Retirement plan

RICHIE EYE CLINIC 401(K) PROFIT SHARING PLAN

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

RICHIE EYE CLINICEIN 41-2010939Plan #001PY 2023

1575 20TH STREET NW, SUITE 101 - FARIBAULT, MN 55021507-332-9900richieeyeclinic.comLinkedIn11-50 employees

Prospect flagsHigh feesLow fidelity bond

How to read this page

Total assets (EOY)

$4.4M

+9.9% from 2022

Total participants

+17.6% from 2022

Average account balance

$74,947

-5.0% from 2022

Annual return

15.67%

+30.19 pp from 2022

Benchmarks

See 20,797 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants25-99

Cohort20,797 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$5.11M

Not enough data

1 years with asset history on file

Average account balance

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

$81K

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.

126.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$310K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

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

+12.99%

Not enough data

1 years with return on file

Admin fee / account holder

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

$3499

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 codes2E2F2G2J2T3D3H

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.
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.
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

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).

Expense breakdown

Schedule H Part II

Admin total

$577K

$12274 / participant

Other / not subdivided$577K100.0%

% of EOY assets

13.047%

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

$74,947

$77,920-3.8%

$149,723-49.9%

$75,177-0.3%

Participation rate

97.9%

65.6%+32.3pp

78.8%+19.1pp

67.2%+30.7pp

Annual return

15.67%

31.72%-16.1pp

134.50%-118.8pp

160.75%-145.1pp

Employer contribution / active EE

$2,086

$3,138-33.5%

$4,821-56.7%

$2,671-21.9%

Participant deferral / active EE

$4,778

$3,411+40.1%

$5,682-15.9%

$4,126+15.8%

Admin fee / account holder

$9,778

$5,951+64.3%

$13,215-26.0%

$5,651+73.0%

RICHIE EYE CLINIC 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

RICHIE EYE CLINIC 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