Retirement plan

EYECARE MEDICAL GROUP EMPLOYEE STOCK OWNERSHIP 401(K) PLAN

Name: EYECARE MEDICAL GROUP - EYECARE MEDICAL GROUP EMPLOYEE STOCK OWNERSHIP 401(K) PLAN (2023) Form 5500
Creator: EYECARE MEDICAL GROUP
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, EYECARE MEDICAL GROUP EMPLOYEE STOCK OWNERSHIP 401(K) PLAN, EYECARE MEDICAL GROUP

EYECARE MEDICAL GROUPEIN 01-0358257Plan #002PY 2023

53 SEWALL ST - PORTLAND, ME 04102207-828-2020eyecaremed.comLinkedIn11-50 employeeshospital & health care

Prospect flagsLow returnsHigh feesCorrective distributions

How to read this page

Total assets (EOY)

$20.5M

+11.9% from 2022

Total participants

161

+19.3% from 2022

Average account balance

$130,009

-4.4% from 2022

Annual return

12.47%

+0.79 pp from 2022

Benchmarks

See 5,703 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants100-249

Cohort5,703 peers

Snapshot2023

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$18.84M

Not enough data

1 years with asset history on file

Average account balance

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

$105K

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.

179

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.

98.6%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.22M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

-2.70%

Not enough data

1 years with return on file

Admin fee / account holder

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

$374

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

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Top 5 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$33,690
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE CO OF AM Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$16,155
BLUE CHIP RETIREMENT PLANS, INC.2 years Filed as: BLUE RIDGE ESOP ASSOCIATES Service code 13 154 HANSEN RD STE 102 · CHARLOTTESVILLE, VA 22911	Contract Administrator	$8,607
ENVESTNET RETIREMENT SOLUTIONS, LLC1 year Filed as: ENVESTNET RETIREMENT SOLUTIONS LLC Service code 99 1801 CALIFORNIA STREET · DENVER, CO 80202	Other Fees	$6,213
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: GWFS EQUITIES, INC. Service code 59 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Shareholder Servicing	$10

Plan features & details

Pension benefit codes2E2F2H2I2J2K2P2Q3I2S2T

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).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2I
Stock bonus
Stock bonus plan.
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.
2P
Leveraged ESOP
Employee stock ownership plan that acquires employer securities with borrowed money or other debt-financing techniques.
2Q
ESOP maintained by an S corporation
The employer maintaining this ESOP is an S corporation.
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.
3I
Employer securities investment required
Plan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.

Opportunity flags

3 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$59K

$467 / participant

Investment mgmt$58K98.9%
Other / not subdivided$6671.1%

% of EOY assets

0.287%

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: BERRY, DUNN, MCNEIL & PARKER, LLC
Auditor EIN: 010523282
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$130,009

$61,391+111.8%

$149,723-13.2%

$71,529+81.8%

Participation rate

97.6%

62.5%+35.1pp

78.8%+18.8pp

67.9%+29.7pp

Annual return

12.47%

35.88%-23.4pp

134.50%-122.0pp

28.97%-16.5pp

Employer contribution / active EE

$2,519

$2,384+5.7%

$4,821-47.8%

$2,590-2.7%

Participant deferral / active EE

$6,302

$2,921+115.8%

$5,682+10.9%

$4,291+46.8%

Admin fee / account holder

$373

$1,264-70.5%

$13,215-97.2%

$1,588-76.5%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$33,690

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE CO OF AM

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$16,155

BLUE CHIP RETIREMENT PLANS, INC.2 years

Filed as: BLUE RIDGE ESOP ASSOCIATES

Service code 13

154 HANSEN RD STE 102 · CHARLOTTESVILLE, VA 22911

Contract Administrator

$8,607

ENVESTNET RETIREMENT SOLUTIONS, LLC1 year

Filed as: ENVESTNET RETIREMENT SOLUTIONS LLC

Service code 99

1801 CALIFORNIA STREET · DENVER, CO 80202

Other Fees

$6,213

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: GWFS EQUITIES, INC.

Service code 59

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Shareholder Servicing

$10

EYECARE MEDICAL GROUP EMPLOYEE STOCK OWNERSHIP 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

EYECARE MEDICAL GROUP EMPLOYEE STOCK OWNERSHIP 401(K) 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