Retirement plan

COVERT MANUFACTURING, INC. EMPLOYEES 401K PROFIT SHARING PLAN AND TRUST

Name: COVERT MANUFACTURING, INC. - COVERT MANUFACTURING, INC. EMPLOYEES 401K PROFIT SHARING PLAN AND TRUST (2020) Form 5500
Creator: COVERT MANUFACTURING, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, COVERT MANUFACTURING, INC. EMPLOYEES 401K PROFIT SHARING PLAN AND TRUST, COVERT MANUFACTURING, INC.

COVERT MANUFACTURING, INC.EIN 34-1059703Plan #002PY 2020

P.O. BOX 608 - GALION, OH 44833419-468-1761covertmfg.comLinkedIn51-200 employeesautomotive

Prospect flagsLow returns

How to read this page

Total assets (EOY)

$10.5M

-4.0% from 2019

Total participants

262

-12.7% from 2019

Average account balance

$51,886

+8.2% from 2019

Annual return

11.28%

-5.02 pp from 2019

Benchmarks

See 4,082 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants100-249

Cohort4,082 peers

Snapshot2020

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$8.08M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$55K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

148

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

48.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$515K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$2K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+11.48%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$202

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Top 4 by compensation

Provider	Service type	Compensation
NATIONWIDE6+ years Service code 15 ONE NATIONWIDE PLAZA · COLUMBUS, OH 43215	Recordkeeping	$60,904
MGO INVESTMENT ADVISORS6+ years Service code 26 24400 CHAGRIN BLVD · BEACHWOOD, OH 44122	Advisory (Participants)	$24,925
MOSKAL GROSS ORCHOSKY6+ years Filed as: MOSKAL GROSS ORCHOSKY INC Service code 15 24400 CHAGRIN BLVD · BEACHWOOD, OH 44122	Recordkeeping	$21,047
MOSKAL GROSS ORCHOSKY6+ years Service code 15	Recordkeeping	$4,673

Plan features & details

Pension benefit codes2E2F2G2J2T

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2G
Total participant-directed account plan
Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.

Opportunity flags

1 tripped

OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$35K

$174 / participant

Other / not subdivided$35K100.0%

% of EOY assets

0.332%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: POOLER CPA GROUP, LLC
Auditor EIN: 824354021
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$51,886

$73,638-29.5%

$95,964-45.9%

$73,497-29.4%

Participation rate

70.6%

76.2%-5.5pp

77.1%-6.4pp

70.7%0pp

Annual return

11.28%

16.78%-5.5pp

91.64%-80.4pp

28.51%-17.2pp

Employer contribution / active EE

$751

$1,863-59.7%

$2,541-70.4%

$2,270-66.9%

Participant deferral / active EE

$2,525

$3,617-30.2%

$4,167-39.4%

$3,740-32.5%

Admin fee / account holder

$172

$482-64.3%

$6,797-97.5%

$513-66.5%

Provider

Service type

Compensation

NATIONWIDE6+ years

Service code 15

ONE NATIONWIDE PLAZA · COLUMBUS, OH 43215

Recordkeeping

$60,904

MGO INVESTMENT ADVISORS6+ years

Service code 26

24400 CHAGRIN BLVD · BEACHWOOD, OH 44122

Advisory (Participants)

$24,925

MOSKAL GROSS ORCHOSKY6+ years

Filed as: MOSKAL GROSS ORCHOSKY INC

Service code 15

24400 CHAGRIN BLVD · BEACHWOOD, OH 44122

Recordkeeping

$21,047

MOSKAL GROSS ORCHOSKY6+ years

Service code 15

Recordkeeping

$4,673

COVERT MANUFACTURING, INC. EMPLOYEES 401K PROFIT SHARING PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

COVERT MANUFACTURING, INC. EMPLOYEES 401K PROFIT SHARING PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion