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MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 401k Plan overview

Plan NameMADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST
Plan identification number 001

MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Age/Service Weighted or new comparability or similar plan - Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New comparability or similar plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the theshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of section 401(l).
  • Profit-sharing
  • 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.
  • Stock bonus
  • 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.
  • Leveraged ESOP - An ESOP that acquires employer securities with borrowed money or other debt-financing techniques. A completed Schedule E must be attached to a Form 5500 filed for an ESOP.
  • 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 requiring that all or part of employer contributions be invested and held, at least for a limited period, in employer securities.

401k Sponsoring company profile

MADISON BANK OF MARYLAND has sponsored the creation of one or more 401k plans.

Company Name:MADISON BANK OF MARYLAND
Employer identification number (EIN):520250437
NAIC Classification:522120
NAIC Description:Savings Institutions

Form 5500 Filing Information

Submission information for form 5500 for 401k plan MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012020-01-01
0012019-01-01
0012018-01-01LISA MCGUIRE-DICK
0012017-01-01LISA MCGUIRE-DICK
0012017-01-01LISA MCGUIRE-DICK
0012016-01-01LISA MCGUIRE-DICK
0012016-01-01
0012015-01-01LISA MCGUIRE-DICK
0012015-01-01
0012014-01-01LISA MCGUIRE-DICK
0012014-01-01LISA MCGUIRE-DICK
0012013-01-01LAWRENCE W. WILLIAMS2014-06-13
0012012-01-01LAWRENCE W. WILLIAMS2013-07-12
0012011-01-01LAWRENCE W. WILLIAMS2012-05-17
0012010-01-01LAWRENCE W. WILLIAMS2011-07-13

Plan Statistics for MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST

401k plan membership statisitcs for MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST

Measure Date Value
2020: MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2020 401k membership
Total participants, beginning-of-year2020-01-0136
Total number of active participants reported on line 7a of the Form 55002020-01-010
Number of retired or separated participants receiving benefits2020-01-010
Number of other retired or separated participants entitled to future benefits2020-01-010
Total of all active and inactive participants2020-01-010
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2020-01-010
Total participants2020-01-010
Number of participants with account balances2020-01-010
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2020-01-010
2019: MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2019 401k membership
Total participants, beginning-of-year2019-01-0137
Total number of active participants reported on line 7a of the Form 55002019-01-0124
Number of retired or separated participants receiving benefits2019-01-010
Number of other retired or separated participants entitled to future benefits2019-01-0112
Total of all active and inactive participants2019-01-0136
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2019-01-010
Total participants2019-01-0136
Number of participants with account balances2019-01-0134
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2019-01-010
2018: MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2018 401k membership
Total participants, beginning-of-year2018-01-0144
Total number of active participants reported on line 7a of the Form 55002018-01-0125
Number of retired or separated participants receiving benefits2018-01-010
Number of other retired or separated participants entitled to future benefits2018-01-0112
Total of all active and inactive participants2018-01-0137
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2018-01-010
Total participants2018-01-0137
Number of participants with account balances2018-01-0134
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2018-01-011
2017: MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2017 401k membership
Total participants, beginning-of-year2017-01-0137
Total number of active participants reported on line 7a of the Form 55002017-01-0118
Number of retired or separated participants receiving benefits2017-01-010
Number of other retired or separated participants entitled to future benefits2017-01-0114
Total of all active and inactive participants2017-01-0132
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2017-01-010
Total participants2017-01-0132
Number of participants with account balances2017-01-0132
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2017-01-010
2016: MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2016 401k membership
Total participants, beginning-of-year2016-01-0137
Total number of active participants reported on line 7a of the Form 55002016-01-0120
Number of retired or separated participants receiving benefits2016-01-014
Number of other retired or separated participants entitled to future benefits2016-01-0113
Total of all active and inactive participants2016-01-0137
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2016-01-010
Total participants2016-01-0137
Number of participants with account balances2016-01-0137
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2016-01-010
2015: MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2015 401k membership
Total participants, beginning-of-year2015-01-0138
Total number of active participants reported on line 7a of the Form 55002015-01-0135
Number of retired or separated participants receiving benefits2015-01-010
Number of other retired or separated participants entitled to future benefits2015-01-012
Total of all active and inactive participants2015-01-0137
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2015-01-010
Total participants2015-01-0137
Number of participants with account balances2015-01-0137
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2015-01-010
2014: MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2014 401k membership
Total participants, beginning-of-year2014-01-0152
Total number of active participants reported on line 7a of the Form 55002014-01-0136
Number of retired or separated participants receiving benefits2014-01-0111
Number of other retired or separated participants entitled to future benefits2014-01-010
Total of all active and inactive participants2014-01-0147
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2014-01-010
Total participants2014-01-0147
Number of participants with account balances2014-01-0146
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2014-01-010

Financial Data on MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST

Measure Date Value
2020 : MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2020 401k financial data
Total income from all sources2020-12-31$-64,831
Expenses. Total of all expenses incurred2020-12-31$1,489,676
Benefits paid (including direct rollovers)2020-12-31$1,484,424
Total plan assets at end of year2020-12-31$0
Total plan assets at beginning of year2020-12-31$1,554,507
Value of fidelity bond covering the plan2020-12-31$2,000,000
Total contributions received or receivable from participants2020-12-31$11,075
Other income received2020-12-31$-81,700
Net income (gross income less expenses)2020-12-31$-1,554,507
Net plan assets at end of year (total assets less liabilities)2020-12-31$0
Net plan assets at beginning of year (total assets less liabilities)2020-12-31$1,554,507
Total contributions received or receivable from employer(s)2020-12-31$5,794
Expenses. Administrative service providers (salaries,fees and commissions)2020-12-31$5,252
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2020-12-31$0
2019 : MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2019 401k financial data
Total income from all sources2019-12-31$282,793
Expenses. Total of all expenses incurred2019-12-31$41,859
Benefits paid (including direct rollovers)2019-12-31$36,325
Total plan assets at end of year2019-12-31$1,554,507
Total plan assets at beginning of year2019-12-31$1,313,573
Value of fidelity bond covering the plan2019-12-31$2,000,000
Total contributions received or receivable from participants2019-12-31$58,506
Other income received2019-12-31$193,690
Net income (gross income less expenses)2019-12-31$240,934
Net plan assets at end of year (total assets less liabilities)2019-12-31$1,554,507
Net plan assets at beginning of year (total assets less liabilities)2019-12-31$1,313,573
Assets. Value of participant loans2019-12-31$13,178
Assets. Value of employer securities2019-12-31$340,640
Total contributions received or receivable from employer(s)2019-12-31$30,597
Expenses. Administrative service providers (salaries,fees and commissions)2019-12-31$5,534
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2019-12-31$0
2018 : MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2018 401k financial data
Total income from all sources2018-12-31$105,275
Expenses. Total of all expenses incurred2018-12-31$471,087
Benefits paid (including direct rollovers)2018-12-31$465,978
Total plan assets at end of year2018-12-31$1,313,573
Total plan assets at beginning of year2018-12-31$1,679,385
Value of fidelity bond covering the plan2018-12-31$2,000,000
Total contributions received or receivable from participants2018-12-31$120,267
Expenses. Other expenses not covered elsewhere2018-12-31$4,984
Other income received2018-12-31$-38,674
Net income (gross income less expenses)2018-12-31$-365,812
Net plan assets at end of year (total assets less liabilities)2018-12-31$1,313,573
Net plan assets at beginning of year (total assets less liabilities)2018-12-31$1,679,385
Assets. Value of participant loans2018-12-31$22,597
Assets. Value of employer securities2018-12-31$315,551
Total contributions received or receivable from employer(s)2018-12-31$23,682
Expenses. Administrative service providers (salaries,fees and commissions)2018-12-31$125
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2018-12-31$0
2017 : MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2017 401k financial data
Total plan liabilities at end of year2017-12-31$1,344,836
Total plan liabilities at beginning of year2017-12-31$1,457,689
Total income from all sources2017-12-31$282,170
Expenses. Total of all expenses incurred2017-12-31$659,246
Benefits paid (including direct rollovers)2017-12-31$657,171
Total plan assets at end of year2017-12-31$1,679,385
Total plan assets at beginning of year2017-12-31$2,056,461
Value of fidelity bond covering the plan2017-12-31$2,000,000
Total contributions received or receivable from participants2017-12-31$49,354
Expenses. Other expenses not covered elsewhere2017-12-31$1,925
Other income received2017-12-31$173,436
Net income (gross income less expenses)2017-12-31$-377,076
Net plan assets at end of year (total assets less liabilities)2017-12-31$1,679,385
Net plan assets at beginning of year (total assets less liabilities)2017-12-31$2,056,461
Assets. Value of participant loans2017-12-31$20,989
Assets. Value of employer securities2017-12-31$387,158
Total contributions received or receivable from employer(s)2017-12-31$59,380
Expenses. Administrative service providers (salaries,fees and commissions)2017-12-31$150
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2017-12-31$0
2016 : MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2016 401k financial data
Total plan liabilities at end of year2016-12-31$1,457,689
Total plan liabilities at beginning of year2016-12-31$1,570,542
Total income from all sources2016-12-31$202,159
Expenses. Total of all expenses incurred2016-12-31$71,705
Benefits paid (including direct rollovers)2016-12-31$57,940
Total plan assets at end of year2016-12-31$2,056,461
Total plan assets at beginning of year2016-12-31$1,926,007
Value of fidelity bond covering the plan2016-12-31$2,000,000
Total contributions received or receivable from participants2016-12-31$50,123
Expenses. Other expenses not covered elsewhere2016-12-31$1,300
Other income received2016-12-31$101,846
Net income (gross income less expenses)2016-12-31$130,454
Net plan assets at end of year (total assets less liabilities)2016-12-31$2,056,461
Net plan assets at beginning of year (total assets less liabilities)2016-12-31$1,926,007
Assets. Value of participant loans2016-12-31$98,751
Assets. Value of employer securities2016-12-31$501,380
Total contributions received or receivable from employer(s)2016-12-31$50,190
Value of corrective distributions2016-12-31$12,465
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2016-12-31$0
2015 : MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2015 401k financial data
Total plan liabilities at end of year2015-12-31$1,570,542
Total plan liabilities at beginning of year2015-12-31$1,683,396
Total income from all sources2015-12-31$256,075
Expenses. Total of all expenses incurred2015-12-31$125,535
Benefits paid (including direct rollovers)2015-12-31$119,472
Total plan assets at end of year2015-12-31$1,926,007
Total plan assets at beginning of year2015-12-31$1,795,467
Value of fidelity bond covering the plan2015-12-31$2,000,000
Total contributions received or receivable from participants2015-12-31$79,265
Expenses. Other expenses not covered elsewhere2015-12-31$1,650
Other income received2015-12-31$127,199
Net income (gross income less expenses)2015-12-31$130,540
Net plan assets at end of year (total assets less liabilities)2015-12-31$1,926,007
Net plan assets at beginning of year (total assets less liabilities)2015-12-31$1,795,467
Assets. Value of participant loans2015-12-31$114,534
Assets. Value of employer securities2015-12-31$462,894
Total contributions received or receivable from employer(s)2015-12-31$49,611
Value of corrective distributions2015-12-31$1,227
Expenses. Administrative service providers (salaries,fees and commissions)2015-12-31$3,186
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2015-12-31$0
2014 : MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2014 401k financial data
Total plan liabilities at end of year2014-12-31$1,683,396
Total income from all sources2014-12-31$285,011
Expenses. Total of all expenses incurred2014-12-31$297,066
Benefits paid (including direct rollovers)2014-12-31$296,541
Total plan assets at end of year2014-12-31$1,795,467
Total plan assets at beginning of year2014-12-31$1,807,522
Value of fidelity bond covering the plan2014-12-31$2,000,000
Total contributions received or receivable from participants2014-12-31$89,007
Expenses. Other expenses not covered elsewhere2014-12-31$525
Contributions received from other sources (not participants or employers)2014-12-31$3,072
Other income received2014-12-31$143,321
Net income (gross income less expenses)2014-12-31$-12,055
Net plan assets at end of year (total assets less liabilities)2014-12-31$1,795,467
Net plan assets at beginning of year (total assets less liabilities)2014-12-31$1,807,522
Assets. Value of employer securities2014-12-31$366,467
Total contributions received or receivable from employer(s)2014-12-31$49,611
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2014-12-31$0

Form 5500 Responses for MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST

2020: MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2020 form 5500 responses
2020-01-01Type of plan entitySingle employer plan
2020-01-01Submission has been amendedNo
2020-01-01This submission is the final filingYes
2020-01-01This return/report is a short plan year return/report (less than 12 months)No
2020-01-01Plan is a collectively bargained planNo
2020-01-01Plan funding arrangement – TrustYes
2020-01-01Plan benefit arrangement - TrustYes
2019: MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 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 – TrustYes
2019-01-01Plan benefit arrangement - TrustYes
2018: MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2018 form 5500 responses
2018-01-01Type of plan entitySingle employer plan
2018-01-01Submission has been amendedNo
2018-01-01This submission is the final filingNo
2018-01-01This return/report is a short plan year return/report (less than 12 months)No
2018-01-01Plan is a collectively bargained planNo
2018-01-01Plan funding arrangement – TrustYes
2018-01-01Plan benefit arrangement - TrustYes
2017: MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2017 form 5500 responses
2017-01-01Type of plan entitySingle employer plan
2017-01-01Submission has been amendedNo
2017-01-01This submission is the final filingNo
2017-01-01This return/report is a short plan year return/report (less than 12 months)No
2017-01-01Plan is a collectively bargained planNo
2017-01-01Plan funding arrangement – TrustYes
2017-01-01Plan benefit arrangement - TrustYes
2016: MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2016 form 5500 responses
2016-01-01Type of plan entitySingle employer plan
2016-01-01Submission has been amendedNo
2016-01-01This submission is the final filingNo
2016-01-01This return/report is a short plan year return/report (less than 12 months)No
2016-01-01Plan is a collectively bargained planNo
2016-01-01Plan funding arrangement – TrustYes
2016-01-01Plan benefit arrangement - TrustYes
2015: MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2015 form 5500 responses
2015-01-01Type of plan entitySingle employer plan
2015-01-01Submission has been amendedNo
2015-01-01This submission is the final filingNo
2015-01-01This return/report is a short plan year return/report (less than 12 months)No
2015-01-01Plan is a collectively bargained planNo
2015-01-01Plan funding arrangement – TrustYes
2015-01-01Plan benefit arrangement - TrustYes
2014: MADISON BANK OF MARYLAND 401(K) PROFIT SHARING PLAN AND TRUST 2014 form 5500 responses
2014-01-01Type of plan entitySingle employer plan
2014-01-01Submission has been amendedNo
2014-01-01This submission is the final filingNo
2014-01-01This return/report is a short plan year return/report (less than 12 months)No
2014-01-01Plan is a collectively bargained planNo
2014-01-01Plan funding arrangement – TrustYes
2014-01-01Plan benefit arrangement - TrustYes

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