Retirement plan

THE CARE TEAM 401(K) PLAN

Name: THE CARE TEAM - THE CARE TEAM 401(K) PLAN (2024) Form 5500
Creator: THE CARE TEAM
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, THE CARE TEAM 401(K) PLAN, THE CARE TEAM

THE CARE TEAMEIN 84-3157745Plan #001PY 2024

30600 NORTHWESTERN HWY 245 - FARMINGTN HLS, MI 483343171248-973-1720careteammi.comLinkedIn201-500 employeeshospital & health care

Prospect flagsLow participation

How to read this page

Total assets (EOY)

$8.1M

+25.6% from 2023

Total participants

512

-15.1% from 2023

Average account balance

$28,454

+15.8% from 2023

Annual return

19.66%

-38.56 pp from 2023

Benchmarks

See 4,117 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants250-999

Cohort4,117 peers

Snapshot2024

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

Analytics

Total assets (EOY)

Plan-year ending balance

$8.05M

Not enough data

1 years with asset history on file

Average account balance

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

$28K

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.

283

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.

50.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.13M

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

+19.66%

Not enough data

1 years with return on file

Admin fee / account holder

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

$235

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 4 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY4+ years Service code 13 · EIN 42-0127290	Contract Administrator	$66,517
UBS FINANCIAL SERVICES INC1 year Service code 27 · EIN 13-2638166	Advisory (Plan)	$13,318
MMA SECURITIES LLC3 years Service code 27 · EIN 22-3570392	Advisory (Plan)	$8,749
MORNINGSTAR3 years Filed as: MORNINGSTAR INVESTMENT MANAGEMENT L Service code 26 · EIN 36-4317381	Advisory (Participants)	$0

Plan features & details

Pension benefit codes2E2F2G2J2T3D

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

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.

Expense breakdown

Schedule H Part II

Admin total

$67K

$144 / participant

Contract admin$67K100.0%

% of EOY assets

0.826%

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: FENNER MELSTROM & DOOLING, PLC
Auditor EIN: 381402622
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$28,454

$50,902-44.1%

$155,534-81.7%

$77,736-63.4%

Participation rate

50.3%

63.1%-12.8pp

78.2%-27.9pp

70.6%-20.3pp

Annual return

19.66%

34.85%-15.2pp

64.92%-45.3pp

31.26%-11.6pp

Employer contribution / active EE

$1,280

$1,991-35.7%

$4,675-72.6%

$2,728-53.1%

Participant deferral / active EE

$3,335

$2,824+18.1%

$5,630-40.8%

$4,651-28.3%

Admin fee / account holder

$235

$437-46.2%

$15,900-98.5%

$433-45.8%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY4+ years

Service code 13 · EIN 42-0127290

Contract Administrator

$66,517

UBS FINANCIAL SERVICES INC1 year

Service code 27 · EIN 13-2638166

Advisory (Plan)

$13,318

MMA SECURITIES LLC3 years

Service code 27 · EIN 22-3570392

Advisory (Plan)

$8,749

MORNINGSTAR3 years

Filed as: MORNINGSTAR INVESTMENT MANAGEMENT L

Service code 26 · EIN 36-4317381

Advisory (Participants)

THE CARE TEAM 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

THE CARE TEAM 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