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DERMATOLOGY SURGICAL & MEDICAL GROUP CASH BALANCE PENSION PLAN 401k Plan overview

Plan NameDERMATOLOGY SURGICAL & MEDICAL GROUP CASH BALANCE PENSION PLAN
Plan identification number 005

DERMATOLOGY SURGICAL & MEDICAL GROUP CASH BALANCE PENSION PLAN Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Cash balance or similar plan - Plan has a "cash balance" formula. For this purpose, a "cash balance" formula is a benefit formula in a defined benefit plan by whatever name (for example, personal account plan, pension equity plan, life cycle plan, cash account plan, etc.) that rather than, or in addition to, expressing the accrued benefit as a life annuity commencing at normal retirement age, defines benefits for each employee in terms more common to a defined contribution plan such as a single sum distribution amount (for example, 10 percent of final average pay times years of service, or the amount of the employee's hypothetical account balance).
  • Plan covering Self-Employed individuals.

401k Sponsoring company profile

DERMATOLOGY SURGICAL MEDICAL GROUP has sponsored the creation of one or more 401k plans.

Company Name:DERMATOLOGY SURGICAL MEDICAL GROUP
Employer identification number (EIN):770284766
NAIC Classification:621111
NAIC Description:Offices of Physicians (except Mental Health Specialists)

Form 5500 Filing Information

Submission information for form 5500 for 401k plan DERMATOLOGY SURGICAL & MEDICAL GROUP CASH BALANCE PENSION PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0052021-01-01MORGAN MAGID, M.D.2022-09-30
0052020-01-01MORGAN MAGID, M.D.2021-10-11
0052019-01-01MORGAN MAGID, M.D.2020-10-13
0052018-01-01MORGAN MAGID, M.D.2019-10-01

Plan Statistics for DERMATOLOGY SURGICAL & MEDICAL GROUP CASH BALANCE PENSION PLAN

401k plan membership statisitcs for DERMATOLOGY SURGICAL & MEDICAL GROUP CASH BALANCE PENSION PLAN

Measure Date Value
2021: DERMATOLOGY SURGICAL & MEDICAL GROUP CASH BALANCE PENSION PLAN 2021 401k membership
Market value of plan assets2021-12-311,484,748
Acturial value of plan assets2021-12-311,484,748
Funding target for retired participants and beneficiaries receiving payment2021-12-310
Number of terminated vested participants2021-12-318
Fundng target for terminated vested participants2021-12-3110,083
Active participant vested funding target2021-12-311,347,268
Number of active participants2021-12-3123
Total funding liabilities for active participants2021-12-311,347,268
Total participant count2021-12-3131
Total funding target for all participants2021-12-311,357,351
Balance at beginning of prior year after applicable adjustments2021-12-310
Prefunding balance at beginning of prior year after applicable adjustments2021-12-310
Carryover balanced portion elected for use to offset prior years funding requirement2021-12-310
Prefunding balanced used to offset prior years funding requirement2021-12-310
Amount remaining of carryover balance2021-12-310
Amount remaining of prefunding balance2021-12-310
Present value of excess contributions2021-12-3194,918
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2021-12-3199,351
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2021-12-310
Reductions in caryover balances due to elections or deemed elections2021-12-310
Reductions in prefunding balances due to elections or deemed elections2021-12-310
Balance of carryovers at beginning of current year2021-12-310
Balance of prefunding at beginning of current year2021-12-310
Total employer contributions2021-12-3167,000
Total employee contributions2021-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2021-12-310
Contributions made to avoid restrictions adjusted to valuation date2021-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2021-12-3164,129
Unpaid minimum required contributions for all prior years2021-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2021-12-310
Remaining amount of unpaid minimum required contributions2021-12-310
Minimum required contributions for current year target normal cost2021-12-31585
Net shortfall amortization installment of oustanding balance2021-12-310
Waiver amortization installment2021-12-310
Total funding amount beforereflecting carryover/prefunding balances2021-12-310
Carryover balance elected to use to offset funding requirement2021-12-310
Prefunding balance elected to use to offset funding requirement2021-12-310
Additional cash requirement2021-12-310
Contributions allocatedtoward minimum required contributions for current year2021-12-3164,129
Unpaid minimum required contributions for current year2021-12-310
Unpaid minimum required contributions for all years2021-12-310
2020: DERMATOLOGY SURGICAL & MEDICAL GROUP CASH BALANCE PENSION PLAN 2020 401k membership
Market value of plan assets2020-12-311,132,994
Acturial value of plan assets2020-12-311,132,994
Funding target for retired participants and beneficiaries receiving payment2020-12-310
Number of terminated vested participants2020-12-318
Fundng target for terminated vested participants2020-12-316,410
Active participant vested funding target2020-12-311,112,582
Number of active participants2020-12-3123
Total funding liabilities for active participants2020-12-311,117,684
Total participant count2020-12-3131
Total funding target for all participants2020-12-311,124,094
Balance at beginning of prior year after applicable adjustments2020-12-310
Prefunding balance at beginning of prior year after applicable adjustments2020-12-310
Carryover balanced portion elected for use to offset prior years funding requirement2020-12-310
Prefunding balanced used to offset prior years funding requirement2020-12-310
Amount remaining of carryover balance2020-12-310
Amount remaining of prefunding balance2020-12-310
Present value of excess contributions2020-12-3145,853
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2020-12-3145,853
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2020-12-310
Reductions in caryover balances due to elections or deemed elections2020-12-310
Reductions in prefunding balances due to elections or deemed elections2020-12-310
Balance of carryovers at beginning of current year2020-12-310
Balance of prefunding at beginning of current year2020-12-310
Total employer contributions2020-12-31345,280
Total employee contributions2020-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2020-12-310
Contributions made to avoid restrictions adjusted to valuation date2020-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2020-12-31351,754
Unpaid minimum required contributions for all prior years2020-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2020-12-310
Remaining amount of unpaid minimum required contributions2020-12-310
Minimum required contributions for current year target normal cost2020-12-31265,736
Net shortfall amortization installment of oustanding balance2020-12-310
Waiver amortization installment2020-12-310
Total funding amount beforereflecting carryover/prefunding balances2020-12-31256,836
Additional cash requirement2020-12-31256,836
Contributions allocatedtoward minimum required contributions for current year2020-12-31351,754
Unpaid minimum required contributions for current year2020-12-310
Unpaid minimum required contributions for all years2020-12-310
2019: DERMATOLOGY SURGICAL & MEDICAL GROUP CASH BALANCE PENSION PLAN 2019 401k membership
Market value of plan assets2019-12-31582,439
Acturial value of plan assets2019-12-31582,439
Funding target for retired participants and beneficiaries receiving payment2019-12-310
Number of terminated vested participants2019-12-311
Fundng target for terminated vested participants2019-12-3152
Active participant vested funding target2019-12-31540,909
Number of active participants2019-12-3127
Total funding liabilities for active participants2019-12-31540,953
Total participant count2019-12-3128
Total funding target for all participants2019-12-31541,005
Balance at beginning of prior year after applicable adjustments2019-12-310
Prefunding balance at beginning of prior year after applicable adjustments2019-12-310
Carryover balanced portion elected for use to offset prior years funding requirement2019-12-310
Prefunding balanced used to offset prior years funding requirement2019-12-310
Amount remaining of carryover balance2019-12-310
Amount remaining of prefunding balance2019-12-310
Present value of excess contributions2019-12-3182,469
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2019-12-3182,469
Total available prior years excess cotributions added at beginning of current plan year to add to prefunding balance2019-12-310
Reductions in caryover balances due to elections or deemed elections2019-12-310
Reductions in prefunding balances due to elections or deemed elections2019-12-310
Balance of carryovers at beginning of current year2019-12-310
Balance of prefunding at beginning of current year2019-12-310
Total employer contributions2019-12-31528,296
Total employee contributions2019-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2019-12-310
Contributions made to avoid restrictions adjusted to valuation date2019-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2019-12-31538,669
Unpaid minimum required contributions for all prior years2019-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2019-12-310
Remaining amount of unpaid minimum required contributions2019-12-310
Minimum required contributions for current year target normal cost2019-12-31534,250
Net shortfall amortization installment of oustanding balance2019-12-310
Waiver amortization installment2019-12-310
Total funding amount beforereflecting carryover/prefunding balances2019-12-31492,816
Carryover balance elected to use to offset funding requirement2019-12-310
Prefunding balance elected to use to offset funding requirement2019-12-310
Additional cash requirement2019-12-31492,816
Contributions allocatedtoward minimum required contributions for current year2019-12-31538,669
Unpaid minimum required contributions for current year2019-12-310
Unpaid minimum required contributions for all years2019-12-310
2018: DERMATOLOGY SURGICAL & MEDICAL GROUP CASH BALANCE PENSION PLAN 2018 401k membership
Market value of plan assets2018-12-310
Acturial value of plan assets2018-12-310
Funding target for retired participants and beneficiaries receiving payment2018-12-310
Number of terminated vested participants2018-12-311
Fundng target for terminated vested participants2018-12-310
Active participant vested funding target2018-12-310
Number of active participants2018-12-3124
Total funding liabilities for active participants2018-12-310
Total participant count2018-12-3125
Total funding target for all participants2018-12-310
Amount remaining of carryover balance2018-12-310
Amount remaining of prefunding balance2018-12-310
Total available prior years excess cotributions available at beginning of current plan year to add to prefunding balance2018-12-310
Reductions in caryover balances due to elections or deemed elections2018-12-310
Reductions in prefunding balances due to elections or deemed elections2018-12-310
Balance of carryovers at beginning of current year2018-12-310
Balance of prefunding at beginning of current year2018-12-310
Total employer contributions2018-12-31581,704
Total employee contributions2018-12-310
Contributions allocated toward unpaid minimum require contributions from prior years2018-12-310
Contributions made to avoid restrictions adjusted to valuation date2018-12-310
Contributions allocated toward minimum required contributions for current year adjusted to valuation date2018-12-31583,181
Unpaid minimum required contributions for all prior years2018-12-310
iDiscounted employer contributions allocated toward unpaid minimum required contributions from prior years2018-12-310
Remaining amount of unpaid minimum required contributions2018-12-310
Minimum required contributions for current year target normal cost2018-12-31500,712
Net shortfall amortization installment of oustanding balance2018-12-310
Waiver amortization installment2018-12-310
Total funding amount beforereflecting carryover/prefunding balances2018-12-31500,712
Additional cash requirement2018-12-31500,712
Contributions allocatedtoward minimum required contributions for current year2018-12-31583,181
Unpaid minimum required contributions for current year2018-12-310
Unpaid minimum required contributions for all years2018-12-310

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