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Retirement plan

THE 401(K) PLAN FOR PERMANENTE MEDICAL GROUPS

SOUTHERN CALIFORNIA PERMANENTE MEDICAL GROUPEIN 95-1750445Plan #009PY 2021
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393 E. WALNUT STREET 3RD FLOOR - PASADENA, CA 91188626-405-3288LinkedIn1-10 employeeshospital & health care
Other plans on this EIN
4 filings
#001Retirement-$8.62B assets#008Retirement-$6.69B assets#030Retirement-$841.6M assets#002Retirement-$407.4M assets
Prospect flagsHigh assets / participantLow employer contributionFailed to transmit contributionsCorrective distributions

Filing contacts

From the Form 5500, federal record
Plan sponsor signer
KATHLEEN POMEROY
Signed 10/17/2022
(626) 405-3288
Plan administrator signer
ANNE LURCH
Signed 10/17/2022
How to read this page

Summary metrics

Total assets (EOY)
$5518.6M
-11.8% from 2016
Total participants
20,733
-5.1% from 2016
Average account balance
$281,131
-7.0% from 2016
Annual return
55.61%
-9.32 pp from 2016

Benchmarks

See 230 peers
Peer group
Industry62 - Health Care and Social Assistance
Plan typeDefined contribution
Participants>=10,000
Cohort230 peers
Snapshot2021
Participant deferral / active EE
$11,652
median $4,224
Employer contribution / active EE
$202
median $1,758
Participation rate
93.4%
median 86.9%
Avg account balance
$281,131
median $62,426
Admin fee / account holder
$68
median $50
Annual return
55.61%
median 14.85%
Overall peer rank
66th percentileavg across 6 metrics

Analytics

2015 - 2024
Total assets (EOY)
Plan-year ending balance
$6.54B
Average account balance
Total assets / participants with a balance (line 6g)
$295K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
22,192
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
94.1%
Contributions (total)
Employer and participant dollars contributed each year
$357.72M
Contributions per participant
Average employer and participant contribution per enrolled participant
$19K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+14.83%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$106
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
  • Mutual / pooled
  • Stocks
  • Bonds
  • Cash
  • Real estate
  • Loans

Service providers

Top 5 by compensation
ProviderService typeCompensation
FINANCIAL ENGINES INC.2 years
Service code 28 · EIN 94-3250323
Investment Management
$1,307,235
SCHWAB RETIREMENT PLAN SERVICES INC6 years
Service code 15 · EIN 34-1479833
Recordkeeping
$17,100
LMCG INVESTMENTS LLC1 year
Service code 26 · EIN 27-0282607
Advisory (Participants)
$5,771
CHARLES SCHWAB & CO.,INC.1 year
Service code 33 · EIN 94-1737782
Shareholder servicing fees; Direct pa...
$2,805
CHARLES SCHWAB & CO INC AND AFFILIA6 years
Service code 59
Shareholder Servicing
$0

Plan features & details

Pension benefit codes2E2F2G2J2K2R2S2T3B3F
Plan features
  • 2E
    Profit-sharing
    Profit-sharing plan.
  • 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.
  • 2J
    Code section 401(k) feature
    Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
  • 2K
    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 contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
  • 2R
    Participant-directed brokerage accounts
    Participant-directed brokerage accounts provided as an investment option under the plan.
  • 2S
    Automatic enrollment
    Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
  • 2T
    Default investment account
    Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
  • 3B
    Plan covering self-employed individuals
    Plan covering self-employed individuals.
  • 3F
    Leased employees
    Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.

Opportunity flags

4 tripped
  • OpportunityLow employer contribution

    Employer contribution per participant is in the bottom quintile of the peer cohort.

  • ComplianceFailed to transmit contributions

    Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

  • ComplianceCorrective distributions

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

  • InformationalHigh assets / participant

    Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II
Admin total
$1.3M
$80 / participant
  • Investment mgmt$1M98.7%
  • Other / not subdivided$17K1.3%
% of EOY assets
0.024%
all-in expense ratio
Categories reported
1 / 9
subdivided buckets used

Audit opinion

Schedule H Part III
Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm
ERNST & YOUNG, LLP
Auditor EIN
346565596
Audit fees
(not subdivided)
Opinion code
Unqualified