Retirement plan

TOM GALLAHER MD, PLLC 401K PROFIT SHARING PLAN

Name: TOM GALLAHER, MD, PLLC - TOM GALLAHER MD, PLLC 401K PROFIT SHARING PLAN (2024) Form 5500
Creator: TOM GALLAHER, MD, PLLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, TOM GALLAHER MD, PLLC 401K PROFIT SHARING PLAN, TOM GALLAHER, MD, PLLC

TOM GALLAHER, MD, PLLCEIN 20-8611227Plan #001PY 2024

7560 DANNAHER DR STE 150 - POWELL, TN 37849865-671-3888LinkedIn11-50 employeesmedical practice

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$867K

-24.2% from 2023

Total participants

-28.2% from 2023

Average account balance

$30,952

+5.6% from 2023

Annual return

8.86%

-6.71 pp from 2023

Benchmarks

See 21,762 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants25-99

Cohort21,762 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$867K

Not enough data

1 years with asset history on file

Average account balance

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

$31K

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$128K

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

+8.86%

Not enough data

1 years with return on file

Admin fee / account holder

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

$18047

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 codes2E2F2G2J2T3D3H

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.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

2 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.

Expense breakdown

Schedule H Part II

Admin total

$505K

$18047 / participant

Other / not subdivided$505K100.0%

% of EOY assets

58.306%

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

$30,952

$81,233-61.9%

$155,567-80.1%

$80,874-61.7%

Participation rate

100.0%

66.2%+33.8pp

78.2%+21.8pp

67.6%+32.4pp

Annual return

8.86%

33.33%-24.5pp

64.74%-55.9pp

35.62%-26.8pp

Employer contribution / active EE

$1,469

$3,101-52.6%

$4,674-68.6%

$2,756-46.7%

Participant deferral / active EE

$3,092

$3,452-10.4%

$5,628-45.1%

$4,297-28.0%

Admin fee / account holder

$18,047

$7,998+125.7%

$15,916+13.4%

$6,935+160.2%

TOM GALLAHER MD, PLLC 401K PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

TOM GALLAHER MD, PLLC 401K 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