Novae Corporation 401(k) Review & Grade
Novae LLC 401(k) Retirement Plan
Markle, INManufacturing1,183 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,148Employer $ per active participant
$2,587Employee $ saved per active participant
0.64%Direct admin cost, % of plan assets
$31.7MNet plan assets, end of year
$23,895Average balance per account
Score breakdown
- Employer generosity10.5 / 5021th percentile for employer $ per participant
- Low cost3.9 / 2516th percentile for low admin cost vs. same-size plans
- Employee saving2.7 / 1518th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score27 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 21th |
| Lower admin cost | 16th |
| Employee saving | 18th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Novae put in about $1,148 per active participant, below the typical peer ($2,320). 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 (0.64% 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.
- 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 | $1,358,460 |
| Participant (employee) contributions | $3,060,004 |
| Other contributions (incl. rollovers in) | $112,433 |
| Administrative expenses paid from the plan | $194,482 |
| Investment advisory & management fees | $28,620 |
| Other admin expenses | $340 |
| Benefits paid out | $5,338,255 |
| Net assets, start / end of year | $29.1M / $31.7M |
| Active participants, start / end of year | 1,279 / 1,087 |
| Participants with account balances | 1,328 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Forvis Mazars, LLP |
Largest service providers (Schedule C)
| Adp, Inc. | $165,522 reported compensation |
| Edward Jones | $28,620 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006051008NAL0008225234001, received 2025-10-06, EIN 35-1953989, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.