Covalent Group, Inc. 401(k) Review & Grade
Covalent Group 401(k) Plan
Lehi, UTRetail Trade525 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,397Employer $ per active participant
$7,965Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$23.9MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity49.0 / 5098th percentile for employer $ per participant
- Low cost21.9 / 2587th percentile for low admin cost vs. same-size plans
- Employee saving14.6 / 1597th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score79 / 100 · Grade A
This plan vs. peers
Peers: Retail Trade plans with 500–2,499 active participants (719 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 98th |
| Lower admin cost | 87th |
| Employee saving | 97th |
| Peers that auto-enroll | 48% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($515,106 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Covalent Group put in about $4,397 per active participant, more than the typical peer ($743). 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $2,308,620 |
| Participant (employee) contributions | $4,181,797 |
| Other contributions (incl. rollovers in) | $855,828 |
| Administrative expenses paid from the plan | $9,959 |
| Contract administrator fees | $4,454 |
| Benefits paid out | $2,105,648 |
| Net assets, start / end of year | $16.1M / $23.9M |
| Active participants, start / end of year | 558 / 492 |
| Participants with account balances | 13 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Tanner LLC |
Largest service providers (Schedule C)
| Fidelity Workplace Services LLC | $9,961 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014112308NAL0002743537001, received 2025-10-14, EIN 83-2556861, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.