Drake Enterprises, Ltd 401(k) Plan: Login, Facts & Contact Information

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Drake Enterprises, Ltd 401(k) Plan Facts

Plan name
DRAKE ENTERPRISES, LTD 401(K) PLAN
Plan type
401(k) with employer contributions and profit sharing
Plan sponsor
DRAKE ENTERPRISES, LTD
Participants
230 (105 active employees)
Former employees with a balance
74
Plan assets
$9,428,002 at Dec 31, 2024
Average account balance
$54,184 across 174 accounts
Employer contributions
$201,890 in plan year 2024 (38% of all contributions)
Recordkeeper
Principal Life Insurance Company
Plan year
Jan 1, 2024 – Dec 31, 2024
Plan established
Nov 1, 1994
✓ Employer contributions✓ Automatic enrollment✓ Default investment for undecided participants✓ Participants choose their own investments— Self-directed brokerage window✓ Profit sharing— Company stock (ESOP)

Source: Form 5500 for plan year 2024 (Jan 1, 2024 – Dec 31, 2024), filed Oct 7, 2025. Public filing with the U.S. Department of Labor.

Money in and out in plan year 2024

  • $529,124 went into the plan in contributions, $201,890 of it from the employer (38%).
  • $1.35 million was paid out to participants.
  • Investment and other income added $783,036.
  • Administrative expenses were $47,736, about $274 per account.

How the Drake Enterprises, Ltd 401(k) changed, 2019–2024

Plan yearParticipantsPlan assetsEmployer contributionsBenefits paid
2019680$31.1 million$930,734$1.29 million
2020874$36.7 million$1.15 million$1.09 million
2021830$32.2 million$1.24 million$1.99 million
2022224$9.00 million$215,717$669,613
2023215$9.51 million$219,967$1.19 million
2024230$9.43 million$201,890$1.35 million

Drake Enterprises, Ltd 401(k) Contact Information

Phone
828-306-5700
Mailing address
213 FRANKLIN PLAZA DR, FRANKLIN NC 287343207
Plan sponsor
DRAKE ENTERPRISES, LTD
Employer identification number (EIN)
56-1494243
Plan number
001

Questions about the Drake Enterprises, Ltd 401(k)

Does Drake Enterprises, Ltd contribute to the 401(k)?

Yes. The plan reports an employer contribution arrangement. In plan year 2024 the employer contributed $201,890, 38% of all contributions.

Does the Drake Enterprises, Ltd 401(k) have automatic enrollment?

Yes. The plan reports automatic enrollment of eligible employees.

How many people are in the Drake Enterprises, Ltd 401(k) plan?

230 participants at the start of plan year 2024, 105 of them active employees, and 74 former employees who still had money in the plan.

What is the average 401(k) balance at Drake Enterprises, Ltd?

About $54,184 per account: $9.43 million in plan assets across 174 accounts with a balance at the end of plan year 2024.

Who manages the Drake Enterprises, Ltd 401(k) accounts?

Principal (listed on the filing as PRINCIPAL LIFE INSURANCE COMPANY) is the plan's recordkeeper, which is where participants log in to see their balance.

I no longer work at Drake Enterprises, Ltd. How do I access my 401(k)?

Your account stays with Principal after you leave, so you can log in with the same credentials. If your balance was small, the plan may have rolled it into an IRA in your name. If you can't find it, Beagle can locate it for you.

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