Safavieh 401(k) Review & Grade
Safavieh Group, LLC 401(k) Plan
Port Washington, NYWholesale Trade506 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$505Employer $ per active participant
$2,071Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$7.6MNet plan assets, end of year
$15,845Average balance per account
Score breakdown
- Employer generosity4.5 / 509th percentile for employer $ per participant
- Low cost22.2 / 2589th percentile for low admin cost vs. same-size plans
- Employee saving1.9 / 1513th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score29 / 100 · Grade F
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 9th |
| Lower admin cost | 89th |
| Employee saving | 13th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
Corrective distributions: the plan refunded $29,372 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Safavieh put in about $505 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.
- 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.
- 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 | $255,416 |
| Participant (employee) contributions | $1,047,043 |
| Other contributions (incl. rollovers in) | – |
| Administrative expenses paid from the plan | $3,025 |
| Benefits paid out | $396,700 |
| Net assets, start / end of year | $5.9M / $7.6M |
| Active participants, start / end of year | 541 / 470 |
| Participants with account balances | 482 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | HBK Cpas & Consultants. |
Largest service providers (Schedule C)
| Adp, Inc. | $3,025 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015051101NAL0001908787001, received 2025-10-15, EIN 20-4052536, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.