Retirement plan

GROVE MEDICAL ASSOCIATES, P.C. 401K RETIREMENT PLAN

Name: GROVE MEDICAL ASSOCIATES, P.C. - GROVE MEDICAL ASSOCIATES, P.C. 401K RETIREMENT PLAN (2024) Form 5500
Creator: GROVE MEDICAL ASSOCIATES, P.C.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, GROVE MEDICAL ASSOCIATES, P.C. 401K RETIREMENT PLAN, GROVE MEDICAL ASSOCIATES, P.C.

GROVE MEDICAL ASSOCIATES, P.C.EIN 04-3005401Plan #004PY 2024

250 HAMPTON STREET - AUBURN, MA 01501508-753-2060grovedoc.comLinkedIn11-50 employeeshospital & health care

Prospect flagsHigh feesLow fidelity bond

How to read this page

Total assets (EOY)

$4.8M

+9.8% from 2023

Total participants

-5.1% from 2023

Average account balance

$134,315

+18.9% from 2023

Annual return

10.84%

-0.83 pp from 2023

Benchmarks

See 109,510 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants<25

Cohort109,510 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$5.23M

Not enough data

1 years with asset history on file

Average account balance

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

$150K

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.

159.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$103K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

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

+9.66%

Not enough data

1 years with return on file

Admin fee / account holder

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

$5184

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 codes2E2G2J2R2T3D2F

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.
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

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).

Expense breakdown

Schedule H Part II

Admin total

$161K

$8058 / participant

Other / not subdivided$161K100.0%

% of EOY assets

3.333%

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

$134,315

$183,627-26.9%

$155,602-13.7%

$145,978-8.0%

Participation rate

95.0%

82.7%+12.3pp

78.2%+16.8pp

80.3%+14.7pp

Annual return

10.84%

61.32%-50.5pp

64.81%-54.0pp

550.52%-539.7pp

Employer contribution / active EE

$2,119

$5,316-60.1%

$4,675-54.7%

$4,662-54.5%

Participant deferral / active EE

$3,216

$6,466-50.3%

$5,629-42.9%

$6,690-51.9%

Admin fee / account holder

$4,477

$19,327-76.8%

$15,923-71.9%

$13,400-66.6%

GROVE MEDICAL ASSOCIATES, P.C. 401K RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

GROVE MEDICAL ASSOCIATES, P.C. 401K RETIREMENT 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