Massachusetts › Health care and social assistance › 100 to 249 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Excel Orthopaedic Specialists Cash Balance Plan
Sponsored by Excel Orthopaedic Specialists, Woburn, MA
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
In the plan year ending 31 Dec 2024, Excel Orthopaedic Specialists Cash Balance Plan covered 150 participants and held $7.6M in net assets. The plan is a cash balance pension plan sponsored by Excel Orthopaedic Specialists of Woburn, Massachusetts.
Net assets came to $50,585 per participant, well below the $80,635 median for defined benefit plans with 100 to 249 participants and below the $62,049 median for defined benefit plans in health care and social assistance. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
Employer contributions were $904K for the year ($9,616 per active participant) and benefits paid were $32K. In a defined benefit plan the employer's contribution follows funding rules rather than a match formula, so it can swing widely from year to year.
Schedule C lists 1 service provider organisation paid $5,000 or more, with reported compensation of $63K: $417 per participant, below the same-size median of $451. Administrative expenses charged to the plan were $63K. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $4.4M in 2017 to $7.6M in 2024 (up 74%), and participants from 123 to 150 (up 22%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DB plans |
|---|---|---|---|---|
| Net assets per participant | $50,585 | $80,635 | $62,049 | $86,221 |
| Employer contributions per active participant | $9,616 | $9,975 | $7,491 | $10,244 |
| Schedule C compensation per participant | $417 | $451 | $248 | $344 |
| Schedule C compensation, share of net assets | 0.82% | 0.52% | 0.39% | 0.42% |
| Administrative expenses per participant | $417 | $582 | $427 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 100 to 249 participants (1,156 plans), health care and social assistance (542) and all US plans (5,308). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 150 | $7.6M | $50,587 | $904K | $0 | $63K |
| 2023 | 147 | $6.1M | $41,537 | $595K | $0 | $50K |
| 2022 | 140 | $4.9M | $34,921 | $425K | $0 | $46K |
| 2021 | 133 | $6.5M | $48,774 | $460K | $0 | $55K |
| 2020 | 128 | $5.4M | $42,180 | $440K | $0 | $42K |
| 2019 | 123 | $4.6M | $37,683 | $440K | $0 | $39K |
| 2018 | 121 | $4.2M | $34,397 | $505K | $0 | $43K |
| 2017 | 123 | $4.4M | $35,447 | $471K | $0 | $34K |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$6,106,244
- Employer contributions$903,922
- Participant contributions$0
- Rollovers and other contributions$0
- Total contributions$903,922
- Total income, including investment results$1,576,057
- Benefits paid$31,886
- Administrative expenses$62,616
- Total expenses$94,502
- Net income$1,481,555
- Net transfers$0
- Net assets, end of year$7,587,799
Participants
- Active participants94
- Retired or separated, receiving benefits0
- Retired or separated, entitled to future benefits56
- Total participants, end of year150
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Shepherd Financial Partners | Investment management | $62,617 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Investment advisory and management fees$62,616
- Total administrative expenses$62,616
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Registered investment companies (mutual funds)$6.6M · 86.5%
- Receivables$904K · 11.9%
- Cash (interest and non-interest bearing)$119K · 1.6%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmPFK O'Connor Davies LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $500,000
- Blackout period during the year—
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
1CCash balance or similar plan3DPre-approved pension plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 621111: Offices of Physicians (except mental health specialists).
Other plans of Excel Orthopaedic Specialists
| Plan | Participants | Net assets |
|---|---|---|
| Excel Orthopaedic Specialists 401(k) Profit Sharing Plan | 152 | $28.2M |
Similar plans in Massachusetts
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Retirement Plan for Employees of Dana-Farber Cancer Institute, Inc. | Dana-Farber Cancer Institute, Inc. | 323 | $33.8M | $104,716 |
| Boston Childrens Heart Foundation, Inc. Defined Benefit Pension Plan | Boston Childrens Heart Foundation, Inc. | 139 | $63.3M | $455,714 |
| Signature Healthcare Retirement Plan | Brockton Hospital, Inc. | 349 | $56.4M | $161,599 |
| Signature Healthcare Retirement Plan C | Brockton Hospital, Inc. | 494 | $38.3M | $77,621 |
| Boston Medical Center Pension Plan | Boston Medical Center | 706 | $158M | $223,892 |
| Retirement Plan for Employees of Emerson Hospital | Emerson Health System, Inc. | 1,675 | $68.9M | $41,153 |
Defined benefit plans in health care and social assistance closest in size.
Questions and answers
How big is Excel Orthopaedic Specialists Cash Balance Plan?
150 participants at the end of the plan year ending 31 Dec 2024, of whom 94 were active employees, with net assets of $7,587,799. Among defined benefit plans that places it in the 100 to 249 participants band, which held 1,156 plans in plan year 2024.
What does Excel Orthopaedic Specialists contribute per participant?
The filing reports $903,922 in employer contributions for the year, which is $9,616 per active participant; the median for plans of the same type and size was $9,975 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $62,617 in compensation to service provider organisations, $417 per participant or 0.82% of net assets. The same-size median among plans reporting any Schedule C compensation was $451 per participant. Administrative expenses on Schedule H were $62,616. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Excel Orthopaedic Specialists. Investment advisory or management: Shepherd Financial Partners. The financial statements were audited by PFK O'Connor Davies LLP. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 14 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 04-2746756, plan 006, received 14 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.