Convergeone Holdings, Inc. 401(k) Review & Grade
C1 401(k) Plan
Bloomington, MNWholesale Trade2,078 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,942Employer $ per active participant
$11,362Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$348.1MNet plan assets, end of year
$151,486Average balance per account
Score breakdown
- Employer generosity36.7 / 5073th percentile for employer $ per participant
- Low cost16.7 / 2567th percentile for low admin cost vs. same-size plans
- Employee saving14.5 / 1597th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score68 / 100 · Grade B
This plan vs. peers
Peers: Wholesale Trade plans with 500–2,499 active participants (603 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 73th |
| Lower admin cost | 67th |
| Employee saving | 97th |
| Peers that auto-enroll | 53% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,276 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Convergeone Holdings put in about $2,942 per active participant, more than the typical peer ($1,792). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 | $6,114,975 |
| Participant (employee) contributions | $23,615,075 |
| Other contributions (incl. rollovers in) | $1,696,275 |
| Administrative expenses paid from the plan | $449,713 |
| Investment advisory & management fees | $173,242 |
| Benefits paid out | $59,290,509 |
| Net assets, start / end of year | $333.8M / $348.1M |
| Active participants, start / end of year | 2,155 / 2,002 |
| Participants with account balances | 2,298 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | RSM US LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $262,321 reported compensation |
| Sageview Advisory Group, LLC | $110,742 reported compensation |
| Sageview Advisory Group, LLC | $62,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250916153046NAL0001384291001, received 2025-09-16, EIN 81-4619427, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.