Retirement plan

DERMATOLOGY ASSOCIATES OF THE NORTH SHORE INC PROFIT SHARING PLAN

Name: DERMATOLOGY ASSOCIATES OF THE NORTH SHORE INC - DERMATOLOGY ASSOCIATES OF THE NORTH SHORE INC PROFIT SHARING PLAN (2023) Form 5500
Creator: DERMATOLOGY ASSOCIATES OF THE NORTH SHORE INC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, DERMATOLOGY ASSOCIATES OF THE NORTH SHORE INC PROFIT SHARING PLAN, DERMATOLOGY ASSOCIATES OF THE NORTH SHORE INC

DERMATOLOGY ASSOCIATES OF THE NORTH SHORE INCEIN 04-2617820Plan #002PY 2023

6 ESSEX CENTER DRIVE #202 - PEABODY, MA 019602906978-531-3736lasercenternorth.comLinkedIn1-10 employeesmedical practice

Other plans on this EIN

1 filing

#003Retirement-$245K assets

Prospect flagsLow returnsHigh feesHigh assets / participantLow fidelity bond

How to read this page

Total assets (EOY)

$2.4M

+6.0% from 2022

Total participants

0.0% from 2022

Average account balance

$1,186,492

+6.0% from 2022

Annual return

9.80%

+24.12 pp from 2022

Benchmarks

See 107,959 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants<25

Cohort107,959 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$2.75M

Not enough data

1 years with asset history on file

Average account balance

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

$1.4M

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.

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.

200.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$36K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$36K

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

+9.95%

Not enough data

1 years with return on file

Admin fee / account holder

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

$56140

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

0 years with F_SCH_H allocation on file

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

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2D2E2F2G2J3D

Plan features

2D
Offset plan
Plan benefits are subject to offset for retirement benefits provided in another plan or arrangement of the employer.
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.
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

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.
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II

Admin total

$121K

$121013 / participant

Other / not subdivided$121K100.0%

% of EOY assets

5.100%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$1,186,492

$175,259+577.0%

$149,723+692.5%

$139,487+750.6%

Participation rate

100.0%

83.4%+16.6pp

78.8%+21.2pp

80.3%+19.7pp

Annual return

9.80%

166.82%-157.0pp

134.50%-124.7pp

373.84%-364.0pp

Employer contribution / active EE

$7,939

$5,478+44.9%

$4,821+64.7%

$4,755+67.0%

Participant deferral / active EE

$27,000

$6,522+314.0%

$5,682+375.1%

$6,713+302.2%

Admin fee / account holder

$60,507

$16,158+274.5%

$13,215+357.9%

$11,407+430.4%

DERMATOLOGY ASSOCIATES OF THE NORTH SHORE INC PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

DERMATOLOGY ASSOCIATES OF THE NORTH SHORE INC 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