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Retirement plan

CLEVELAND CLINIC SAVINGS AND INVESTMENT PLAN

THE CLEVELAND CLINIC FOUNDATIONEIN 34-0714585Plan #002PY 2016
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9500 EUCLID AVENUE AC-341 - CLEVELAND, OH 441950001216-448-2247LinkedIn1-10 employeesmedical practice
Other plans on this EIN
3 filings
#001Retirement-$1.19B assets#003Retirement-$714.7M assets#011Retirement-$587.0M assets
Prospect flagsCorrective distributions

Filing contacts

From the Form 5500, federal record
Plan sponsor signer
(name not on filing)
(216) 448-2247
Plan administrator signer
STEVEN C. GLASS
Signed 10/12/2017
How to read this page

Summary metrics

Total assets (EOY)
$3800.2M
-10.1% from 2016
Total participants
55,665
-3.8% from 2016
Average account balance
$74,918
-4.3% from 2016
Annual return
7.82%
-6.36 pp from 2016

Benchmarks

See 193 peers
Peer group
Industry62 - Health Care and Social Assistance
Plan typeDefined contribution
Participants>=10,000
Cohort193 peers
Snapshot2016
Participant deferral / active EE
$4,688
median $2,952
Employer contribution / active EE
$1,517
median $1,144
Participation rate
89.3%
median 73.8%
Avg account balance
$74,918
median $42,315
Admin fee / account holder
$55
median $30
Annual return
7.82%
median 8.69%
Overall peer rank
59th percentileavg across 6 metrics

Analytics

2015 - 2024
Total assets (EOY)
Plan-year ending balance
$9.21B
Average account balance
Total assets / participants with a balance (line 6g)
$111K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
82,598
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
93.8%
Contributions (total)
Employer and participant dollars contributed each year
$637.64M
Contributions per participant
Average employer and participant contribution per enrolled participant
$9K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+23.22%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$84
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
  • Mutual / pooled
  • Stocks
  • Bonds
  • Cash
  • Real estate
  • Loans

Service providers

Top 10 of 27 by compensation
ProviderService typeCompensation
FINANCIAL ENGINES1 year
Service code 27 · EIN 77-0473565
Advisory (Plan)
$700,308
KEY PRIVATE BANK2+ years
Service code 26 · EIN 34-0797057
Advisory (Participants)
$528,836
STRATEGIC WEALTH PARTNERS2+ years
Service code 26 · EIN 26-2328809
Advisory (Participants)
$187,041
CLS INVESTMENTS LLC2+ years
Service code 26 · EIN 32-0070947
Advisory (Participants)
$173,386
THE CLEVELAND CLINIC FOUNDATION2+ years
Service code 14 · EIN 34-0714585
Plan Administrator
$143,574
BEACON FINANCIAL ADVISORS, LLC1 year
Service code 26 · EIN 47-2589461
Advisory (Participants)
$135,956
POTOMAC FUND MANAGEMENT, INC.1 year
Service code 26 · EIN 52-1542454
Advisory (Participants)
$107,447
SEQUOIA FINANCIAL ADVISORS1 year
Service code 26 · EIN 27-7729029
Advisory (Participants)
$77,415
SECURITIES AMERICA ADVISORS, I1 year
Service code 26 · EIN 47-0648506
Advisory (Participants)
$55,981
LARSON FINANCIAL GROUP, LLC1 year
Service code 26 · EIN 20-4773945
Advisory (Participants)
$53,503

Reportable transactions (Schedule G)

1 row

Counterparties on defaulted loans (Part 1), defaulted leases (Part 2), and non-exempt prohibited transactions (Part 3). Presence of any row warrants fiduciary review.

CategoryCounterpartyRelationship / TermsAddressAmount
Part 3
Non-exempt transaction
THE CLEVELAND CLINIC FOUNDATION
PLAN SPONSOR
LOAN - PLAN EXPENSES ERRONEOUSLY PAID OUT OF PLAN ASSETS - PAID BACK TO PLAN WITH INTEREST
—$23K

Top hat statement on fileNQDC

Filed December 23, 1992

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

Open the filing PDF

Plan features & details

Pension benefit codes2F2G2L2M2R3H
Plan features
  • 2F
    ERISA section 404(c) plan
    This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
  • 2G
    Total participant-directed account plan
    Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • 2L
    Code section 403(b)(1) arrangement
    Plan uses a Code section 403(b)(1) annuity contract as a funding vehicle.
  • 2M
    Code section 403(b)(7) accounts
    Plan uses Code section 403(b)(7) custodial accounts as a funding vehicle.
  • 2R
    Participant-directed brokerage accounts
    Participant-directed brokerage accounts provided as an investment option under the plan.
  • 3H
    Controlled group member
    Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

1 tripped
  • ComplianceCorrective distributions

    Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II
Admin total
$2.8M
$60 / participant
  • Investment mgmt$700K25.2%
  • Contract admin$2M75.8%
% of EOY assets
0.073%
all-in expense ratio
Categories reported
2 / 9
subdivided buckets used

Audit opinion

Schedule H Part III
Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm
MAYER HOFFMAN MCCANN PC
Auditor EIN
431947695
Audit fees
(not subdivided)
Opinion code
Disclaimer