Retirement plan

WESTERN RESERVE HOSPITAL, LLC 401(K) PROFIT SHARING PLAN

Name: WESTERN RESERVE HOSPITAL, LLC - WESTERN RESERVE HOSPITAL, LLC 401(K) PROFIT SHARING PLAN (2023) Form 5500
Creator: WESTERN RESERVE HOSPITAL, LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, WESTERN RESERVE HOSPITAL, LLC 401(K) PROFIT SHARING PLAN, WESTERN RESERVE HOSPITAL, LLC

WESTERN RESERVE HOSPITAL, LLCEIN 26-3536780Plan #001PY 2023

1900 23RD STREET - CUYAHOGA FALLS, OH 44223330-971-7175westernreservehospital.orgLinkedIn501-1000 employeeshospital & health care

Prospect flagsLow participation

How to read this page

Total assets (EOY)

$45.5M

+23.1% from 2022

Total participants

1,129

-1.7% from 2022

Average account balance

$61,714

+26.5% from 2022

Annual return

18.42%

+35.63 pp from 2022

Benchmarks

See 4,038 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants250-999

Cohort4,038 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$50.95M

Not enough data

1 years with asset history on file

Average account balance

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

$70K

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.

730

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.

56.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$5.09M

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

+14.79%

Not enough data

1 years with return on file

Admin fee / account holder

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

$185

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 3 by compensation

Provider	Service type	Compensation
NEWPORT GROUP, INC.4 years Service code 13 · EIN 27-2037969	Contract Administrator	$60,934
HUNTINGTON NATIONAL BANK1 year Filed as: HUNTINGTON BANK Service code 26 3421 RIDGEWOOD RD. · FAIRLAWN, OH 44333	Advisory (Participants)	$47,337
NEWPORT GROUP, INC.3 years Filed as: NEWPORT TRUST COMPANY Service code 21 · EIN 27-4411131	Bank Trustee	$11,834

Plan features & details

Pension benefit codes2E2F2G2J2T3B3D3F

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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.
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.
3F
Leased employees
Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.

Opportunity flags

1 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.

Expense breakdown

Schedule H Part II

Admin total

$120K

$130 / participant

Recordkeeping$39K32.7%
Trustee / custodial$12K9.9%
Investment mgmt$47K39.4%
Contract admin$22K18.1%

% of EOY assets

0.264%

all-in expense ratio

Categories reported

4 / 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

$61,714

$47,163+30.9%

$149,696-58.8%

$74,460-17.1%

Participation rate

57.7%

63.4%-5.7pp

78.8%-21.0pp

70.7%-13.0pp

Annual return

18.42%

22.75%-4.3pp

134.46%-116.0pp

34.38%-16.0pp

Employer contribution / active EE

$1,637

$1,907-14.1%

$4,821-66.0%

$2,638-37.9%

Participant deferral / active EE

$3,609

$2,730+32.2%

$5,682-36.5%

$4,530-20.3%

Admin fee / account holder

$163

$343-52.5%

$13,212-98.8%

$348-53.2%

Provider

Service type

Compensation

NEWPORT GROUP, INC.4 years

Service code 13 · EIN 27-2037969

Contract Administrator

$60,934

HUNTINGTON NATIONAL BANK1 year

Filed as: HUNTINGTON BANK

Service code 26

3421 RIDGEWOOD RD. · FAIRLAWN, OH 44333

Advisory (Participants)

$47,337

NEWPORT GROUP, INC.3 years

Filed as: NEWPORT TRUST COMPANY

Service code 21 · EIN 27-4411131

Bank Trustee

$11,834

WESTERN RESERVE HOSPITAL, LLC 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

WESTERN RESERVE HOSPITAL, LLC 401(K) 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