Retirement plan

OLEAN MEDICAL PRACTICE PLLC RETIREMENT PLAN

Name: OLEAN MEDICAL PRACTICE PLLC - OLEAN MEDICAL PRACTICE PLLC RETIREMENT PLAN (2023) Form 5500
Creator: OLEAN MEDICAL PRACTICE PLLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, OLEAN MEDICAL PRACTICE PLLC RETIREMENT PLAN, OLEAN MEDICAL PRACTICE PLLC

OLEAN MEDICAL PRACTICE PLLCEIN 88-1324896Plan #002PY 2023

535 MAIN STREET - OLEAN, NY 14760716-376-2201

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$31.6M

+4.3% from 2022

Total participants

220

-14.1% from 2022

Average account balance

$147,130

+21.7% from 2022

Annual return

15.16%

+29.38 pp from 2022

Benchmarks

See 5,708 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants100-249

Cohort5,708 peers

Snapshot2023

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

Analytics

Total assets (EOY)

Plan-year ending balance

$33.67M

Not enough data

1 years with asset history on file

Average account balance

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

$151K

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.

223

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.

97.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.53M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

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

+12.64%

Not enough data

1 years with return on file

Admin fee / account holder

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

$587

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
VOYA RETIREMENT INSURANCE & ANNUITY2+ years Service code 26 · EIN 71-0294708	Advisory (Participants)	$132,315
LINCOLN NATIONAL CORPORATION1 year Filed as: LINCOLN FINANCIAL ADVISORS CORPORAT Service code 99 1300 S CLINTON ST STE 150 · FORT WAYNE, IN 46802	Other Fees	$24,764
PHILLIPS LYTLE LLP1 year Service code 99 · EIN 66-6000666	Other Fees	$14,111
FREED MAXICK CPAS PC2+ years Service code 99 424 MAIN ST · BUFFALO, NY 14202	Other Fees	$13,650

Plan features & details

Pension benefit codes2E2F2G2J2K2R3D

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.
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

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$132K

$822 / participant

Investment mgmt$32K24.3%
Contract admin$86K65.2%
Other / not subdivided$14K10.5%

% of EOY assets

0.418%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: FREED MAXICK CPAS, P.C.
Auditor EIN: 454051133
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$147,130

$61,356+139.8%

$149,696-1.7%

$71,511+105.7%

Participation rate

96.9%

62.5%+34.4pp

78.8%+18.1pp

67.9%+29.0pp

Annual return

15.16%

35.86%-20.7pp

134.46%-119.3pp

28.86%-13.7pp

Employer contribution / active EE

$3,478

$2,382+46.1%

$4,821-27.8%

$2,589+34.3%

Participant deferral / active EE

$4,078

$2,920+39.7%

$5,682-28.2%

$4,291-4.9%

Admin fee / account holder

$615

$1,263-51.3%

$13,212-95.3%

$1,588-61.3%

Provider

Service type

Compensation

VOYA RETIREMENT INSURANCE & ANNUITY2+ years

Service code 26 · EIN 71-0294708

Advisory (Participants)

$132,315

LINCOLN NATIONAL CORPORATION1 year

Filed as: LINCOLN FINANCIAL ADVISORS CORPORAT

Service code 99

1300 S CLINTON ST STE 150 · FORT WAYNE, IN 46802

Other Fees

$24,764

PHILLIPS LYTLE LLP1 year

Service code 99 · EIN 66-6000666

Other Fees

$14,111

FREED MAXICK CPAS PC2+ years

Service code 99

424 MAIN ST · BUFFALO, NY 14202

Other Fees

$13,650

OLEAN MEDICAL PRACTICE PLLC RETIREMENT PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

OLEAN MEDICAL PRACTICE PLLC 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