Retirement plan

PHYNET DERMATOLOGY, LLC 401(K) PLAN

Name: PHYNET DERMATOLOGY, LLC - PHYNET DERMATOLOGY, LLC 401(K) PLAN (2019) Form 5500
Creator: PHYNET DERMATOLOGY, LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PHYNET DERMATOLOGY, LLC 401(K) PLAN, PHYNET DERMATOLOGY, LLC

PHYNET DERMATOLOGY, LLCEIN 82-2598872Plan #001PY 2019

302 INNOVATION DRIVE, SUITE 400 - FRANKLIN, TN 37067615-224-7755phynet.comLinkedIn501-1000 employeesmedical practice

Prospect flagsRecently reached 100 employeesFailed to transmit contributionsCorrective distributions

Top hat statement on fileNQDC

Filed February 12, 2019

Plan administrator

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720 Cool Springs Blvd, Suite 150

Franklin State: TN Zip Code: 37067

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Plans declared (1)

PHYNET DERMATOLOGY DEFERRED COMPENSATION76 emp

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Total assets (EOY)

$23.8M

+10453.2% from 2018

Total participants

998

+118.4% from 2018

Average account balance

$25,184

+446.0% from 2018

Annual return

11069.28%

+11069.28 pp from 2018

Benchmarks

See 3,878 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants250-999

Cohort3,878 peers

Snapshot2019

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

Analytics

Total assets (EOY)

Plan-year ending balance

$54.64M

Not enough data

1 years with asset history on file

Average account balance

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

$27K

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.

2,060

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.

93.2%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$7.87M

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

+23.30%

Not enough data

1 years with return on file

Admin fee / account holder

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

$98

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

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 codes2A2E2F2G2J2K2S2T3D3H

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
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.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
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.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

3 tripped

ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).
InformationalRecently reached 100 employees
Sponsor crossed the 100-balance-holder threshold in the most recent filing - large-plan audit requirement now applies.

Expense breakdown

Schedule H Part II

Admin total

$4K

$5 / participant

Contract admin$4K100.0%

% of EOY assets

0.015%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Disclaimer opinion

Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.

Auditor firm: ROSS LANE & COMPANY, LLC
Auditor EIN: 581686745
Audit fees: (not subdivided)
Opinion code: Disclaimer

Metric

This plan

Peer set

Industry

Size

Avg account balance

$25,184

$62,928-60.0%

$172,752-85.4%

$67,579-62.7%

Participation rate

92.7%

64.5%+28.2pp

82.6%+10.0pp

71.3%+21.4pp

Annual return

11069.28%

30.36%+11038.9pp

802.97%+10266.3pp

378.56%+10690.7pp

Employer contribution / active EE

$340

$1,636-79.2%

$5,144-93.4%

$2,148-84.2%

Participant deferral / active EE

$2,864

$2,145+33.5%

$5,198-44.9%

$3,539-19.1%

Admin fee / account holder

$167-97.8%

$13,955-100.0%

$142-97.4%

PHYNET DERMATOLOGY, LLC 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PHYNET DERMATOLOGY, LLC 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

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