Retirement plan

TAK MEDICAL GROUP 401(K) PLAN

Name: TAK MEDICAL GROUP - TAK MEDICAL GROUP 401(K) PLAN (2024) Form 5500
Creator: TAK MEDICAL GROUP
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, TAK MEDICAL GROUP 401(K) PLAN, TAK MEDICAL GROUP

TAK MEDICAL GROUPEIN 45-3626567Plan #001PY 2024

14 MONUMENT SQUARE, #401 - LEOMINSTER, MA 01453978-466-4025takmedgroup.comLinkedIn1-10 employeeshospital & health care

Prospect flagsHigh feesLow fidelity bond

How to read this page

Total assets (EOY)

$982K

+4.6% from 2023

Total participants

-3.7% from 2023

Average account balance

$39,278

+12.9% from 2023

Annual return

12.89%

-4.86 pp from 2023

Benchmarks

See 109,210 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants<25

Cohort109,210 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$982K

Not enough data

1 years with asset history on file

Average account balance

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

$39K

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.

192.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$82K

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

+12.89%

Not enough data

1 years with return on file

Admin fee / account holder

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

$6409

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 codes2E2F2G2J3B3D

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.
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

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

$160K

$12325 / participant

Other / not subdivided$160K100.0%

% of EOY assets

16.317%

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

$39,278

$183,539-78.6%

$155,556-74.7%

$145,897-73.1%

Participation rate

92.3%

82.7%+9.6pp

78.2%+14.1pp

80.3%+12.0pp

Annual return

12.89%

61.31%-48.4pp

64.84%-51.9pp

552.29%-539.4pp

Employer contribution / active EE

$2,978

$5,315-44.0%

$4,675-36.3%

$4,663-36.1%

Participant deferral / active EE

$3,332

$6,467-48.5%

$5,631-40.8%

$6,689-50.2%

Admin fee / account holder

$6,409

$19,275-66.7%

$15,885-59.7%

$13,390-52.1%

TAK MEDICAL GROUP 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

TAK MEDICAL GROUP 401(K) 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