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SOUTH CAROLINA BANKERS EMPLOYEE BENEFIT TRUST 401k Plan overview

Plan NameSOUTH CAROLINA BANKERS EMPLOYEE BENEFIT TRUST
Plan identification number 501

SOUTH CAROLINA BANKERS EMPLOYEE BENEFIT TRUST Benefits

401k Plan TypeWelfare Benefit
Plan Features/Benefits
  • Health (other than dental or vision)
  • Vision
  • Unfunded, fully insured, or combination unfunded/insured welfare plan that will not file a Form 5500 for next plan year pursuant to 29 CFR 2520.104-20.

401k Sponsoring company profile

SOUTH ATLANTIC BANK has sponsored the creation of one or more 401k plans.

Company Name:SOUTH ATLANTIC BANK
Employer identification number (EIN):261366826
NAIC Classification:522110
NAIC Description:Commercial Banking

Form 5500 Filing Information

Submission information for form 5500 for 401k plan SOUTH CAROLINA BANKERS EMPLOYEE BENEFIT TRUST

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
5012023-01-01WILLIAM T. POUNCEY2024-09-03
5012022-01-01CARRIE HARRIS2023-09-29
5012021-01-01
5012020-01-01
5012019-01-01
5012018-01-01
5012017-01-01
5012016-01-01
5012015-01-01
5012014-01-01
5012013-01-01RICHARD BURCH2014-07-23
5012012-01-01RICHARD BURCH2013-07-25
5012011-01-01RICHARD BURCH2012-07-11
5012010-01-01RICHARD BURCH2011-08-18

Plan Statistics for SOUTH CAROLINA BANKERS EMPLOYEE BENEFIT TRUST

401k plan membership statisitcs for SOUTH CAROLINA BANKERS EMPLOYEE BENEFIT TRUST

Measure Date Value
2023: SOUTH CAROLINA BANKERS EMPLOYEE BENEFIT TRUST 2023 401k membership
Total participants, beginning-of-year2023-01-01118
Total number of active participants reported on line 7a of the Form 55002023-01-01135
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 participants2023-01-01135
2022: SOUTH CAROLINA BANKERS EMPLOYEE BENEFIT TRUST 2022 401k membership
Total participants, beginning-of-year2022-01-01124
Total number of active participants reported on line 7a of the Form 55002022-01-01118
Total of all active and inactive participants2022-01-01118

Financial Data on SOUTH CAROLINA BANKERS EMPLOYEE BENEFIT TRUST

Measure Date Value
2023 : SOUTH CAROLINA BANKERS EMPLOYEE BENEFIT TRUST 2023 401k financial data
Unrealized appreciation/depreciation of other (non real estate) assets2023-12-31$587
Total unrealized appreciation/depreciation of assets2023-12-31$587
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2023-12-31$112,647
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2023-12-31$99,920
Total income from all sources (including contributions)2023-12-31$1,392,958
Total of all expenses incurred2023-12-31$1,601,600
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2023-12-31$1,508,726
Total contributions o plan (from employers,participants, others, non cash contrinutions)2023-12-31$1,322,737
Value of total assets at end of year2023-12-31$437,552
Value of total assets at beginning of year2023-12-31$633,467
Total of administrative expenses incurred including professional, contract, advisory and management fees2023-12-31$92,874
Total interest from all sources2023-12-31$9,614
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2023-12-31No
Was this plan covered by a fidelity bond2023-12-31Yes
Value of fidelity bond cover2023-12-31$500,000
If this is an individual account plan, was there a blackout period2023-12-31No
Were there any nonexempt tranactions with any party-in-interest2023-12-31No
Value of other receiveables (less allowance for doubtful accounts) at end of year2023-12-31$55,017
Value of other receiveables (less allowance for doubtful accounts) at beginning of year2023-12-31$37,111
Other income not declared elsewhere2023-12-31$60,020
Administrative expenses (other) incurred2023-12-31$7,936
Liabilities. Value of operating payables at end of year2023-12-31$381
Liabilities. Value of operating payables at beginning of year2023-12-31$568
Total non interest bearing cash at end of year2023-12-31$4,744
Total non interest bearing cash at beginning of year2023-12-31$5,914
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2023-12-31No
Value of net income/loss2023-12-31$-208,642
Value of net assets at end of year (total assets less liabilities)2023-12-31$324,905
Value of net assets at beginning of year (total assets less liabilities)2023-12-31$533,547
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2023-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2023-12-31No
Were any leases to which the plan was party in default or uncollectible2023-12-31No
Income. Interest from US Government securities2023-12-31$523
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year2023-12-31$353,378
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year2023-12-31$568,434
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year2023-12-31$568,434
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2023-12-31$9,091
Expenses. Payments to insurance carriers foe the provision of benefits2023-12-31$130,974
Asset value of US Government securities at end of year2023-12-31$24,413
Asset value of US Government securities at beginning of year2023-12-31$22,008
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2023-12-31No
Was there a failure to transmit to the plan any participant contributions2023-12-31No
Has the plan failed to provide any benefit when due under the plan2023-12-31No
Contributions received in cash from employer2023-12-31$1,322,737
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2023-12-31$1,377,752
Contract administrator fees2023-12-31$73,780
Liabilities. Value of benefit claims payable at end of year2023-12-31$112,266
Liabilities. Value of benefit claims payable at beginning of year2023-12-31$99,352
Did the plan have assets held for investment2023-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2023-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2023-12-31No
Opinion of an independent qualified public accountant for this plan2023-12-31Unqualified
Accountancy firm name2023-12-31SCOTT AND COMPANY, LLC
Accountancy firm EIN2023-12-31571021392
2022 : SOUTH CAROLINA BANKERS EMPLOYEE BENEFIT TRUST 2022 401k financial data
Unrealized appreciation/depreciation of other (non real estate) assets2022-12-31$-721
Total unrealized appreciation/depreciation of assets2022-12-31$-721
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2022-12-31$99,920
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2022-12-31$88,922
Total income from all sources (including contributions)2022-12-31$1,168,743
Total of all expenses incurred2022-12-31$1,187,711
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2022-12-31$1,066,578
Total contributions o plan (from employers,participants, others, non cash contrinutions)2022-12-31$1,159,219
Value of total assets at end of year2022-12-31$633,467
Value of total assets at beginning of year2022-12-31$641,437
Total of administrative expenses incurred including professional, contract, advisory and management fees2022-12-31$121,133
Total interest from all sources2022-12-31$3,543
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2022-12-31No
Administrative expenses professional fees incurred2022-12-31$3,049
Was this plan covered by a fidelity bond2022-12-31Yes
Value of fidelity bond cover2022-12-31$500,000
Were there any nonexempt tranactions with any party-in-interest2022-12-31No
Value of other receiveables (less allowance for doubtful accounts) at end of year2022-12-31$37,111
Value of other receiveables (less allowance for doubtful accounts) at beginning of year2022-12-31$34,022
Other income not declared elsewhere2022-12-31$6,702
Administrative expenses (other) incurred2022-12-31$52,602
Liabilities. Value of operating payables at end of year2022-12-31$568
Liabilities. Value of operating payables at beginning of year2022-12-31$614
Total non interest bearing cash at end of year2022-12-31$5,914
Total non interest bearing cash at beginning of year2022-12-31$3,163
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2022-12-31No
Value of net income/loss2022-12-31$-18,968
Value of net assets at end of year (total assets less liabilities)2022-12-31$533,547
Value of net assets at beginning of year (total assets less liabilities)2022-12-31$552,515
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2022-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2022-12-31No
Were any leases to which the plan was party in default or uncollectible2022-12-31No
Income. Interest from US Government securities2022-12-31$354
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year2022-12-31$568,434
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year2022-12-31$604,252
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year2022-12-31$604,252
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2022-12-31$3,189
Expenses. Payments to insurance carriers foe the provision of benefits2022-12-31$111,264
Asset value of US Government securities at end of year2022-12-31$22,008
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2022-12-31No
Was there a failure to transmit to the plan any participant contributions2022-12-31No
Has the plan failed to provide any benefit when due under the plan2022-12-31No
Contributions received in cash from employer2022-12-31$1,159,219
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2022-12-31$955,314
Contract administrator fees2022-12-31$65,482
Liabilities. Value of benefit claims payable at end of year2022-12-31$99,352
Liabilities. Value of benefit claims payable at beginning of year2022-12-31$88,308
Did the plan have assets held for investment2022-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2022-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2022-12-31No
Opinion of an independent qualified public accountant for this plan2022-12-31Unqualified
Accountancy firm name2022-12-31J. W. HUNT AND COMPANY, LLP
Accountancy firm EIN2022-12-31570138290

Form 5500 Responses for SOUTH CAROLINA BANKERS EMPLOYEE BENEFIT TRUST

2023: SOUTH CAROLINA BANKERS EMPLOYEE BENEFIT TRUST 2023 form 5500 responses
2023-01-01Type of plan entitySingle employer plan
2023-01-01This submission is the final filingYes
2023-01-01Plan funding arrangement – InsuranceYes
2023-01-01Plan funding arrangement – TrustYes
2023-01-01Plan benefit arrangement – InsuranceYes
2023-01-01Plan benefit arrangement - TrustYes
2022: SOUTH CAROLINA BANKERS EMPLOYEE BENEFIT TRUST 2022 form 5500 responses
2022-01-01Type of plan entitySingle employer plan
2022-01-01Plan funding arrangement – InsuranceYes
2022-01-01Plan funding arrangement – TrustYes
2022-01-01Plan benefit arrangement – InsuranceYes
2022-01-01Plan benefit arrangement - TrustYes

Insurance Providers Used on plan

BLUE CROSS BLUE SHIELD OF SOUTH CAROLINA (National Association of Insurance Commissioners NAIC id number: 38520 )
Policy contract number71-85417-37
Policy instance 1
Insurance contract or identification number71-85417-37
Number of Individuals Covered66
Insurance policy start date2023-01-01
Insurance policy end date2023-12-31
Health Insurance Welfare BenefitYes
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
BLUE CROSS BLUE SHIELD OF SOUTH CAROLINA (National Association of Insurance Commissioners NAIC id number: 38520 )
Policy contract number71-85418-37
Policy instance 2
Insurance contract or identification number71-85418-37
Number of Individuals Covered61
Insurance policy start date2023-01-01
Insurance policy end date2023-12-31
Health Insurance Welfare BenefitYes
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
BLUE CROSS BLUE SHIELD OF SOUTH CAROLINA (National Association of Insurance Commissioners NAIC id number: 38520 )
Policy contract number71-85419-37
Policy instance 3
Insurance contract or identification number71-85419-37
Number of Individuals Covered8
Insurance policy start date2023-01-01
Insurance policy end date2023-12-31
Health Insurance Welfare BenefitYes
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
DELTA DENTAL OF MISSOURI (National Association of Insurance Commissioners NAIC id number: 55697 )
Policy contract number22010061
Policy instance 4
Insurance contract or identification number22010061
Number of Individuals Covered231
Insurance policy start date2023-01-01
Insurance policy end date2023-12-31
Total amount of commissions paid to insurance brokerUSD $1,615
Vision Insurance Welfare BenefitYes
Welfare Benefit Premiums Paid to CarrierUSD $17,790
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
BLUE CROSS BLUE SHIELD OF SOUTH CAROLINA (National Association of Insurance Commissioners NAIC id number: 38520 )
Policy contract number71-85417-37
Policy instance 1
Insurance contract or identification number71-85417-37
Number of Individuals Covered57
Insurance policy start date2022-01-01
Insurance policy end date2022-12-31
Total amount of commissions paid to insurance brokerUSD $0
Total amount of fees paid to insurance companyUSD $0
Health Insurance Welfare BenefitYes
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
BLUE CROSS BLUE SHIELD OF SOUTH CAROLINA (National Association of Insurance Commissioners NAIC id number: 38520 )
Policy contract number71-85418-37
Policy instance 2
Insurance contract or identification number71-85418-37
Number of Individuals Covered52
Insurance policy start date2022-01-01
Insurance policy end date2022-12-31
Total amount of commissions paid to insurance brokerUSD $0
Total amount of fees paid to insurance companyUSD $0
Health Insurance Welfare BenefitYes
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
BLUE CROSS BLUE SHIELD OF SOUTH CAROLINA (National Association of Insurance Commissioners NAIC id number: 38520 )
Policy contract number71-85419-37
Policy instance 3
Insurance contract or identification number71-85419-37
Number of Individuals Covered9
Insurance policy start date2022-01-01
Insurance policy end date2022-12-31
Total amount of commissions paid to insurance brokerUSD $0
Total amount of fees paid to insurance companyUSD $0
Health Insurance Welfare BenefitYes
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
DELTA DENTAL OF MISSOURI (National Association of Insurance Commissioners NAIC id number: 55697 )
Policy contract number22010061
Policy instance 4
Insurance contract or identification number22010061
Number of Individuals Covered201
Insurance policy start date2022-01-01
Insurance policy end date2022-12-31
Total amount of commissions paid to insurance brokerUSD $1,077
Total amount of fees paid to insurance companyUSD $0
Vision Insurance Welfare BenefitYes
Welfare Benefit Premiums Paid to CarrierUSD $16,018
Did the insurance company fail to provide any information necessary to complete Schedule A of form 5500?No
Commission paid to Insurance BrokerUSD $862
Insurance broker organization code?3

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