Covenant Healthcare, LLC 401(k) Review & Grade
Dove Healthcare of Eau Claire 401(k) Savings Plan
Eau Claire, WIHealth Care & Social Assistance901 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$304Employer $ per active participant
$946Employee $ saved per active participant
0.54%Direct admin cost, % of plan assets
$12.9MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity13.2 / 5026th percentile for employer $ per participant
- Low cost5.2 / 2521th percentile for low admin cost vs. same-size plans
- Employee saving3.1 / 1520th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score15 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 26th |
| Lower admin cost | 21th |
| Employee saving | 20th |
| Peers that auto-enroll | 36% |
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Red flags from the filing
Auditor concern: the independent auditor gave a qualified or adverse opinion.
What to do if you're in this plan
- Covenant Healthcare put in about $304 per active participant, below the typical peer ($976). Any match is still an instant return, so contribute enough to get all of it.
- 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.
- Direct plan expenses (0.54% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $273,674 |
| Participant (employee) contributions | $852,017 |
| Other contributions (incl. rollovers in) | $20,862 |
| Administrative expenses paid from the plan | $64,798 |
| Contract administrator fees | $27,169 |
| Investment advisory & management fees | $29,532 |
| Other admin expenses | $1,597 |
| Benefits paid out | $936,581 |
| Net assets, start / end of year | $11.1M / $12.9M |
| Active participants, start / end of year | 575 / 1,227 |
| Participants with account balances | 347 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Wipfli |
Largest service providers (Schedule C)
| The Vanguard Group, Inc. | $30,604 reported compensation |
| 401k Investment Prof. | $29,532 reported compensation |
| Wipfli LLP | $6,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251009114621NAL0015416114001, received 2025-10-09, EIN 62-1661592, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.