Magic City Motor Corporation Employees' Profit Sharing And Savings Plan — Form 5500 plan (Magic City Motor Corporation)
Plain-English plan summary
According to public Form 5500 filings published through the U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) via the EFAST2 system, Magic City Motor Corporation Employees' Profit Sharing And Savings Plan is a benefit plan reported by Magic City Motor Corporation under EIN 54-0290231 and plan number 002. The latest loaded filing year is 2023. The filing reports 195 participants and $9,858,996 in end-of-year plan assets, where available in the loaded dataset.
Form 5500 plan profile · 2023
Key reported metrics
Net assets (EOY)$9.9MPlan net assets, end of year$9,858,996
Participants195Covered participants reported
Assets / participant$50.6KComputed: assets ÷ participants$50,559 (computed)
Provider compensation$10.9K4 Schedule C provider row(s)$10,902
- Plan sponsor
- Magic City Motor Corporation
- EIN
- 54-0290231
- Plan number
- 002
- Plan type
- 2
- Location
- Roanoke, VA
- Latest filing year
- 2023
Form 5500 filing history
| Filing year | Participants | Schedules | Filing |
|---|---|---|---|
| 2023 | 195 | H, C | 20241015141535NAL0016594643001 |
Schedule H · 2023
Reported financial statement
Reported figures as filed, in whole dollars. Only fields the filing reports are shown; others are marked not reported.
Reported balance (end of year)$9.9M total assets
Net assets$9.9MLiabilities$0
Full reported line items
Net assets
- Total assets (EOY)
- $9,858,996
- Total liabilities (EOY)
- $0
- Net assets (EOY)
- $9,858,996
- Net assets (BOY)
- $9,649,977
Income & contributions
- Employer contributions
- $0
- Participant contributions
- $517,714
- Total contributions
- $595,237
- Total income / additions
- $2,122,416
Expenses & distributions
- Benefits paid
- $1,810,047
- Administrative expenses
- $75,930
- Total expenses
- $1,913,397
- Net increase / (decrease)
- $209,019
Computed from reported fields
Reported ratios
Derived only from this plan's own reported figures — comparisons within the filing, not benchmarks, estimates, or national averages.
100%
Employer 0%Participant 100%
Total expenses ÷ net assets19%Computed ratio
Benefits paid ÷ total income85%Computed ratio
Provider comp. ÷ net assets0%Computed ratio
Service provider compensation (Schedule C)
| Provider | Service | Direct comp. | Indirect comp. | Year |
|---|---|---|---|---|
| Penservco Inc | CONTRACT ADMIN | $1,940 | $4,281 | 2023 |
| Empower Advisory Group, LLC | INVESTMENT MGMT | $2,561 | not reported in the loaded dataset | 2023 |
| Empower Annuity Insurance Company | RECORDKEEPER | $1,110 | $0 | 2023 |
| John Hancock Life Insurance Company | RECORDKEEPER | $1,010 | not reported in the loaded dataset | 2023 |
Related Form 5500 pages
- All Form 5500 plans for Magic City Motor Corporation
- 2023 Form 5500 filing
- Form 5500 filings in VA
- 401(k) and benefit plan filings in Roanoke, VA
- Penservco Inc — Schedule C compensation
- Empower Advisory Group, LLC — Schedule C compensation
- Empower Annuity Insurance Company — Schedule C compensation
- John Hancock Life Insurance Company — Schedule C compensation