New York › Health care and social assistance › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Medisys Health Network, Inc. 403(b) Plan
Sponsored by Medisys Health Network, Inc., Jamaica, NY
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.
Medisys Health Network, Inc. 403(b) Plan is a 403(b) plan sponsored by Medisys Health Network, Inc. of Jamaica, New York. For the plan year ending 31 Dec 2024 it reported 7,694 participants, 6,347 of them active, and net assets of $387M.
Net assets came to $50,260 per participant, well below the $64,499 median for defined contribution plans with 5,000 to 24,999 participants and well above the $30,764 median for defined contribution 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.
The employer contributed $3.8M during the year, or $595 per active participant against a same-size median of $2,424; participants contributed $22.9M and $319K arrived as rollovers and other contributions. Benefits paid out totalled $30.0M.
Schedule C lists 3 service provider organisations paid $5,000 or more, with reported compensation of $925K: $120 per participant, well above the same-size median of $53.38. Administrative expenses charged to the plan were $925K. 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 $142M in 2009 to $387M in 2024 (up 173%), and participants from 10,079 to 7,694 (down 24%).
The independent accountant's opinion on the financial statements was disclaimer, from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $50,260 | $64,499 | $30,764 | $53,102 |
| Employer contributions per active participant | $595 | $2,424 | $1,536 | $2,175 |
| Schedule C compensation per participant | $120 | $53.38 | $93.85 | $123 |
| Schedule C compensation, share of net assets | 0.24% | 0.09% | 0.31% | 0.26% |
| Administrative expenses per participant | $120 | $54.85 | $86.53 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 5,000 to 24,999 participants (2,605 plans), health care and social assistance (9,402) and all US plans (63,460). 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 | 7,694 | $387M | $50,260 | $3.8M | $22.9M | $925K |
| 2023 | 7,512 | $346M | $46,001 | $3.1M | $20.6M | $781K |
| 2022 | 7,099 | $299M | $42,066 | $3.2M | $19.1M | $753K |
| 2021 | 6,836 | $344M | $50,271 | $3.0M | $18.3M | $1.3M |
| 2020 | 6,899 | $298M | $43,236 | $3.0M | $17.0M | $694K |
| 2019 | 6,691 | $262M | $39,085 | $2.8M | $16.1M | $515K |
| 2018 | 7,024 | $220M | $31,260 | $5.4M | $15.6M | $795K |
| 2017 | 6,522 | $215M | $32,990 | — | $14.1M | $730K |
| 2016 | 6,454 | $188M | $29,182 | — | $13.4M | $668K |
| 2015 | 6,313 | $179M | $28,397 | $2.5M | $13.3M | $232K |
| 2014 | 6,205 | $178M | $28,622 | $2.3M | $12.9M | $316K |
| 2013 | 6,053 | $144M | $23,788 | $2.3M | $11.9M | $302K |
| 2012 | 10,294 | $121M | $11,736 | $28K | $19.2M | $450K |
| 2011 | 10,176 | $180M | $17,683 | — | $19.7M | $390K |
| 2009 | 10,079 | $142M | $14,057 | $2.0M | $20.8M | $271K |
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$345,559,783
- Employer contributions$3,779,222
- Participant contributions$22,921,794
- Rollovers and other contributions$319,301
- Total contributions$27,020,317
- Total income, including investment results$72,033,214
- Benefits paid$29,966,593
- Administrative expenses$925,037
- Total expenses$30,893,931
- Net income$41,139,283
- Net transfers$0
- Net assets, end of year$386,699,066
Participants
- Active participants6,347
- Retired or separated, receiving benefits124
- Retired or separated, entitled to future benefits1,223
- Participants with account balances4,182
- Total participants, end of year7,694
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Royal Alliance Associates, Inc. | Securities brokerage; Investment advisory (plan); Investment management | $533,314 | $0 |
| Newport Group, Inc. | Recordkeeping and information management; Claims processing; Participant loan processing | $312,337 | $0 |
| Newport Trust Company | Trustee (bank, trust company, or similar financial institution) | $79,327 | $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$533,314
- Recordkeeping fees$297,066
- Trustee and custodial fees$79,327
- Contract administrator fees$15,330
- Total administrative expenses$925,037
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)$300M · 77.6%
- Insurance company general account$77.3M · 20.0%
- Participant loans$5.5M · 1.4%
- Receivables$3.9M · 1.0%
Audit and compliance answers, as filed
- Accountant's opinionDisclaimer
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmCohnreznick LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $5,000,000
- Blackout period during the yearNo
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
2FERISA section 404(c) plan2GTotal participant-directed account plan2LCode section 403(b)(1) arrangement (annuity contracts)2MCode section 403(b)(7) accounts (custodial accounts for regulated investment company stock)3DPre-approved pension plan3FPlan sponsor(s) received services of leased employees3HPlan sponsor(s) is (are) a member(s) of a controlled group
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 621112: Offices of Physicians, Mental Health Specialists.
Similar plans in New York
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| White Plains Hospital Center 403(b) Defined Contribution Retirement Program | White Plains Hospital Medical Center | 7,850 | $627M | $79,930 |
| One Brooklyn Health 403(b) Retirement Plan | Brookdale Hospital Medical Center | 7,653 | $374M | $48,876 |
| The Hospital for Special Surgery 403(b) Plan | New York Society for the Relief of the Ruptured and Crippled | 8,088 | $866M | $107,080 |
| Ultimate Care, Inc. Retirement Plan and Trust | Ultimate Care, Inc. | 7,581 | $4.5M | $592 |
| All American Home Care Cdpap Employee Savings Plan | All American Homecare Agency | 8,400 | $24.7M | $2,940 |
| VNS Health Retirement Plan for Home Health Aides | Visiting Nurse Service of New York | 7,544 | $14.9M | $1,981 |
Defined contribution plans in health care and social assistance closest in size.
Questions and answers
How big is Medisys Health Network, Inc. 403(b) Plan?
7,694 participants at the end of the plan year ending 31 Dec 2024, of whom 6,347 were active employees, with net assets of $386,699,066. Among defined contribution plans that places it in the 5,000 to 24,999 participants band, which held 2,605 plans in plan year 2024.
What does Medisys Health Network, Inc. contribute per participant?
The filing reports $3,779,222 in employer contributions for the year, which is $595 per active participant; the median for plans of the same type and size was $2,424 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 $924,978 in compensation to service provider organisations, $120 per participant or 0.24% of net assets. The same-size median among plans reporting any Schedule C compensation was $53.38 per participant. Administrative expenses on Schedule H were $925,037. 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 Medisys Health Network, Inc.. Recordkeeping or administration: Newport Group, Inc.. Investment advisory or management: Royal Alliance Associates, Inc.. Trustee or custodian: Newport Trust Company. The financial statements were audited by Cohnreznick 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 disclaimer opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. A disclaimer of opinion was the usual result of a limited-scope audit under the rules in force before 2021 and is not by itself a finding about the plan.
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 11-3316802, plan 002, 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.