Retirement plan

ERIC BERKOWITZ MD PC 401(K) PROFIT SHARING PLAN

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

ERIC BERKOWITZ MD PCEIN 27-3943253Plan #001PY 2024

390 WEST END AVENUE - NEW YORK, NY 10018212-877-0171berkowitzderm.comLinkedIn1-10 employeesmedical practice

Prospect flagsHigh feesLow participation

How to read this page

Total assets (EOY)

$399K

-27.2% from 2023

Total participants

0.0% from 2023

Average account balance

$199,373

+9.2% from 2023

Annual return

10.25%

-4.59 pp from 2023

Benchmarks

See 50,137 peers

Peer group

Industry81 - Other Services (except Public Administration)

Plan typeDefined contribution

Participants<25

Cohort50,137 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$399K

Not enough data

1 years with asset history on file

Average account balance

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

$199K

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.

40.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$33K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$7K

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

+10.25%

Not enough data

1 years with return on file

Admin fee / account holder

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

$119343

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 codes2E2F2G2J2T3D

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.

Opportunity flags

2 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$239K

$47737 / participant

Other / not subdivided$239K100.0%

% of EOY assets

59.859%

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

$199,373

$88,710+124.7%

$81,783+143.8%

$145,959+36.6%

Participation rate

40.0%

75.0%-35.0pp

72.4%-32.4pp

80.3%-40.3pp

Annual return

10.25%

1027.26%-1017.0pp

775.05%-764.8pp

561.95%-551.7pp

Employer contribution / active EE

$1,676

$3,083-45.6%

$2,913-42.5%

$4,661-64.0%

Participant deferral / active EE

$5,020

$4,645+8.1%

$4,320+16.2%

$6,689-24.9%

Admin fee / account holder

$119,343

$8,407+1319.5%

$7,380+1517.1%

$13,398+790.8%

ERIC BERKOWITZ MD PC 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

ERIC BERKOWITZ MD PC 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