401k Plan data: DRAKE BURCHETT 401(K) PLAN plan

DRAKE BURCHETT 401(K) PLAN 401k Plan overview

Plan Name	DRAKE BURCHETT 401(K) PLAN
Plan identification number	002

DRAKE BURCHETT 401(K) PLAN Benefits

401k Plan Type

Defined 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.
Plan provides for automatic enrollment in plan that has employee contributions deducted from payroll.
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

DRAKE BURCHETT TAX & ACCOUNTING, INC. has sponsored the creation of one or more 401k plans.

Company Name: DRAKE BURCHETT TAX & ACCOUNTING, INC.

Employer identification number (EIN): 472549510

NAIC Classification: 541213
NAIC Description: Tax Preparation Services

Form 5500 Filing Information

Submission information for form 5500 for 401k plan DRAKE BURCHETT 401(K) PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator Signed Name of Company Sponsor Date Sponsor Signed
002 2023-01-01
002 2022-01-01
002 2021-01-01

Plan Statistics for DRAKE BURCHETT 401(K) PLAN

401k plan membership statisitcs for DRAKE BURCHETT 401(K) PLAN

Measure Date Value
2023: DRAKE BURCHETT 401(K) PLAN 2023 401k membership
Total participants, beginning-of-year 2023-01-01 2
Total number of active participants reported on line 7a of the Form 5500 2023-01-01 3
Number of retired or separated participants receiving benefits 2023-01-01 0
Number of other retired or separated participants entitled to future benefits 2023-01-01 0
Total of all active and inactive participants 2023-01-01 3
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits 2023-01-01 0
Total participants 2023-01-01 3
Number of participants with account balances 2023-01-01 1
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 2023-01-01 0
2022: DRAKE BURCHETT 401(K) PLAN 2022 401k membership
Total participants, beginning-of-year 2022-01-01 2
Total number of active participants reported on line 7a of the Form 5500 2022-01-01 2
Number of retired or separated participants receiving benefits 2022-01-01 0
Number of other retired or separated participants entitled to future benefits 2022-01-01 0
Total of all active and inactive participants 2022-01-01 2
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits 2022-01-01 0
Total participants 2022-01-01 2
Number of participants with account balances 2022-01-01 1
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 2022-01-01 0
2021: DRAKE BURCHETT 401(K) PLAN 2021 401k membership
Total participants, beginning-of-year 2021-01-01 0
Total number of active participants reported on line 7a of the Form 5500 2021-01-01 2
Number of retired or separated participants receiving benefits 2021-01-01 0
Number of other retired or separated participants entitled to future benefits 2021-01-01 0
Total of all active and inactive participants 2021-01-01 2
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits 2021-01-01 0
Total participants 2021-01-01 2
Number of participants with account balances 2021-01-01 1
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 2021-01-01 0

Measure	Date	Value
2023: DRAKE BURCHETT 401(K) PLAN 2023 401k membership
Total participants, beginning-of-year	2023-01-01	2
Total number of active participants reported on line 7a of the Form 5500	2023-01-01	3
Number of retired or separated participants receiving benefits	2023-01-01	0
Number of other retired or separated participants entitled to future benefits	2023-01-01	0
Total of all active and inactive participants	2023-01-01	3
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits	2023-01-01	0
Total participants	2023-01-01	3
Number of participants with account balances	2023-01-01	1
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested	2023-01-01	0
2022: DRAKE BURCHETT 401(K) PLAN 2022 401k membership
Total participants, beginning-of-year	2022-01-01	2
Total number of active participants reported on line 7a of the Form 5500	2022-01-01	2
Number of retired or separated participants receiving benefits	2022-01-01	0
Number of other retired or separated participants entitled to future benefits	2022-01-01	0
Total of all active and inactive participants	2022-01-01	2
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits	2022-01-01	0
Total participants	2022-01-01	2
Number of participants with account balances	2022-01-01	1
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested	2022-01-01	0
2021: DRAKE BURCHETT 401(K) PLAN 2021 401k membership
Total participants, beginning-of-year	2021-01-01	0
Total number of active participants reported on line 7a of the Form 5500	2021-01-01	2
Number of retired or separated participants receiving benefits	2021-01-01	0
Number of other retired or separated participants entitled to future benefits	2021-01-01	0
Total of all active and inactive participants	2021-01-01	2
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits	2021-01-01	0
Total participants	2021-01-01	2
Number of participants with account balances	2021-01-01	1
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested	2021-01-01	0

Financial Data on DRAKE BURCHETT 401(K) PLAN

Measure	Date	Value
2023 : DRAKE BURCHETT 401(K) PLAN 2023 401k financial data
Total income from all sources	2023-12-31	$21,177
Expenses. Total of all expenses incurred	2023-12-31	$241
Total plan assets at end of year	2023-12-31	$255,770
Total plan assets at beginning of year	2023-12-31	$234,834
Value of fidelity bond covering the plan	2023-12-31	$23,500
Total contributions received or receivable from participants	2023-12-31	$2,746
Other income received	2023-12-31	$16,234
Net income (gross income less expenses)	2023-12-31	$20,936
Net plan assets at end of year (total assets less liabilities)	2023-12-31	$255,770
Net plan assets at beginning of year (total assets less liabilities)	2023-12-31	$234,834
Assets. Value of participant loans	2023-12-31	$16,366
Assets. Value of employer securities	2023-12-31	$186,046
Total contributions received or receivable from employer(s)	2023-12-31	$2,197
Expenses. Administrative service providers (salaries,fees and commissions)	2023-12-31	$241
2022 : DRAKE BURCHETT 401(K) PLAN 2022 401k financial data
Total income from all sources	2022-12-31	$32,977
Expenses. Total of all expenses incurred	2022-12-31	$202
Total plan assets at end of year	2022-12-31	$234,834
Total plan assets at beginning of year	2022-12-31	$202,059
Value of fidelity bond covering the plan	2022-12-31	$20,206
Total contributions received or receivable from participants	2022-12-31	$7,132
Other income received	2022-12-31	$23,894
Net income (gross income less expenses)	2022-12-31	$32,775
Net plan assets at end of year (total assets less liabilities)	2022-12-31	$234,834
Net plan assets at beginning of year (total assets less liabilities)	2022-12-31	$202,059
Assets. Value of participant loans	2022-12-31	$21,662
Assets. Value of employer securities	2022-12-31	$177,574
Total contributions received or receivable from employer(s)	2022-12-31	$1,951
Expenses. Administrative service providers (salaries,fees and commissions)	2022-12-31	$202
2021 : DRAKE BURCHETT 401(K) PLAN 2021 401k financial data
Transfers to/from the plan	2021-12-31	$159,943
Total income from all sources	2021-12-31	$42,116
Expenses. Total of all expenses incurred	2021-12-31	$0
Total plan assets at end of year	2021-12-31	$202,059
Total plan assets at beginning of year	2021-12-31	$0
Value of fidelity bond covering the plan	2021-12-31	$20,206
Total contributions received or receivable from participants	2021-12-31	$248
Other income received	2021-12-31	$41,670
Net income (gross income less expenses)	2021-12-31	$42,116
Net plan assets at end of year (total assets less liabilities)	2021-12-31	$202,059
Net plan assets at beginning of year (total assets less liabilities)	2021-12-31	$0
Assets. Value of participant loans	2021-12-31	$26,546
Assets. Value of employer securities	2021-12-31	$144,190
Total contributions received or receivable from employer(s)	2021-12-31	$198

Form 5500 Responses for DRAKE BURCHETT 401(K) PLAN

2023: DRAKE BURCHETT 401(K) PLAN 2023 form 5500 responses
2023-01-01	Type of plan entity	Single employer plan
2023-01-01	Submission has been amended	No
2023-01-01	This submission is the final filing	No
2023-01-01	This return/report is a short plan year return/report (less than 12 months)	No
2023-01-01	Plan is a collectively bargained plan	No
2023-01-01	Plan funding arrangement – Trust	Yes
2023-01-01	Plan benefit arrangement - Trust	Yes
2022: DRAKE BURCHETT 401(K) PLAN 2022 form 5500 responses
2022-01-01	Type of plan entity	Single employer plan
2022-01-01	Submission has been amended	No
2022-01-01	This submission is the final filing	No
2022-01-01	This return/report is a short plan year return/report (less than 12 months)	No
2022-01-01	Plan is a collectively bargained plan	No
2022-01-01	Plan funding arrangement – Trust	Yes
2022-01-01	Plan benefit arrangement - Trust	Yes
2021: DRAKE BURCHETT 401(K) PLAN 2021 form 5500 responses
2021-01-01	Type of plan entity	Single employer plan
2021-01-01	First time form 5500 has been submitted	Yes
2021-01-01	Submission has been amended	No
2021-01-01	This submission is the final filing	No
2021-01-01	This return/report is a short plan year return/report (less than 12 months)	No
2021-01-01	Plan is a collectively bargained plan	No
2021-01-01	Plan funding arrangement – Trust	Yes
2021-01-01	Plan benefit arrangement - Trust	Yes

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Company Name:	DRAKE BURCHETT TAX & ACCOUNTING, INC.
Employer identification number (EIN):	472549510
NAIC Classification:	541213
NAIC Description:	Tax Preparation Services