Tennessee › Health care and social assistance › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Phynet Dermatology, LLC 401(k) Plan
Sponsored by Phynet Dermatology, LLC, Franklin, TN
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, Phynet Dermatology, LLC 401(k) Plan covered 2,158 participants and held $54.6M in net assets. The plan is a 401(k) plan sponsored by Phynet Dermatology, LLC of Franklin, Tennessee.
Net assets came to $25,320 per participant, well below the $50,295 median for defined contribution plans with 1,000 to 4,999 participants and below 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.
Schedule C lists 2 service provider organisations paid $5,000 or more, with reported compensation of $202K: $93.60 per participant, above the same-size median of $82.08. Administrative expenses charged to the plan were $202K. 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 $226K in 2018 to $54.6M in 2024 (up 24077%), and participants from 457 to 2,158 (up 372%).
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 | $25,320 | $50,295 | $30,764 | $53,102 |
| Employer contributions per active participant | — | $2,045 | $1,536 | $2,175 |
| Schedule C compensation per participant | $93.60 | $82.08 | $93.85 | $123 |
| Schedule C compensation, share of net assets | 0.37% | 0.17% | 0.31% | 0.26% |
| Administrative expenses per participant | $93.60 | $82.20 | $86.53 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 1,000 to 4,999 participants (10,207 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 | 2,158 | $54.6M | $25,320 | — | $7.9M | $202K |
| 2023 | 1,721 | $42.1M | $24,473 | — | $6.3M | $186K |
| 2022 | 1,559 | $30.1M | $19,325 | — | $4.5M | $231K |
| 2021 | 1,676 | $32.0M | $19,084 | $3,000 | $3.5M | $62K |
| 2020 | 1,237 | $32.1M | $25,974 | $36K | $2.9M | $44K |
| 2019 | 998 | $23.9M | $23,898 | $236K | $2.0M | $0 |
| 2018 | 457 | $226K | $495 | — | $161K | $0 |
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$42,118,193
- Employer contributions—
- Participant contributions$7,866,581
- Rollovers and other contributions$617,739
- Total contributions$8,484,320
- Total income, including investment results$15,217,573
- Benefits paid$5,156,196
- Administrative expenses$201,993
- Total expenses$5,360,680
- Net income$9,856,893
- Net transfers$2,665,840
- Net assets, end of year$54,640,926
Participants
- Active participants1,446
- Retired or separated, receiving benefits24
- Retired or separated, entitled to future benefits687
- Participants with account balances2,060
- Total participants, end of year2,158
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Newport Group, Inc. | Contract Administrator; Recordkeeping and information management; Trustee (bank, trust company, or similar financial institution) | $177,262 | $0 |
| Newport Trust Company | Trustee (bank, trust company, or similar financial institution) | $24,731 | $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
- Contract administrator fees$137,330
- Recordkeeping fees$39,932
- Trustee and custodial fees$24,731
- Total administrative expenses$201,993
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)$53.1M · 97.2%
- Common/collective trusts$1.2M · 2.3%
- Participant loans$254K · 0.5%
- Cash (interest and non-interest bearing)$68K · 0.1%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmLee CPA Audit Group
- Participant contributions reported as transmitted lateYes, $561,658
- Covered by a fidelity bondYes, $500,000
- Blackout period during the yearYes
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) feature2S401(k) plan or 403(b) plan that provides for automatic enrollment2TTotal or partial participant-directed account plan with a default investment account3BPlan covering self-employed individuals3DPre-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 621498: All Other Outpatient Care Centers.
Similar plans in Tennessee
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| National Health Corp. Leveraged Employee Stock Ownership Plan | National Health Corporation | 2,158 | $168M | $77,992 |
| Ushv Employee Savings Plan | Ushv Management, LLC | 2,151 | $101M | $46,729 |
| Quorum Health 401(k) Plan | Qhccs, LLC | 2,158 | $147M | $68,122 |
| Urgent Care Group 401(k) Plan | Urgent Care Group, LLC | 2,140 | $35.1M | $16,401 |
| Quality Family 401(k) Plan | All Care Plus, Inc. | 2,160 | $5.6M | $2,610 |
| Ballad Health 401(k) Plan | Ballad Health | 1,902 | $126M | $66,481 |
Defined contribution plans in health care and social assistance closest in size.
Questions and answers
How big is Phynet Dermatology, LLC 401(k) Plan?
2,158 participants at the end of the plan year ending 31 Dec 2024, of whom 1,446 were active employees, with net assets of $54,640,926. Among defined contribution plans that places it in the 1,000 to 4,999 participants band, which held 10,207 plans in plan year 2024.
What does Phynet Dermatology, LLC 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 $201,993 in compensation to service provider organisations, $93.60 per participant or 0.37% of net assets. The same-size median among plans reporting any Schedule C compensation was $82.08 per participant. Administrative expenses on Schedule H were $201,993. 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 Phynet Dermatology, LLC. Recordkeeping or administration: Newport Group, Inc.. Trustee or custodian: Newport Group, Inc. and Newport Trust Company. The financial statements were audited by Lee CPA Audit Group. 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 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 82-2598872, plan 001, 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.