Summit Medical Group, PLLC 401(k) Review & Grade
Summit Medical Group, PLLC 401(k) Profit Sharing Plan
Knoxville, TNHealth Care & Social Assistance1,715 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$8,601Employer $ per active participant
$5,272Employee $ saved per active participant
0.14%Direct admin cost, % of plan assets
$348.1MNet plan assets, end of year
$159,450Average balance per account
Score breakdown
- Employer generosity48.7 / 5097th percentile for employer $ per participant
- Low cost16.3 / 2565th percentile for low admin cost vs. same-size plans
- Employee saving12.3 / 1582th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score80 / 100 · Grade A
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 97th |
| Lower admin cost | 65th |
| Employee saving | 82th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Summit Medical Group, PLLC put in about $8,601 per active participant, more than the typical peer ($976). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $14,750,813 |
| Participant (employee) contributions | $9,041,032 |
| Other contributions (incl. rollovers in) | $6,996,507 |
| Administrative expenses paid from the plan | $448,842 |
| Contract administrator fees | $32,448 |
| Investment advisory & management fees | $287,352 |
| Benefits paid out | $16,807,605 |
| Net assets, start / end of year | $293.5M / $348.1M |
| Active participants, start / end of year | 1,601 / 1,829 |
| Participants with account balances | 2,183 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Coulter & Justus, P.C. |
Largest service providers (Schedule C)
| Schwab Retirement Plan Services, in | $190,357 reported compensation |
| First Horizon Advisors | $130,429 reported compensation |
| FTB Advisors, Inc. | $47,983 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015154339NAL0002572803001, received 2025-10-15, EIN 62-1585063, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.