Retirement plan

BERRY MOORMAN P.C. 401(K) PROFIT SHARING PLAN

Name: BERRY MOORMAN P.C. - BERRY MOORMAN P.C. 401(K) PROFIT SHARING PLAN (2023) Form 5500
Creator: BERRY MOORMAN P.C.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BERRY MOORMAN P.C. 401(K) PROFIT SHARING PLAN, BERRY MOORMAN P.C.

BERRY MOORMAN P.C.EIN 38-1860425Plan #002PY 2023

255 E BROWN ST STE 320 - BIRMINGHAM, MI 480096209248-645-9680berrymoorman.comLinkedIn11-50 employeeslaw practice

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$3.5M

-9.7% from 2022

Total participants

-12.5% from 2022

Average account balance

$197,083

+0.3% from 2022

Annual return

15.30%

+32.59 pp from 2022

Benchmarks

See 139,965 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants<25

Cohort139,965 peers

Snapshot2023

See peer percentile detail. $4.99 for your first month.

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Analytics

Total assets (EOY)

Plan-year ending balance

$3.52M

Not enough data

1 years with asset history on file

Average account balance

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

$220K

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$80K

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

+13.53%

Not enough data

1 years with return on file

Admin fee / account holder

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

$70849

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

See the 10-year trajectory. $4.99 for your first month.

Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.

Start for $4.99 See plans

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 codes2F2G2T3D2E2J2R

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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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

1 tripped

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

$1.1M

$63313 / participant

Other / not subdivided$1M100.0%

% of EOY assets

30.340%

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: -

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$197,083

$148,534+32.7%

$135,903+45.0%

$139,434+41.3%

Participation rate

82.4%

83.9%-1.5pp

81.9%+0.4pp

80.3%+2.0pp

Annual return

15.30%

79.19%-63.9pp

68.23%-52.9pp

372.94%-357.6pp

Employer contribution / active EE

$5,243-100.0%

$4,856-100.0%

$4,751-100.0%

Participant deferral / active EE

$5,410

$8,100-33.2%

$7,758-30.3%

$6,710-19.4%

Admin fee / account holder

$59,796

$12,400+382.2%

$10,762+455.6%

$11,403+424.4%

BERRY MOORMAN P.C. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BERRY MOORMAN P.C. 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