Plan Snapshot
- Plan Sponsor: Covert Manufacturing, INC.
- Sponsor EIN: 341059703
- Sponsor Address: P.O. BOX 608, GALION, OH, 44833
- Plan Type: DC
- Total Participants: 221
- Total Assets: $8.1M
Key Plan Design Features
- Auto-Enrollment: No
- Auto-Escalation: No
- Allows Roth Contributions: No
- Participant Loans: No
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 221 | $8.1M | $145,644 | $369,280 |
| 2023 | 271 | $7.8M | $140,786 | $417,444 |
| 2022 | 254 | $7.3M | $131,138 | $405,527 |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| MGO ONE SEVEN LLC | INVESTMENT ADVISOR / TPA | $28,855 | $2,443 | $31,298 |
| MGO SECURITIES CORP | INVESTMENT ADVISOR | — | $27,179 | $27,179 |
| NATIONWIDE | CUSTODIAN/RECORD KEEPER | $18,047 | $4,560 | $22,607 |
| POOLER CPA GROUP, LLC | Auditor | — | — | $0 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- NATIONWIDE — CUSTODIAN/RECORD KEEPER
- POOLER CPA GROUP, LLC — Auditor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $81,084
- Estimated Expense Ratio: 1.004% of plan assets
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2024 | $29,851 | — | $29,851 | — | — |
| 2023 | $17,342 | — | $17,342 | — | — |
| 2022 | $21,392 | — | — | — | $21,392 |