Retirement plan

SPECTRUM MEDICAL, INC. PROFIT SHARING RETIREMENT PLAN

Name: SPECTRUM MEDICAL, INC. - SPECTRUM MEDICAL, INC. PROFIT SHARING RETIREMENT PLAN (2019) Form 5500
Creator: SPECTRUM MEDICAL, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, SPECTRUM MEDICAL, INC. PROFIT SHARING RETIREMENT PLAN, SPECTRUM MEDICAL, INC.

SPECTRUM MEDICAL, INC.EIN 54-0883143Plan #001PY 2019

109 BRIDGE STREET SUITE 300 - DANVILLE, VA 24541434-793-4711spectrummed.comLinkedIn51-200 employeeshospital & health care

Prospect flagsLow returnsHigh feesCorrective distributions

How to read this page

Total assets (EOY)

$14.4M

-0.9% from 2018

Total participants

141

+7.6% from 2018

Average account balance

$121,847

+0.8% from 2018

Annual return

1.79%

-6.15 pp from 2018

Benchmarks

See 5,342 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants100-249

Cohort5,342 peers

Snapshot2019

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

Analytics

Total assets (EOY)

Plan-year ending balance

$10.47M

Not enough data

1 years with asset history on file

Average account balance

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

$74K

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.

142

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.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.03M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$12K

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

+20.22%

Not enough data

1 years with return on file

Admin fee / account holder

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

$142

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

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

Service providers

Top 1 by compensation

Provider	Service type	Compensation
MERRILL LYNCH PIERCE FENNER & SMITH1 year Filed as: MERRILL LYNCH Service code 19 · EIN 13-5674085	Securities Custodian	$130,895

Plan features & details

Pension benefit codes2E2J2K3D

Plan features

2E
Profit-sharing
Profit-sharing plan.
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.
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

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$135K

$1276 / participant

Investment mgmt$131K96.8%
Contract admin$4K3.2%

% of EOY assets

0.940%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: HARRIS, HARVEY, NEAL & CO, LLP
Auditor EIN: 540643136
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$121,847

$52,961+130.1%

$172,752-29.5%

$65,185+86.9%

Participation rate

78.3%

66.2%+12.1pp

82.6%-4.3pp

70.2%+8.1pp

Annual return

1.79%

30.12%-28.3pp

802.97%-801.2pp

29.38%-27.6pp

Employer contribution / active EE

$2,573

$2,190+17.5%

$5,144-50.0%

$2,177+18.2%

Participant deferral / active EE

$3,352

$2,471+35.7%

$5,198-35.5%

$3,514-4.6%

Admin fee / account holder

$1,146

$472+142.8%

$13,955-91.8%

$847+35.2%

Provider

Service type

Compensation

MERRILL LYNCH PIERCE FENNER & SMITH1 year

Filed as: MERRILL LYNCH

Service code 19 · EIN 13-5674085

Securities Custodian

$130,895

SPECTRUM MEDICAL, INC. PROFIT SHARING RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SPECTRUM MEDICAL, INC. PROFIT SHARING RETIREMENT 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