Famous Enterprises, Inc. 401(k) Review & Grade
Famous Enterprises, Inc. Employee Savings 401(k) Plan
Akron, OHWholesale Trade935 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$818Employer $ per active participant
$2,991Employee $ saved per active participant
0.54%Direct admin cost, % of plan assets
$44.3MNet plan assets, end of year
$36,035Average balance per account
Score breakdown
- Employer generosity8.9 / 5018th percentile for employer $ per participant
- Low cost5.1 / 2520th percentile for low admin cost vs. same-size plans
- Employee saving3.4 / 1522th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score14 / 100 · Grade F
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 18th |
| Lower admin cost | 20th |
| Employee saving | 22th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($24 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $25,798 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Famous Enterprises put in about $818 per active participant, below the typical peer ($1,792). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.54% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $765,127 |
| Participant (employee) contributions | $2,796,588 |
| Other contributions (incl. rollovers in) | $1,290,460 |
| Administrative expenses paid from the plan | $242,100 |
| Contract administrator fees | $45,408 |
| Benefits paid out | $9,217,899 |
| Net assets, start / end of year | $44.6M / $44.3M |
| Active participants, start / end of year | 922 / 948 |
| Participants with account balances | 1,229 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cohen & Company, LTD |
Largest service providers (Schedule C)
| Newport Group, Inc. | $135,814 reported compensation |
| Ancora Retirement Plan Advisors,inc | $106,286 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013085155NAL0000884769001, received 2025-10-13, EIN 34-1726677, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.