Retirement plan

FAMILY MEDICINE ASSOCIATES OF MIDLAND, P.C. 401(K) PROFIT SHARING PLAN

Name: FAMILY MEDICINE ASSOCIATES OF MIDLAND, P.C. - FAMILY MEDICINE ASSOCIATES OF MIDLAND, P.C. 401(K) PROFIT SHARING PLAN (2020) Form 5500
Creator: FAMILY MEDICINE ASSOCIATES OF MIDLAND, P.C.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FAMILY MEDICINE ASSOCIATES OF MIDLAND, P.C. 401(K) PROFIT SHARING PLAN, FAMILY MEDICINE ASSOCIATES OF MIDLAND, P.C.

FAMILY MEDICINE ASSOCIATES OF MIDLAND, P.C.EIN 38-2156008Plan #001PY 2020

419 W WACKERLY - MIDLAND, MI 48640989-374-0139fma555.netLinkedIn51-200 employeesmedical practice

Prospect flagsLow returnsHigh fees

How to read this page

Total assets (EOY)

$3.9M

-43.2% from 2019

Total participants

-25.4% from 2019

Average account balance

$93,509

-20.2% from 2019

Annual return

4.22%

-4.26 pp from 2019

Benchmarks

See 102,098 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants<25

Cohort102,098 peers

Snapshot2020

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

Analytics

Total assets (EOY)

Plan-year ending balance

$3.31M

Not enough data

1 years with asset history on file

Average account balance

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

$118K

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.

186.7%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$113K

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

+16.14%

Not enough data

1 years with return on file

Admin fee / account holder

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

$6831

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 codes2E2F2G2J2R2T3D

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

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$3.6M

$238424 / participant

Other / not subdivided$4M100.0%

% of EOY assets

91.062%

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

$93,509

$209,425-55.3%

$178,499-47.6%

$158,966-41.2%

Participation rate

86.7%

86.4%+0.3pp

81.9%+4.7pp

82.0%+4.7pp

Annual return

4.22%

188.80%-184.6pp

151.10%-146.9pp

302.95%-298.7pp

Employer contribution / active EE

$4,546

$5,707-20.4%

$5,011-9.3%

$4,762-4.5%

Participant deferral / active EE

$12,107

$5,955+103.3%

$5,202+132.7%

$5,983+102.4%

Admin fee / account holder

$85,151

$17,078+398.6%

$13,986+508.8%

$11,250+656.9%

FAMILY MEDICINE ASSOCIATES OF MIDLAND, P.C. 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FAMILY MEDICINE ASSOCIATES OF MIDLAND, 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