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 (2023) 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 2023

8718 BAY PARKWAY, FLOORS 1 AND 2 - BROOKLYN, NY 11214718-287-1323sorinmedicalny.comLinkedIn51-200 employeesmedical practice

Other plans on this EIN

1 filing

#002Retirement-$1.9M assets

Prospect flagsLow participationLow fidelity bond

How to read this page

Total assets (EOY)

$2.3M

+58.3% from 2022

Total participants

+47.1% from 2022

Average account balance

$40,785

+41.4% from 2022

Annual return

20.45%

+39.92 pp from 2022

Benchmarks

See 20,801 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants25-99

Cohort20,801 peers

Snapshot2023

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

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

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 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

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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

$14K

$561 / participant

Other / not subdivided$14K100.0%

% of EOY assets

0.614%

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

$40,785

$77,908-47.7%

$149,696-72.8%

$75,173-45.7%

Participation rate

24.0%

65.6%-41.6pp

78.8%-54.8pp

67.2%-43.2pp

Annual return

20.45%

31.73%-11.3pp

134.46%-114.0pp

160.72%-140.3pp

Employer contribution / active EE

$12,181

$3,138+288.2%

$4,821+152.7%

$2,671+356.1%

Participant deferral / active EE

$9,858

$3,411+189.0%

$5,682+73.5%

$4,126+138.9%

Admin fee / account holder

$251

$5,950-95.8%

$13,212-98.1%

$5,651-95.6%

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