Retirement plan

FAMILY HEALTH CENTER OF WORCESTER, INC. RETIREMENT PLAN

Name: FAMILY HEALTH CENTER OF WORCESTER, INC. - FAMILY HEALTH CENTER OF WORCESTER, INC. RETIREMENT PLAN (2024) Form 5500
Creator: FAMILY HEALTH CENTER OF WORCESTER, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FAMILY HEALTH CENTER OF WORCESTER, INC. RETIREMENT PLAN, FAMILY HEALTH CENTER OF WORCESTER, INC.

FAMILY HEALTH CENTER OF WORCESTER, INC.EIN 04-2485308Plan #001PY 2024

26 QUEEN STREET - WORCESTER, MA 016102473508-860-7818fhcw.orgLinkedIn201-500 employeeshospital & health care

Other plans on this EIN

1 filing

#002Retirement-$13.2M assets

Prospect flagsLow participationLow employer contributionLow participant contributionWind-down / frozen

Top hat statement on fileNQDC

Filed June 20, 2023

Plan administrator

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26 Queen Street

Worcester, MA 01610

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Plans declared (1)

Family Health Center of Worcester 457b plan3 emp

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Total assets (EOY)

$5.6M

+1.0% from 2023

Total participants

307

+10.8% from 2023

Average account balance

$22,240

+11.0% from 2023

Annual return

11.72%

+2.16 pp from 2023

Benchmarks

See 21,691 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants25-99

Cohort21,691 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$5.60M

Not enough data

1 years with asset history on file

Average account balance

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

$22K

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.

252

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.

1.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

Not enough data

0 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

Not enough data

0 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+11.72%

Not enough data

1 years with return on file

Admin fee / account holder

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

$134

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 6 by compensation

Provider	Service type	Compensation
NFP RETIREMENT INC2 years Service code 99	Other Fees	$14,493
ECONOMIC GROUP PENSION SERVICES2 years Service code 26 PO BOX 54 · FRANKLIN SQ, NY 11010	Advisory (Participants)	$1,456
THE ANGELL PENSION GROUP, INC.6 years Filed as: THE ANGELL PENSION GROUP Service code 49 88 BOYD AVENUE · EAST PROVIDENCE, RI 02914	Other Services	$1,386
MORNINGSTAR2 years Filed as: MORNINGSTAR INVESTMENT MANGEMENT Service code 26 · EIN 36-4317381	Advisory (Participants)	$103
VOYA RETIREMENT INSURANCE & ANNUITY2 years Filed as: VOYA RETIREMENT INSURANCE AND ANNU Service code 26 · EIN 71-0294708	Advisory (Participants)	$24
NFP RETIREMENT INC3 years Filed as: NFP RETIREMENT, INC. Service code 26 120 VANTIS, SUITE 400 · ALISO VIEJO, CA 92656	Advisory (Participants)	$0

Plan features & details

Pension benefit codes2E2F2G2J2S2T3D

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.
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.
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

4 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
InformationalWind-down / frozen
Plan appears closed to new enrollment or frozen - balance-holders far exceed active participants, or the plan reports active distributions with no inflows. Exclude from peer benchmarks.

Expense breakdown

Schedule H Part II

Admin total

$34K

$602 / participant

Contract admin$34K100.0%

% of EOY assets

0.601%

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: CLIFTONLARSONALLEN LLP
Auditor EIN: 410746749
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$22,240

$81,358-72.7%

$155,556-85.7%

$80,959-72.5%

Participation rate

1.8%

66.3%-64.5pp

78.2%-76.4pp

67.7%-65.9pp

Annual return

11.72%

33.39%-21.7pp

64.84%-53.1pp

35.67%-23.9pp

Employer contribution / active EE

$3,106-100.0%

$4,675-100.0%

$2,757-100.0%

Participant deferral / active EE

$3,455-100.0%

$5,631-100.0%

$4,300-100.0%

Admin fee / account holder

$134

$7,994-98.3%

$15,885-99.2%

$6,925-98.1%

Provider

Service type

Compensation

NFP RETIREMENT INC2 years

Service code 99

Other Fees

$14,493

ECONOMIC GROUP PENSION SERVICES2 years

Service code 26

PO BOX 54 · FRANKLIN SQ, NY 11010

Advisory (Participants)

$1,456

THE ANGELL PENSION GROUP, INC.6 years

Filed as: THE ANGELL PENSION GROUP

Service code 49

88 BOYD AVENUE · EAST PROVIDENCE, RI 02914

Other Services

$1,386

MORNINGSTAR2 years

Filed as: MORNINGSTAR INVESTMENT MANGEMENT

Service code 26 · EIN 36-4317381

Advisory (Participants)

$103

VOYA RETIREMENT INSURANCE & ANNUITY2 years

Filed as: VOYA RETIREMENT INSURANCE AND ANNU

Service code 26 · EIN 71-0294708

Advisory (Participants)

$24

NFP RETIREMENT INC3 years

Filed as: NFP RETIREMENT, INC.

Service code 26

120 VANTIS, SUITE 400 · ALISO VIEJO, CA 92656

Advisory (Participants)

FAMILY HEALTH CENTER OF WORCESTER, INC. RETIREMENT PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FAMILY HEALTH CENTER OF WORCESTER, INC. RETIREMENT PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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