Novateur Education, Inc. 401(k) Review & Grade
Novateur Education, Inc. Retirement Plan
Virginia Beach, VAEducational Services2,125 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$966Employer $ per active participant
$3,818Employee $ saved per active participant
0.16%Direct admin cost, % of plan assets
$124.1MNet plan assets, end of year
$44,045Average balance per account
Score breakdown
- Employer generosity16.8 / 5034th percentile for employer $ per participant
- Low cost15.3 / 2561th percentile for low admin cost vs. same-size plans
- Employee saving10.2 / 1568th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score49 / 100 · Grade C
This plan vs. peers
Peers: Educational Services plans with 500–2,499 active participants (144 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 34th |
| Lower admin cost | 61th |
| Employee saving | 68th |
| Peers that auto-enroll | 37% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,725 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Novateur Education put in about $966 per active participant, below the typical peer ($1,225). 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.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- 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 | $2,053,282 |
| Participant (employee) contributions | $8,113,165 |
| Other contributions (incl. rollovers in) | $577,670 |
| Administrative expenses paid from the plan | $185,815 |
| Investment advisory & management fees | $29,265 |
| Benefits paid out | $10,554,940 |
| Net assets, start / end of year | $109.0M / $124.1M |
| Active participants, start / end of year | 2,058 / 2,192 |
| Participants with account balances | 2,818 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Pbmares, LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $156,550 reported compensation |
| Empower Advisory Group, LLC | $29,265 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013132408NAL0000649299001, received 2025-10-13, EIN 54-0799894, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.