Retirement plan

SOUTHERN MEDICAL ASSOCIATION 401(K) PROFIT SHARING PLAN

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

SOUTHERN MEDICAL ASSOCIATIONEIN 63-0196615Plan #002PY 2023

3500 BLUE LAKE DRIVE, SUITE 360 - BIRMINGHAM, AL 35243800-423-4992sma.orgLinkedIn11-50 employeeseducation management

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$3.4M

+5.0% from 2022

Total participants

+106.7% from 2022

Average account balance

$113,421

No prior year

Annual return

14.50%

+31.85 pp from 2022

Benchmarks

See 107,959 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants<25

Cohort107,959 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$3.83M

Not enough data

1 years with asset history on file

Average account balance

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

$167K

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.

176.9%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$123K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+11.03%

Not enough data

1 years with return on file

Admin fee / account holder

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

$4314

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 codes2E2J2F2G3D2T

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

1 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$511K

$31931 / participant

Other / not subdivided$511K100.0%

% of EOY assets

15.015%

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

$113,421

$175,259-35.3%

$149,723-24.2%

$139,487-18.7%

Participation rate

93.8%

83.4%+10.4pp

78.8%+15.0pp

80.3%+13.4pp

Annual return

14.50%

166.82%-152.3pp

134.50%-120.0pp

373.84%-359.3pp

Employer contribution / active EE

$3,032

$5,478-44.7%

$4,821-37.1%

$4,755-36.2%

Participant deferral / active EE

$7,657

$6,522+17.4%

$5,682+34.8%

$6,713+14.1%

Admin fee / account holder

$17,030

$16,158+5.4%

$13,215+28.9%

$11,407+49.3%

SOUTHERN MEDICAL ASSOCIATION 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

SOUTHERN MEDICAL ASSOCIATION 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