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MIDAS UTILITIES, INC. PROFIT SHARING PLAN 401k Plan overview

Plan NameMIDAS UTILITIES, INC. PROFIT SHARING PLAN
Plan identification number 001

MIDAS UTILITIES, INC. PROFIT SHARING PLAN 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
  • 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.
  • 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

MIDAS UTILITIES, INC. has sponsored the creation of one or more 401k plans.

Company Name:MIDAS UTILITIES, INC.
Employer identification number (EIN):520909517
NAIC Classification:238900

Form 5500 Filing Information

Submission information for form 5500 for 401k plan MIDAS UTILITIES, INC. PROFIT SHARING PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012019-01-01
0012018-01-01MELISSA ROUSSEAU2019-10-15
0012017-01-01
0012016-01-01DANIEL CATHELL2017-06-01
0012015-01-01DANIEL CATHELL2016-06-15
0012014-01-01DANIEL CATHELL2015-10-06
0012013-10-01DAN CATHELL2014-10-09
0012012-10-01DAVID VENTRESCA2014-07-09
0012011-10-01DAVID VENTRESCA2013-07-10

Plan Statistics for MIDAS UTILITIES, INC. PROFIT SHARING PLAN

401k plan membership statisitcs for MIDAS UTILITIES, INC. PROFIT SHARING PLAN

Measure Date Value
2019: MIDAS UTILITIES, INC. PROFIT SHARING PLAN 2019 401k membership
Total participants, beginning-of-year2019-01-01291
Total number of active participants reported on line 7a of the Form 55002019-01-01156
Number of retired or separated participants receiving benefits2019-01-010
Number of other retired or separated participants entitled to future benefits2019-01-0127
Total of all active and inactive participants2019-01-01183
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2019-01-010
Total participants2019-01-01183
Number of participants with account balances2019-01-0178
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2019-01-019

Financial Data on MIDAS UTILITIES, INC. PROFIT SHARING PLAN

Measure Date Value
2019 : MIDAS UTILITIES, INC. PROFIT SHARING PLAN 2019 401k financial data
Total unrealized appreciation/depreciation of assets2019-12-31$0
Total unrealized appreciation/depreciation of assets2019-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2019-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2019-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2019-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2019-12-31$0
Total income from all sources (including contributions)2019-12-31$472,560
Total income from all sources (including contributions)2019-12-31$472,560
Total loss/gain on sale of assets2019-12-31$0
Total loss/gain on sale of assets2019-12-31$0
Total of all expenses incurred2019-12-31$206,982
Total of all expenses incurred2019-12-31$206,982
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2019-12-31$191,887
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2019-12-31$191,887
Total contributions o plan (from employers,participants, others, non cash contrinutions)2019-12-31$316,322
Total contributions o plan (from employers,participants, others, non cash contrinutions)2019-12-31$316,322
Value of total assets at end of year2019-12-31$871,228
Value of total assets at end of year2019-12-31$871,228
Value of total assets at beginning of year2019-12-31$605,650
Value of total assets at beginning of year2019-12-31$605,650
Total of administrative expenses incurred including professional, contract, advisory and management fees2019-12-31$15,095
Total of administrative expenses incurred including professional, contract, advisory and management fees2019-12-31$15,095
Total interest from all sources2019-12-31$0
Total interest from all sources2019-12-31$0
Total dividends received (eg from common stock, registered investment company shares)2019-12-31$13,233
Total dividends received (eg from common stock, registered investment company shares)2019-12-31$13,233
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2019-12-31Yes
Value of any plan assets that reverted to the employer resulting from resoluton to terminate the plan2019-12-31$0
Value of any plan assets that reverted to the employer resulting from resoluton to terminate the plan2019-12-31$0
Total dividends received from registered investment company shares (eg mutual funds)2019-12-31$13,233
Total dividends received from registered investment company shares (eg mutual funds)2019-12-31$13,233
Was this plan covered by a fidelity bond2019-12-31Yes
Was this plan covered by a fidelity bond2019-12-31Yes
Value of fidelity bond cover2019-12-31$150,000
Value of fidelity bond cover2019-12-31$150,000
If this is an individual account plan, was there a blackout period2019-12-31No
If this is an individual account plan, was there a blackout period2019-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2019-12-31$0
Were there any nonexempt tranactions with any party-in-interest2019-12-31No
Were there any nonexempt tranactions with any party-in-interest2019-12-31No
Contributions received from participants2019-12-31$218,780
Contributions received from participants2019-12-31$218,780
Income. Received or receivable in cash from other sources (including rollovers)2019-12-31$15,025
Income. Received or receivable in cash from other sources (including rollovers)2019-12-31$15,025
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2019-12-31No
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2019-12-31No
Value of net income/loss2019-12-31$265,578
Value of net income/loss2019-12-31$265,578
Value of net assets at end of year (total assets less liabilities)2019-12-31$871,228
Value of net assets at end of year (total assets less liabilities)2019-12-31$871,228
Value of net assets at beginning of year (total assets less liabilities)2019-12-31$605,650
Value of net assets at beginning of year (total assets less liabilities)2019-12-31$605,650
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2019-12-31No
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2019-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2019-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2019-12-31No
Were any leases to which the plan was party in default or uncollectible2019-12-31No
Were any leases to which the plan was party in default or uncollectible2019-12-31No
Investment advisory and management fees2019-12-31$213
Investment advisory and management fees2019-12-31$213
Value of interest in registered invesment companies (eg mutual funds) at end of year2019-12-31$871,228
Value of interest in registered invesment companies (eg mutual funds) at end of year2019-12-31$871,228
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2019-12-31$605,650
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2019-12-31$605,650
Interest on participant loans2019-12-31$0
Interest on participant loans2019-12-31$0
Income. Interest from loans (other than to participants)2019-12-31$0
Income. Interest from loans (other than to participants)2019-12-31$0
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2019-12-31$0
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2019-12-31$0
Net investment gain/loss from registered investment companies (e.g. mutual funds)2019-12-31$143,005
Net investment gain/loss from registered investment companies (e.g. mutual funds)2019-12-31$143,005
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2019-12-31No
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2019-12-31No
Was there a failure to transmit to the plan any participant contributions2019-12-31No
Was there a failure to transmit to the plan any participant contributions2019-12-31No
Has the plan failed to provide any benefit when due under the plan2019-12-31No
Has the plan failed to provide any benefit when due under the plan2019-12-31No
Contributions received in cash from employer2019-12-31$82,517
Contributions received in cash from employer2019-12-31$82,517
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2019-12-31$191,887
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2019-12-31$191,887
Contract administrator fees2019-12-31$14,882
Contract administrator fees2019-12-31$14,882
Did the plan have assets held for investment2019-12-31Yes
Did the plan have assets held for investment2019-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2019-12-31No
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2019-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2019-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2019-12-31No
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2019-12-31Yes
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2019-12-31Yes
Opinion of an independent qualified public accountant for this plan2019-12-31Disclaimer
Opinion of an independent qualified public accountant for this plan2019-12-31Disclaimer
Accountancy firm name2019-12-31EICHEN & DIMEGLIO, P.C.
Accountancy firm name2019-12-31EICHEN & DIMEGLIO, P.C.
Accountancy firm EIN2019-12-31113320902
Accountancy firm EIN2019-12-31113320902

Form 5500 Responses for MIDAS UTILITIES, INC. PROFIT SHARING PLAN

2019: MIDAS UTILITIES, INC. 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 – TrustYes
2019-01-01Plan benefit arrangement - TrustYes

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