedNo
2021-01-01This submission is the final filingNo
2021-01-01This return/report is a short plan year return/report (less than 12 months)No
2021-01-01Plan is a collectively bargained planNo
2021-01-01Plan funding arrangement – TrustYes
2021-01-01Plan benefit arrangement - TrustYes
2020: GATE CITY ELECTRIC 401(K) PROFIT SHARING PLAN 2020 form 5500 responses
2020-01-01Type of plan entitySingle employer plan
2020-01-01This submission is the final filingNo
2020-01-01Plan is a collectively bargained planNo
2020-01-01Plan funding arrangement – TrustYes
2020-01-01Plan benefit arrangement - TrustYes
2019: GATE CITY ELECTRIC 401(K) PROFIT SHARING 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 – InsuranceYes
2019-01-01Plan funding arrangement – TrustYes
2019-01-01Plan benefit arrangement – InsuranceYes
2019-01-01Plan benefit arrangement - TrustYes

Insurance Providers Used on plan

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY (National Association of Insurance Commissioners NAIC id number: 65935 )
Policy contract numberGA-837284
Policy instance 1
Insurance contract or identification numberGA-837284
Number of Individuals Covered0
Insurance policy start date2019-01-01
Insurance policy end date2019-12-31
Are there contracts with allocated funds for individual policies?0
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?No
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 $0
Amount paid for insurance broker fees0

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