Retirement plan

SOUTHEASTERN SPINE INSTITUTE 401(K) PROFIT SHARING PLAN

Name: SOUTHEASTERN SPINE INSTITUTE - SOUTHEASTERN SPINE INSTITUTE 401(K) PROFIT SHARING PLAN (2022) Form 5500
Creator: SOUTHEASTERN SPINE INSTITUTE
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SOUTHEASTERN SPINE INSTITUTE 401(K) PROFIT SHARING PLAN, SOUTHEASTERN SPINE INSTITUTE

SOUTHEASTERN SPINE INSTITUTEEIN 32-0058385Plan #001PY 2022

1625 HOSPITAL DRIVE - MT. PLEASANT, SC 29464843-849-1551southeasternspine.comLinkedIn51-200 employeesmedical practice

Prospect flagsHigh feesHigh cashFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$7M

-32.1% from 2017

Total participants

131

-31.1% from 2017

Average account balance

$54,442

+0.8% from 2017

Annual return

-13.64%

-27.75 pp from 2017

Benchmarks

See 19,711 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants25-99

Cohort19,711 peers

Snapshot2022

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Analytics

Total assets (EOY)

Plan-year ending balance

$7.55M

Not enough data

1 years with asset history on file

Average account balance

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

$56K

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.

134

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.

89.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$816K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$8K

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

+14.66%

Not enough data

1 years with return on file

Admin fee / account holder

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

$264

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

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Service providers

Top 3 by compensation

Provider	Service type	Compensation
EQUITABLE ADVISORS LLC1 year Service code 27 · EIN 13-4078005	Advisory (Plan)	$17,022
FIDELITY INVESTMENTS INSTITUTIONAL1 year Service code 37 · EIN 04-2647786	Loan Processing	$15,790
DAVIS1 year Filed as: DAVIS AND COMPANY Service code 10 · EIN 82-4158464	Accounting	$12,500

Plan features & details

Pension benefit codes2A2E2F2G2J2S2T3B3D2R

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.

Opportunity flags

4 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityHigh cash
More than 10% of assets are held in cash - possible menu-design or default-fund problem.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$45K

$503 / participant

Other / not subdivided$45K100.0%

% of EOY assets

0.650%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: DCPAS, LLC DBA DAVIS & COMPANY CPAS
Auditor EIN: 824158464
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$54,442

$73,867-26.3%

$143,757-62.1%

$68,494-20.5%

Participation rate

96.7%

66.7%+30.0pp

80.3%+16.4pp

67.9%+28.8pp

Annual return

-13.64%

1.01%-14.6pp

-0.04%-13.6pp

-7.84%-5.8pp

Employer contribution / active EE

$3,505

$3,184+10.1%

$4,951-29.2%

$2,596+35.0%

Participant deferral / active EE

$3,910

$3,384+15.5%

$5,637-30.6%

$4,027-2.9%

Admin fee / account holder

$354

$5,755-93.8%

$14,673-97.6%

$5,403-93.4%

Provider

Service type

Compensation

EQUITABLE ADVISORS LLC1 year

Service code 27 · EIN 13-4078005

Advisory (Plan)

$17,022

FIDELITY INVESTMENTS INSTITUTIONAL1 year

Service code 37 · EIN 04-2647786

Loan Processing

$15,790

DAVIS1 year

Filed as: DAVIS AND COMPANY

Service code 10 · EIN 82-4158464

Accounting

$12,500

SOUTHEASTERN SPINE INSTITUTE 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SOUTHEASTERN SPINE INSTITUTE 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