Retirement plan

WATERBURY HOSPITAL CASH BALANCE RETIREMENT PLAN

Name: PROSPECT WATERBURY, INC. - WATERBURY HOSPITAL CASH BALANCE RETIREMENT PLAN (2024) Form 5500
Creator: PROSPECT WATERBURY, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, WATERBURY HOSPITAL CASH BALANCE RETIREMENT PLAN, PROSPECT WATERBURY, INC.

PROSPECT WATERBURY, INC.EIN 81-2181470Plan #005PY 2024

64 ROBBINS STREET - WATERBURY, CT 06721203-573-6000

Prospect flagsLow returnsLow participationLow employer contribution

How to read this page

Total assets (EOY)

$21M

-4.1% from 2023

Total participants

995

+0.3% from 2023

Average account balance

No prior year

Annual return

0.48%

-1.52 pp from 2023

Benchmarks

See 134 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined benefit

Participants250-999

Cohort134 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$21.03M

Not enough data

1 years with asset history on file

Average account balance

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

$21K

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.

678

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.

0.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$824K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

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

+0.48%

Not enough data

1 years with return on file

Admin fee / account holder

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

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

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Service providers

Top 3 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY9+ years Service code 13 · EIN 42-0127290	Contract Administrator	$195,258
BDO USA, LLP1 year Filed as: BDO Service code 10 · EIN 13-5381590	Accounting	$52,624
GROOM LAW GROUP1 year Filed as: GROOM LAW GROUP, CHARTERED Service code 29 · EIN 52-1219029	Legal	$23,319

Plan features & details

Pension benefit codes1C1H1I

Plan features

1C
Cash balance or similar plan
A cash balance formula in a defined benefit plan that expresses the accrued benefit in terms more common to a defined contribution plan such as a hypothetical account balance or single sum amount (includes personal account plan pension equity plan life cycle plan and cash account plan).
1H
PBGC terminated and closed out plan
Plan covered by PBGC that was terminated and closed out for PBGC purposes (standard or distress termination with distribution of plan assets or trustee appointed under ERISA section 4042).
1I
Frozen plan
As of the last day of the plan year the plan provides that no participant will get any new benefit accrual whether because of service or compensation.

Opportunity flags

3 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$909K

$2866 / participant

Legal$23K2.6%
Contract admin$195K21.5%
Other / not subdivided$690K75.9%

% of EOY assets

4.319%

all-in expense ratio

Categories reported

2 / 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: $52,624
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$329,695-100.0%

Participation rate

0.0%

0.0%0pp

43.4%-43.4pp

0.0%0pp

Annual return

0.48%

8.46%-8.0pp

9.82%-9.3pp

8.76%-8.3pp

Employer contribution / active EE

$2,600

$11,054-76.5%

$30,322-91.4%

$16,664-84.4%

Participant deferral / active EE

$240-100.0%

$66-100.0%

$948-100.0%

Admin fee / account holder

$53,840-100.0%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY9+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$195,258

BDO USA, LLP1 year

Filed as: BDO

Service code 10 · EIN 13-5381590

Accounting

$52,624

GROOM LAW GROUP1 year

Filed as: GROOM LAW GROUP, CHARTERED

Service code 29 · EIN 52-1219029

Legal

$23,319

WATERBURY HOSPITAL CASH BALANCE RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

WATERBURY HOSPITAL CASH BALANCE 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