Retirement plan

GREAT LAKES FOOT AND ANKLE INSTITUTE, PC 401(K) PROFIT SHARING PLAN

Name: GREAT LAKES FOOT & ANKLE INSTITUTE, PC - GREAT LAKES FOOT AND ANKLE INSTITUTE, PC 401(K) PROFIT SHARING PLAN (2023) Form 5500
Creator: GREAT LAKES FOOT & ANKLE INSTITUTE, PC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, GREAT LAKES FOOT AND ANKLE INSTITUTE, PC 401(K) PROFIT SHARING PLAN, GREAT LAKES FOOT & ANKLE INSTITUTE, PC

GREAT LAKES FOOT & ANKLE INSTITUTE, PCEIN 38-2221021Plan #003PY 2023

32743 23 MILE ROAD - CHESTERFIELD, MI 48047586-725-3444greatlakesfootandankleinstitute.com.edit.officite.comLinkedIn11-50 employeesmedical practice

Prospect flagsHigh feesLow participationFailed to transmit contributions

How to read this page

Total assets (EOY)

$12.4M

+135.7% from 2022

Total participants

262

+80.7% from 2022

Average account balance

$70,016

+33.1% from 2022

Annual return

115.04%

+128.45 pp from 2022

Benchmarks

See 5,719 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants100-249

Cohort5,719 peers

Snapshot2023

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

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Analytics

Total assets (EOY)

Plan-year ending balance

$15.13M

Not enough data

1 years with asset history on file

Average account balance

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

$68K

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.

222

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.

78.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.74M

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

+12.58%

Not enough data

1 years with return on file

Admin fee / account holder

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

$134

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
NATIONWIDE2 years Service code 15 ONE NATIONWIDE PLAZA · COLUMBUS, OH 43215	Recordkeeping	$73,337
THE BENEFIT ADVANTAGE, INC.2 years Filed as: THE BENEFIT ADVANTAGE Service code 13 · EIN 38-3254950 3497 AUBURN ROAD · AUBURN HILLS, MI 48326	Contract Administrator	$6,922
AMERIPRISE FINANCIAL SERVICES INC2 years Filed as: AMERIPRISE FINANCIAL SERVICES Service code 27 50082 AMERIPRISE FINANCIAL CTR · MINNEAPOLIS, MN 55474	Advisory (Plan)	$0

Plan features & details

Pension benefit codes2A3B3D2F2G2J2T2K2E

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.
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

3 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.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$79K

$334 / participant

Investment mgmt$79K100.0%

% of EOY assets

0.638%

all-in expense ratio

Categories reported

1 / 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: FORVIS
Auditor EIN: 440160260
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$70,016

$61,272+14.3%

$149,673-53.2%

$71,457-2.0%

Participation rate

64.1%

62.5%+1.6pp

78.8%-14.6pp

67.9%-3.8pp

Annual return

115.04%

35.85%+79.2pp

134.42%-19.4pp

28.85%+86.2pp

Employer contribution / active EE

$3,304

$2,378+38.9%

$4,818-31.4%

$2,588+27.7%

Participant deferral / active EE

$3,768

$2,917+29.2%

$5,680-33.7%

$4,289-12.1%

Admin fee / account holder

$447

$1,261-64.6%

$13,210-96.6%

$1,587-71.8%

Provider

Service type

Compensation

NATIONWIDE2 years

Service code 15

ONE NATIONWIDE PLAZA · COLUMBUS, OH 43215

Recordkeeping

$73,337

THE BENEFIT ADVANTAGE, INC.2 years

Filed as: THE BENEFIT ADVANTAGE

Service code 13 · EIN 38-3254950

3497 AUBURN ROAD · AUBURN HILLS, MI 48326

Contract Administrator

$6,922

AMERIPRISE FINANCIAL SERVICES INC2 years

Filed as: AMERIPRISE FINANCIAL SERVICES

Service code 27

50082 AMERIPRISE FINANCIAL CTR · MINNEAPOLIS, MN 55474

Advisory (Plan)

GREAT LAKES FOOT AND ANKLE INSTITUTE, PC 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

GREAT LAKES FOOT AND ANKLE INSTITUTE, 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