Retirement plan

PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN

Name: PROMEDICA HEALTH SYSTEM, INC. - PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN (2023) Form 5500
Creator: PROMEDICA HEALTH SYSTEM, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN, PROMEDICA HEALTH SYSTEM, INC.

PROMEDICA HEALTH SYSTEM, INC.EIN 34-1517671Plan #002PY 2023

100 MADISON AVENUE - TOLEDO, OH 43604567-585-9600LinkedIn1-10 employeesmedical practice

Other plans on this EIN

2 filings

#003Retirement-$186.0M assets #001Retirement-$19.1M assets

Prospect flagsFailed to transmit contributionsFailed to provide benefitCorrective distributions

Top hat statement on fileNQDC

Filed December 7, 2021 (most recent of 2 filings on file)

Plan administrator

Plan administrator name— Sign in and upgrade to view

100 Madison Ave.

Toledo, OH 43604

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Plans declared (5)

ProMedica Health System, Inc. Supplemental Executive Retirement Plan 202120 emp
ProMedica Health System, Inc. 457(b) Deferred Compensation Plan215 emp
ProMedica Health System, Inc. Benefit Restoration Plan60 emp
ProMedica Health System, Inc. Non-profit Voluntary Deferred Compensation Plan2 emp
ProMedica Health System, Inc. Voluntary Deferred Compensation Plan for Employed Physicians20 emp

Total covered: 317 employees

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Total assets (EOY)

$1229.8M

-9.3% from 2016

Total participants

21,014

-3.4% from 2016

Average account balance

$63,769

+5.4% from 2016

Annual return

16.54%

-8.18 pp from 2016

Benchmarks

See 255 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants>=10,000

Cohort255 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$1.35B

Not enough data

1 years with asset history on file

Average account balance

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

$64K

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.

20,991

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.

91.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$97.26M

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

+14.01%

Not enough data

1 years with return on file

Admin fee / account holder

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

$79

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
FIDELITY INVESTMENTS INSTITUTIONAL4 years Service code 37 · EIN 04-2647786	Loan Processing	$624,935
STRATEGIC ADVISORS, INC.4 years Service code 27 · EIN 04-2654524	Advisory (Plan)	$163,350
PLANTE & MORAN, PLLC8 years Service code 10 · EIN 38-1357951	Accounting	$19,000

Plan features & details

Pension benefit codes2K2R2S2T3H2A2J2E2F2G

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.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
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.
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

3 tripped

ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceFailed to provide benefit
Form 5500 reported that benefits due were not provided when due.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$812K

$46 / participant

Recordkeeping$592K72.9%
Investment mgmt$193K23.7%
Legal$1K0.2%
Contract admin$2K0.3%
Other / not subdivided$24K2.9%

% of EOY assets

0.066%

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: PLANTE & MORAN, PLLC
Auditor EIN: 381357951
Audit fees: $23,690
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$63,769

$68,330-6.7%

$149,740-57.4%

$96,393-33.8%

Participation rate

90.3%

74.6%+15.7pp

78.8%+11.5pp

71.3%+19.0pp

Annual return

16.54%

29.64%-13.1pp

134.51%-118.0pp

22.88%-6.3pp

Employer contribution / active EE

$1,633

$2,139-23.7%

$4,821-66.1%

$3,239-49.6%

Participant deferral / active EE

$3,628

$4,422-17.9%

$5,683-36.2%

$5,455-33.5%

Admin fee / account holder

$42

$52-19.0%

$13,222-99.7%

$74-43.0%

Provider

Service type

Compensation

FIDELITY INVESTMENTS INSTITUTIONAL4 years

Service code 37 · EIN 04-2647786

Loan Processing

$624,935

STRATEGIC ADVISORS, INC.4 years

Service code 27 · EIN 04-2654524

Advisory (Plan)

$163,350

PLANTE & MORAN, PLLC8 years

Service code 10 · EIN 38-1357951

Accounting

$19,000

PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (5)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PROMEDICA HEALTH SYSTEM, INC. 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (5)

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