Novo Distribution, LLC 401(k) Review & Grade
Novo Building Products
Zeeland, MIWholesale Trade1,167 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$716Employer $ per active participant
$3,627Employee $ saved per active participant
0.50%Direct admin cost, % of plan assets
$42.9MNet plan assets, end of year
$36,084Average balance per account
Score breakdown
- Employer generosity7.0 / 5014th percentile for employer $ per participant
- Low cost5.7 / 2523th percentile for low admin cost vs. same-size plans
- Employee saving4.9 / 1533th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score18 / 100 · Grade F
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 14th |
| Lower admin cost | 23th |
| Employee saving | 33th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
Corrective distributions: the plan refunded $38,352 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Novo Distribution put in about $716 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 (0.50% 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.
- 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 | $835,085 |
| Participant (employee) contributions | $4,232,441 |
| Other contributions (incl. rollovers in) | $43,496 |
| Administrative expenses paid from the plan | $202,495 |
| Investment advisory & management fees | $86,230 |
| Benefits paid out | $4,543,040 |
| Net assets, start / end of year | $37.6M / $42.9M |
| Active participants, start / end of year | 1,015 / 1,319 |
| Participants with account balances | 1,190 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Dolinka, Vannoord & Company Pllp |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $116,265 reported compensation |
| DS Investment Advisors | $86,230 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015072430NAL0005390720001, received 2025-10-15, EIN 38-3135188, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.