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SUMMIT MEDICAL GROUP, LLC 401(K) PLAN 401k Plan overview

Plan NameSUMMIT MEDICAL GROUP, LLC 401(K) PLAN
Plan identification number 001

SUMMIT MEDICAL GROUP, LLC 401(K) PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Age/Service Weighted or new comparability or similar plan - Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New comparability or similar plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the theshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of section 401(l).
  • Profit-sharing
  • ERISA section 404(c) Plan - This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
  • Total participant-directed account plan - Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • Code section 401(k) feature - A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
  • 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 contribtions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
  • Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.
  • Master plan - A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium (for example, a trust or custodial account) is established for the joint use of all adopting employers.
  • Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).

401k Sponsoring company profile

SUMMIT MEDICAL GROUP, LLC has sponsored the creation of one or more 401k plans.

Company Name:SUMMIT MEDICAL GROUP, LLC
Employer identification number (EIN):384006569
NAIC Classification:621111
NAIC Description:Offices of Physicians (except Mental Health Specialists)

Form 5500 Filing Information

Submission information for form 5500 for 401k plan SUMMIT MEDICAL GROUP, LLC 401(K) PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012021-01-01EUGENE GICHERU2022-10-10
0012021-01-01EUGENE GICHERU2022-10-10
0012020-01-01
0012018-01-01

Plan Statistics for SUMMIT MEDICAL GROUP, LLC 401(K) PLAN

401k plan membership statisitcs for SUMMIT MEDICAL GROUP, LLC 401(K) PLAN

Measure Date Value
2022: SUMMIT MEDICAL GROUP, LLC 401(K) PLAN 2022 401k membership
Total number of particpants at beginning of year2022-10-1049
Total number of particpants at end of year2022-10-1062
Number of Participants With Account Balances2022-10-1048

Financial Data on SUMMIT MEDICAL GROUP, LLC 401(K) PLAN

Measure Date Value
2022 : SUMMIT MEDICAL GROUP, LLC 401(K) PLAN 2022 401k financial data
Total liabilities as of the end of the plan year2022-10-100
Total liabilities as of the beginning of the plan year2022-10-104429
Total expenses incurred by plan in this plan year2022-10-10694
Net assets as of the end of the plan year2022-10-102867421
Total assets as of the beginning of the plan year2022-10-101817461
Value of plan covered by a fidelity bond2022-10-10500000
Participant contributions to plan in this plan year2022-10-10491243
Value of participant loans at end of plan year2022-10-10110125
Other expenses paid from plan in this plan year2022-10-10694
Other contributions to plan in this plan year2022-10-104350
Other income to plan in this plan year2022-10-10337227
Plan net income in this plan year2022-10-101054389
Net assets as of the end of the plan year2022-10-102867421
Net assets as of the beginning of the plan year2022-10-101813032
Employer contributions to plan in this plan year2022-10-10222263
Fees paid to broker by Benefit Provider2022-10-101009

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