Michigan › Retail trade › 500 to 999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Binson's Hospital Supplies, Inc. 401(k) Plan
Sponsored by Binsons Hospital Supplies, Inc., Center Line, MI
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, Binson's Hospital Supplies, Inc. 401(k) Plan covered 769 participants and held $10.3M in net assets. The plan is a 401(k) plan sponsored by Binsons Hospital Supplies, Inc. of Center Line, Michigan.
Net assets came to $13,424 per participant, well below the $46,267 median for defined contribution plans with 500 to 999 participants and well below the $36,708 median for defined contribution plans in retail trade. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
Schedule C lists 3 service provider organisations paid $5,000 or more, with reported compensation of $47K: $60.48 per participant, well below the same-size median of $113. Administrative expenses charged to the plan were $47K. 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 $2.0M in 2009 to $10.3M in 2024 (up 405%), and participants from 283 to 769 (up 172%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), 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 | $13,424 | $46,267 | $36,708 | $53,102 |
| Employer contributions per active participant | — | $1,934 | $999 | $2,175 |
| Schedule C compensation per participant | $60.48 | $113 | $121 | $123 |
| Schedule C compensation, share of net assets | 0.45% | 0.25% | 0.36% | 0.26% |
| Administrative expenses per participant | $60.48 | $109 | $114 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 500 to 999 participants (10,588 plans), retail trade (3,794) 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 | 769 | $10.3M | $13,424 | — | $961K | $47K |
| 2023 | 751 | $8.8M | $11,775 | — | $843K | $22K |
| 2022 | 816 | $7.2M | $8,815 | — | $748K | $25K |
| 2021 | 1,053 | $11.5M | $10,916 | — | $726K | $20K |
| 2020 | 804 | $10.0M | $12,405 | — | $556K | $19K |
| 2019 | 797 | $8.7M | $10,893 | — | $518K | $19K |
| 2018 | 529 | $6.8M | $12,864 | — | $448K | $23K |
| 2017 | 528 | $6.9M | $13,083 | — | $357K | $0 |
| 2016 | 597 | $6.1M | $10,245 | $0 | $333K | $7,000 |
| 2015 | 423 | $5.3M | $12,470 | — | $293K | $7,000 |
| 2014 | 414 | $5.3M | $12,703 | — | $245K | $6,000 |
| 2013 | 300 | $3.5M | $11,720 | — | $249K | $1,000 |
| 2012 | 296 | $2.9M | $9,959 | — | $260K | $16K |
| 2011 | 288 | $2.5M | $8,660 | — | $247K | $17K |
| 2010 | 272 | $2.4M | $8,721 | — | $206K | $17K |
| 2009 | 283 | $2.0M | $7,223 | — | $191K | $17K |
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$8,843,277
- Employer contributions—
- Participant contributions$960,844
- Rollovers and other contributions$7,989
- Total contributions$968,833
- Total income, including investment results$2,212,635
- Benefits paid$671,081
- Administrative expenses$46,507
- Total expenses$733,015
- Net income$1,479,620
- Net transfers$0
- Net assets, end of year$10,322,897
Participants
- Active participants705
- Retired or separated, receiving benefits0
- Retired or separated, entitled to future benefits64
- Participants with account balances373
- Total participants, end of year769
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| ADP, Inc. | Recordkeeping and information management | $23,314 | $0 |
| Ameritas Investment Corp. | Recordkeeping and information management; Trustee (bank, trust company, or similar financial institution); Other services | $23,193 | $0 |
| ADP Broker-Dealer | Other services | $0 | $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
- Recordkeeping fees$23,314
- Investment advisory and management fees$23,193
- Total administrative expenses$46,507
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)$8.8M · 85.6%
- Common/collective trusts$1.5M · 14.4%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmPolk and Associates P.L.C.
- Participant contributions reported as transmitted lateYes, $345
- Covered by a fidelity bondYes, $500,000
- 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
2EProfit-sharing plan2FERISA section 404(c) plan2GTotal participant-directed account plan2JCode section 401(k) feature2TTotal or partial participant-directed account plan with a default investment account3DPre-approved pension plan3HPlan 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 446190: Other Health & Personal Care Stores.
Similar plans in Michigan
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Nino Salvaggio International Marketplace Retirement Savings Plan | Nino Salvaggio Fruit & Vegetable Market of Troy, Inc. | 793 | $11.3M | $14,299 |
| Wolverine World Wide Inc. 401(k) Retirement Savings Plan II | Wolverine World Wide, Inc. | 767 | $27.3M | $35,611 |
| Blarney Castle Oil Co. 401(k) Plan | Blarney Castle Oil Co. | 808 | $15.3M | $18,927 |
| WKW North America 401(k) Plan | WKW North America Holding, Inc. | 724 | $21.5M | $29,750 |
| P Cor, LLC Retirement Plan | P Cor, LLC | 822 | $12.0M | $14,613 |
| M & K Retirement Savings Plan | M & K Dealership Corporation | 694 | — | — |
Defined contribution plans in retail trade closest in size.
Questions and answers
How big is Binson's Hospital Supplies, Inc. 401(k) Plan?
769 participants at the end of the plan year ending 31 Dec 2024, of whom 705 were active employees, with net assets of $10,322,897. Among defined contribution plans that places it in the 500 to 999 participants band, which held 10,588 plans in plan year 2024.
What does Binsons Hospital Supplies, Inc. contribute per participant?
This filing has no Schedule H financial statement, so employer contributions are not reported here.
What fees does the plan pay and how do they compare?
Schedule C reports $46,507 in compensation to service provider organisations, $60.48 per participant or 0.45% of net assets. The same-size median among plans reporting any Schedule C compensation was $113 per participant. Administrative expenses on Schedule H were $46,507. 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 Binsons Hospital Supplies, Inc.. Recordkeeping or administration: ADP, Inc. and Ameritas Investment Corp.. Trustee or custodian: Ameritas Investment Corp.. The financial statements were audited by Polk and Associates P.L.C.. 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 from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. 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 17 Sep 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 38-2236525, plan 002, received 17 Sep 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.