Retirement plan

BIRMINGHAM HEART CLINIC, P. C. PROFIT SHARING PLAN

Name: BIRMINGHAM HEART CLINIC, PC - BIRMINGHAM HEART CLINIC, P. C. PROFIT SHARING PLAN (2023) Form 5500
Creator: BIRMINGHAM HEART CLINIC, PC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, BIRMINGHAM HEART CLINIC, P. C. PROFIT SHARING PLAN, BIRMINGHAM HEART CLINIC, PC

BIRMINGHAM HEART CLINIC, PCEIN 63-1119002Plan #001PY 2023

100 PILOT MEDICAL DRIVE, SUITE 300 - BIRMINGHAM, AL 35235205-856-2284birminghamheart.comLinkedIn51-200 employeesmedical practice

Prospect flagsHigh feesFailed to transmit contributions

How to read this page

Total assets (EOY)

$19.4M

+19.4% from 2022

Total participants

153

-8.4% from 2022

Average account balance

$140,884

+44.5% from 2022

Annual return

13.83%

+28.73 pp from 2022

Benchmarks

See 5,703 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants100-249

Cohort5,703 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$18.57M

Not enough data

1 years with asset history on file

Average account balance

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

$144K

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.

129

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.

89.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.71M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$14K

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

+11.93%

Not enough data

1 years with return on file

Admin fee / account holder

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

$1233

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 3 by compensation

Provider	Service type	Compensation
OSAIC WEALTH INC1 year Service code 27 · EIN 93-0987232	Advisory (Plan)	$36,253
PRINCIPAL LIFE INSURANCE COMPANY5 years Service code 13 · EIN 42-0127290	Contract Administrator	$17,922
ASCENSUS LLC4 years Filed as: ASCENSUS Service code 13 · EIN 82-3719843	Contract Administrator	$7,948

Plan features & details

Pension benefit codes2E2F2G2J2K2R2T

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.
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.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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.

Opportunity flags

2 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$93K

$844 / participant

Contract admin$93K100.0%

% of EOY assets

0.477%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: APRIO LLP
Auditor EIN: 571157523
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$140,884

$61,391+129.5%

$149,723-5.9%

$71,529+97.0%

Participation rate

86.4%

62.5%+23.8pp

78.8%+7.6pp

67.9%+18.4pp

Annual return

13.83%

35.88%-22.0pp

134.50%-120.7pp

28.97%-15.1pp

Employer contribution / active EE

$10,896

$2,384+357.1%

$4,821+126.0%

$2,590+320.7%

Participant deferral / active EE

$4,636

$2,921+58.7%

$5,682-18.4%

$4,291+8.0%

Admin fee / account holder

$673

$1,264-46.8%

$13,215-94.9%

$1,588-57.7%

Provider

Service type

Compensation

OSAIC WEALTH INC1 year

Service code 27 · EIN 93-0987232

Advisory (Plan)

$36,253

PRINCIPAL LIFE INSURANCE COMPANY5 years

Service code 13 · EIN 42-0127290

Contract Administrator

$17,922

ASCENSUS LLC4 years

Filed as: ASCENSUS

Service code 13 · EIN 82-3719843

Contract Administrator

$7,948

BIRMINGHAM HEART CLINIC, P. C. PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

BIRMINGHAM HEART CLINIC, P. C. 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