Retirement plan

ICARE 401(K) PLAN AND TRUST AGREEMENT

Name: ICARE MANAGEMENT, LLC - ICARE 401(K) PLAN AND TRUST AGREEMENT (2021) Form 5500
Creator: ICARE MANAGEMENT, LLC
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, ICARE 401(K) PLAN AND TRUST AGREEMENT, ICARE MANAGEMENT, LLC

ICARE MANAGEMENT, LLCEIN 91-2089152Plan #003PY 2021

341 BIDWELL STREET - MANCHESTER, CT 06040860-570-2140

Prospect flagsLow participationLow employer contributionCorrective distributions

How to read this page

Total assets (EOY)

$18.3M

+9.4% from 2020

Total participants

1,901

+0.6% from 2020

Average account balance

$27,157

+12.5% from 2020

Annual return

12.81%

-0.48 pp from 2020

Benchmarks

See 1,316 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants1,000-4,999

Cohort1,316 peers

Snapshot2021

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

Analytics

Total assets (EOY)

Plan-year ending balance

$23.73M

Not enough data

1 years with asset history on file

Average account balance

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

$34K

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.

689

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.

28.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.03M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$2K

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

+12.04%

Not enough data

1 years with return on file

Admin fee / account holder

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

$151

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
MASSACHUSETTS MUTUAL LIFE INS. CO.3 years Filed as: MASSMUTUAL Service code 52 · EIN 04-1590850	Indirect Investment Fees	$93,951
MASSACHUSETTS MUTUAL LIFE INS. CO.1 year Filed as: MASSACHUSETTS MUTUAL LIFE INSUR CO Service code 50 · EIN 04-1590850	Direct Payment	$33,619
FIDUCIENT ADVISORS LLC1 year Filed as: FIDUCIENT ADVISORS Service code 26 · EIN 20-4751585	Advisory (Participants)	$15,791
ADP BROKER-DEALER7+ years Filed as: PENSION CONSULTANTS, INC. Service code 13 · EIN 06-1504963	Contract Administrator	$10,086
FIDUCIARY INVESTMENT ADVISORS5 years Service code 26 · EIN 20-4751585	Advisory (Participants)	$5,341

Plan features & details

Pension benefit codes2E2F2G2J2K2T3D3H

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.
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

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.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$150K

$88 / participant

Investment mgmt$20K13.6%
Contract admin$103K68.5%
Other / not subdivided$27K17.9%

% of EOY assets

0.821%

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: PKF O'CONNOR DAVIES, LLP
Auditor EIN: 271728945
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$27,157

$67,512-59.8%

$185,849-85.4%

$93,010-70.8%

Participation rate

27.9%

67.1%-39.2pp

81.7%-53.8pp

73.9%-46.0pp

Annual return

12.81%

21.04%-8.2pp

122.10%-109.3pp

158.70%-145.9pp

Employer contribution / active EE

$29

$1,783-98.4%

$5,169-99.4%

$2,705-98.9%

Participant deferral / active EE

$1,053

$3,035-65.3%

$5,569-81.1%

$4,561-76.9%

Admin fee / account holder

$223

$318-29.8%

$16,244-98.6%

$152+47.1%

Provider

Service type

Compensation

MASSACHUSETTS MUTUAL LIFE INS. CO.3 years

Filed as: MASSMUTUAL

Service code 52 · EIN 04-1590850

Indirect Investment Fees

$93,951

MASSACHUSETTS MUTUAL LIFE INS. CO.1 year

Filed as: MASSACHUSETTS MUTUAL LIFE INSUR CO

Service code 50 · EIN 04-1590850

Direct Payment

$33,619

FIDUCIENT ADVISORS LLC1 year

Filed as: FIDUCIENT ADVISORS

Service code 26 · EIN 20-4751585

Advisory (Participants)

$15,791

ADP BROKER-DEALER7+ years

Filed as: PENSION CONSULTANTS, INC.

Service code 13 · EIN 06-1504963

Contract Administrator

$10,086

FIDUCIARY INVESTMENT ADVISORS5 years

Service code 26 · EIN 20-4751585

Advisory (Participants)

$5,341

ICARE 401(K) PLAN AND TRUST AGREEMENT

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

ICARE 401(K) PLAN AND TRUST AGREEMENT

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