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NARA BANK PENSION PLAN 401k Plan overview

Plan NameNARA BANK PENSION PLAN
Plan identification number 001

NARA BANK PENSION 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.
  • 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

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

Company Name:NARA BANK
Employer identification number (EIN):954170121
NAIC Classification:522110
NAIC Description:Commercial Banking

Additional information about NARA BANK

Jurisdiction of Incorporation: California Department of State
Incorporation Date: 2004-12-13
Company Identification Number: C2711572
Legal Registered Office Address: 3731 Wilshire Blvd., Suite 1000

Los Angeles
United States of America (USA)
90010

More information about NARA BANK

Form 5500 Filing Information

Submission information for form 5500 for 401k plan NARA BANK PENSION PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012009-01-01JUNE REIFEISS JUNE REIFEISS2010-08-11

Plan Statistics for NARA BANK PENSION PLAN

401k plan membership statisitcs for NARA BANK PENSION PLAN

Measure Date Value
2009: NARA BANK PENSION PLAN 2009 401k membership
Total participants, beginning-of-year2009-01-01435
Total number of active participants reported on line 7a of the Form 55002009-01-01346
Number of retired or separated participants receiving benefits2009-01-010
Number of other retired or separated participants entitled to future benefits2009-01-0159
Total of all active and inactive participants2009-01-01405
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2009-01-010
Total participants2009-01-01405
Number of participants with account balances2009-01-01298
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2009-01-010

Financial Data on NARA BANK PENSION PLAN

Measure Date Value
2010 : NARA BANK PENSION PLAN 2010 401k financial data
Total unrealized appreciation/depreciation of assets2010-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2010-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2010-12-31$0
Total income from all sources (including contributions)2010-12-31$2,323,840
Total loss/gain on sale of assets2010-12-31$0
Total of all expenses incurred2010-12-31$830,469
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2010-12-31$797,940
Expenses. Certain deemed distributions of participant loans2010-12-31$3,039
Value of total corrective distributions2010-12-31$27,565
Total contributions o plan (from employers,participants, others, non cash contrinutions)2010-12-31$1,062,996
Value of total assets at end of year2010-12-31$11,031,363
Value of total assets at beginning of year2010-12-31$9,537,992
Total of administrative expenses incurred including professional, contract, advisory and management fees2010-12-31$1,925
Total interest from all sources2010-12-31$18,818
Total dividends received (eg from common stock, registered investment company shares)2010-12-31$213,893
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2010-12-31No
Total dividends received from registered investment company shares (eg mutual funds)2010-12-31$213,893
Was this plan covered by a fidelity bond2010-12-31Yes
Value of fidelity bond cover2010-12-31$500,000
If this is an individual account plan, was there a blackout period2010-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2010-12-31$0
Were there any nonexempt tranactions with any party-in-interest2010-12-31No
Contributions received from participants2010-12-31$1,018,388
Participant contributions at end of year2010-12-31$368,779
Participant contributions at beginning of year2010-12-31$339,983
Participant contributions at end of year2010-12-31$29,892
Income. Received or receivable in cash from other sources (including rollovers)2010-12-31$44,608
Other income not declared elsewhere2010-12-31$1,527
Administrative expenses (other) incurred2010-12-31$1,925
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2010-12-31No
Value of net income/loss2010-12-31$1,493,371
Value of net assets at end of year (total assets less liabilities)2010-12-31$11,031,363
Value of net assets at beginning of year (total assets less liabilities)2010-12-31$9,537,992
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2010-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2010-12-31No
Were any leases to which the plan was party in default or uncollectible2010-12-31No
Value of interest in registered invesment companies (eg mutual funds) at end of year2010-12-31$10,632,692
Value of interest in registered invesment companies (eg mutual funds) at beginning of year2010-12-31$9,198,009
Interest on participant loans2010-12-31$18,818
Net investment gain/loss from registered investment companies (e.g. mutual funds)2010-12-31$1,026,606
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2010-12-31No
Was there a failure to transmit to the plan any participant contributions2010-12-31No
Has the plan failed to provide any benefit when due under the plan2010-12-31No
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2010-12-31$797,940
Did the plan have assets held for investment2010-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2010-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2010-12-31No
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2010-12-31Yes
Opinion of an independent qualified public accountant for this plan2010-12-31Disclaimer
Accountancy firm name2010-12-31HOLTHOUSE,CARLIN &VAN TRIGT LLP
Accountancy firm EIN2010-12-31954345526
2009 : NARA BANK PENSION PLAN 2009 401k financial data
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2009-12-31$0

Form 5500 Responses for NARA BANK PENSION PLAN

2009: NARA BANK PENSION PLAN 2009 form 5500 responses
2009-01-01Type of plan entitySingle employer plan
2009-01-01Submission has been amendedNo
2009-01-01This submission is the final filingNo
2009-01-01This return/report is a short plan year return/report (less than 12 months)No
2009-01-01Plan is a collectively bargained planNo
2009-01-01Plan funding arrangement – TrustYes
2009-01-01Plan benefit arrangement - TrustYes

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