Retirement plan

EMPOWER HEALTHCARE SOLUTIONS 401(K) PLAN

Name: EMPOWER HEALTHCARE SOLUTIONS, LLC - EMPOWER HEALTHCARE SOLUTIONS 401(K) PLAN (2024) Form 5500
Creator: EMPOWER HEALTHCARE SOLUTIONS, LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, EMPOWER HEALTHCARE SOLUTIONS 401(K) PLAN, EMPOWER HEALTHCARE SOLUTIONS, LLC

EMPOWER HEALTHCARE SOLUTIONS, LLCEIN 82-1454637Plan #001PY 2024

17500 CHENAL PARKWAY, SUITE 300, - LITTLE ROCK, AR 72223360-306-0263getempowerhealth.comLinkedIn201-500 employeeshospital & health care

Prospect flagsLow assets / participantLow participant contributionFailed to transmit contributions

How to read this page

Total assets (EOY)

$6.5M

+56.6% from 2023

Total participants

451

-13.9% from 2023

Average account balance

$14,461

+82.4% from 2023

Annual return

16.40%

-8.24 pp from 2023

Benchmarks

See 1,547 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,547 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$6.49M

Not enough data

1 years with asset history on file

Average account balance

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

$14K

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.

449

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.

99.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.35M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

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

+16.40%

Not enough data

1 years with return on file

Admin fee / account holder

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

$126

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 5 by compensation

Provider	Service type	Compensation
MILLIMAN, INC.2 years Service code 15 · EIN 91-0675641	Recordkeeping	$30,372
FIRST SECURITY BANK3+ years Filed as: FIRST SECURITY BANK DBA C/O TRUST A Service code 99 314 N SPRING ST · SEARCY, AR 72143	Other Fees	$19,656
CHARLES SCHWAB & CO., INC.2 years Filed as: CHARLES SCHWAB TRUST BANK Service code 19 · EIN 82-3967259	Securities Custodian	$6,352
CHARLES SCHWAB & CO., INC.2 years Filed as: CHARLES SCHWAB & CO. INC. Service code 19	Securities Custodian	$0
CHARLES SCHWAB & CO., INC.2 years Service code 19 · EIN 94-1737782	Securities Custodian	$0

Plan features & details

Pension benefit codes2E2F2G2J2K3B3D

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.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.
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

OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
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

$56K

$131 / participant

Recordkeeping$30K53.9%
Trustee / custodial$6K11.3%
Investment mgmt$20K34.9%

% of EOY assets

0.868%

all-in expense ratio

Categories reported

3 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: FORVIS MAZARS, LLP
Auditor EIN: 440160260
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$14,461

$129,227-88.8%

$184,260-92.2%

$77,736-81.4%

Participation rate

99.5%

87.4%+12.2pp

86.8%+12.7pp

70.6%+28.9pp

Annual return

16.40%

33.24%-16.8pp

28.84%-12.4pp

31.26%-14.9pp

Employer contribution / active EE

$3,337

$4,412-24.4%

$6,427-48.1%

$2,728+22.3%

Participant deferral / active EE

$2,146

$7,307-70.6%

$9,133-76.5%

$4,651-53.9%

Admin fee / account holder

$126

$256-50.9%

$13,898-99.1%

$433-71.0%

Provider

Service type

Compensation

MILLIMAN, INC.2 years

Service code 15 · EIN 91-0675641

Recordkeeping

$30,372

FIRST SECURITY BANK3+ years

Filed as: FIRST SECURITY BANK DBA C/O TRUST A

Service code 99

314 N SPRING ST · SEARCY, AR 72143

Other Fees

$19,656

CHARLES SCHWAB & CO., INC.2 years

Filed as: CHARLES SCHWAB TRUST BANK

Service code 19 · EIN 82-3967259

Securities Custodian

$6,352

CHARLES SCHWAB & CO., INC.2 years

Filed as: CHARLES SCHWAB & CO. INC.

Service code 19

Securities Custodian

CHARLES SCHWAB & CO., INC.2 years

Service code 19 · EIN 94-1737782

Securities Custodian

EMPOWER HEALTHCARE SOLUTIONS 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

EMPOWER HEALTHCARE SOLUTIONS 401(K) 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