Retirement plan

MAINE EYE CENTER, P.A. PROFIT SHARING PLAN

Name: MAINE EYE CENTER, P.A. - MAINE EYE CENTER, P.A. PROFIT SHARING PLAN (2020) Form 5500
Creator: MAINE EYE CENTER, P.A.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MAINE EYE CENTER, P.A. PROFIT SHARING PLAN, MAINE EYE CENTER, P.A.

MAINE EYE CENTER, P.A.EIN 01-0329291Plan #001PY 2020

15 LOWELL STREET - PORTLAND, ME 04102207-774-8277maineeyecenter.comLinkedIn51-200 employeesmedical practice

Prospect flagsHigh feesFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$27.8M

+17.1% from 2019

Total participants

176

+1.1% from 2019

Average account balance

$158,048

+12.4% from 2019

Annual return

19.40%

-4.38 pp from 2019

Benchmarks

See 5,416 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants100-249

Cohort5,416 peers

Snapshot2020

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Analytics

Total assets (EOY)

Plan-year ending balance

$26.66M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$125K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

214

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

81.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.29M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$8K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+15.74%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$575

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

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Service providers

Top 3 by compensation

Provider	Service type	Compensation
UBS FINANCIAL SERVICES INC6+ years Filed as: UBS FINANCIAL SERVICES Service code 26 · EIN 13-2638166 1000 HARBOR BOULEVARD · WEEHAWKEN, NJ 07086	Advisory (Participants)	$87,869
PLIMSOLL MARK CAPITAL6+ years Service code 51 · EIN 13-3799208 ONE UNION STREET · PORTLAND, ME 04101	Investment Mgmt Fees	$10,760
JOHN HANCOCK LIFE INSURANCE COMPANY6+ years Service code 15 · EIN 01-0233346	Recordkeeping	$2,322

Plan features & details

Pension benefit codes2A2E2F2G2J2K2R2T3D

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
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.
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.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.

Opportunity flags

3 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
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).

Expense breakdown

Schedule H Part II

Admin total

$146K

$1386 / participant

Investment mgmt$99K67.8%
Contract admin$47K32.2%

% of EOY assets

0.523%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: MARCUM LLP
Auditor EIN: 111986323
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$158,048

$58,879+168.4%

$178,490-11.5%

$73,488+115.1%

Participation rate

100.0%

66.2%+33.8pp

81.9%+18.1pp

70.7%+29.3pp

Annual return

19.40%

24.86%-5.5pp

151.07%-131.7pp

28.51%-9.1pp

Employer contribution / active EE

$5,750

$2,236+157.1%

$5,011+14.8%

$2,270+153.3%

Participant deferral / active EE

$5,095

$2,567+98.4%

$5,202-2.1%

$3,740+36.2%

Admin fee / account holder

$827

$400+106.6%

$13,984-94.1%

$513+61.2%

Provider

Service type

Compensation

UBS FINANCIAL SERVICES INC6+ years

Filed as: UBS FINANCIAL SERVICES

Service code 26 · EIN 13-2638166

1000 HARBOR BOULEVARD · WEEHAWKEN, NJ 07086

Advisory (Participants)

$87,869

PLIMSOLL MARK CAPITAL6+ years

Service code 51 · EIN 13-3799208

ONE UNION STREET · PORTLAND, ME 04101

Investment Mgmt Fees

$10,760

JOHN HANCOCK LIFE INSURANCE COMPANY6+ years

Service code 15 · EIN 01-0233346

Recordkeeping

$2,322

MAINE EYE CENTER, P.A. PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MAINE EYE CENTER, P.A. PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion