Retirement plan

SORIN MEDICAL, P.C 401(K) PROFIT SHARING PLAN

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

SORIN MEDICAL, P.CEIN 46-1425115Plan #001PY 2020

8718 BAY PARKWAY - BROOKLYN, NY 11214718-287-1323sorinmedicalny.comLinkedIn51-200 employeesmedical practice

Other plans on this EIN

1 filing

#002Retirement-$1.4M assets

Prospect flagsHigh feesLow fidelity bond

How to read this page

Total assets (EOY)

$939K

+153.8% from 2019

Total participants

+11.1% from 2019

Average account balance

$23,465

+128.4% from 2019

Annual return

47.37%

+47.37 pp from 2019

Benchmarks

See 18,640 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants25-99

Cohort18,640 peers

Snapshot2020

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

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Analytics

Total assets (EOY)

Plan-year ending balance

$2.85M

Not enough data

1 years with asset history on file

Average account balance

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

$47K

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.

127.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$279K

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

+44.62%

Not enough data

1 years with return on file

Admin fee / account holder

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

$12241

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 7-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.

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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 codes2E2F2G2J2T3D

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.

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

$27K

$770 / participant

Other / not subdivided$27K100.0%

% of EOY assets

2.870%

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

$23,465

$91,190-74.3%

$178,490-86.9%

$79,858-70.6%

Participation rate

100.0%

69.2%+30.8pp

81.9%+18.1pp

69.6%+30.4pp

Annual return

47.37%

24.19%+23.2pp

151.07%-103.7pp

31.71%+15.7pp

Employer contribution / active EE

$6,717

$3,256+106.3%

$5,011+34.1%

$2,471+171.9%

Participant deferral / active EE

$5,197

$3,236+60.6%

$5,202-0.1%

$3,740+39.0%

Admin fee / account holder

$674

$6,751-90.0%

$13,984-95.2%

$5,306-87.3%

SORIN MEDICAL, P.C 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SORIN MEDICAL, 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