Retirement plan

NIA D. BANKS 401(K) PROFIT SHARING PLAN

Name: NIA D. BANKS, MD, PHD, LLC - NIA D. BANKS 401(K) PROFIT SHARING PLAN (2022) Form 5500
Creator: NIA D. BANKS, MD, PHD, LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, NIA D. BANKS 401(K) PROFIT SHARING PLAN, NIA D. BANKS, MD, PHD, LLC

NIA D. BANKS, MD, PHD, LLCEIN 26-4171981Plan #001PY 2022

325 HOSPITAL DRIVE, SUITE 209 - GLEN BURNIE, MD 21061301-880-7022

Prospect flagsLow fidelity bond

How to read this page

Total assets (EOY)

$641K

-11.7% from 2021

Total participants

+9.1% from 2021

Average account balance

$58,294

-19.8% from 2021

Annual return

-17.63%

-49.62 pp from 2021

Benchmarks

See 105,930 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants<25

Cohort105,930 peers

Snapshot2022

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

Analytics

Total assets (EOY)

Plan-year ending balance

$700K

Not enough data

1 years with asset history on file

Average account balance

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

$58K

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.

240.0%

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

+6.97%

Not enough data

1 years with return on file

Admin fee / account holder

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

$8876

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 codes2E2F2G2J3B3D

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.
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.

Opportunity flags

1 tripped

ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).

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

$58,294

$167,353-65.2%

$143,797-59.5%

$134,545-56.7%

Participation rate

87.5%

84.8%+2.7pp

80.3%+7.2pp

81.2%+6.3pp

Annual return

-17.63%

0.48%-18.1pp

-0.04%-17.6pp

418.37%-436.0pp

Employer contribution / active EE

$1,436

$5,620-74.5%

$4,952-71.0%

$4,742-69.7%

Participant deferral / active EE

$3,927

$6,447-39.1%

$5,638-30.4%

$6,401-38.7%

Admin fee / account holder

$18,096-100.0%

$14,679-100.0%

$11,431-100.0%

NIA D. BANKS 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Audit opinioni

NIA D. BANKS 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Audit opinion

Benchmarks

Service providers

Opportunity flags

Audit opinion