Covenant Management Systems, LP 401(k) Review & Grade
CMS Savings Plan and Trust
Austin, TXAdministrative, Support & Staffing Services2,514 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,932Employer $ per active participant
$4,832Employee $ saved per active participant
0.10%Direct admin cost, % of plan assets
$414.2MNet plan assets, end of year
$168,368Average balance per account
Score breakdown
- Employer generosity44.4 / 5089th percentile for employer $ per participant
- Low cost14.0 / 2556th percentile for low admin cost vs. same-size plans
- Employee saving12.8 / 1585th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score74 / 100 · Grade B
This plan vs. peers
Peers: Administrative, Support & Staffing Services plans with 2,500–9,999 active participants (125 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 89th |
| Lower admin cost | 56th |
| Employee saving | 85th |
| Peers that auto-enroll | 22% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Covenant Management Systems, LP put in about $2,932 per active participant, more than the typical peer ($342). 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 | $7,370,514 |
| Participant (employee) contributions | $12,146,041 |
| Other contributions (incl. rollovers in) | $1,480,512 |
| Administrative expenses paid from the plan | $408,447 |
| Investment advisory & management fees | $94,130 |
| Benefits paid out | $24,981,226 |
| Net assets, start / end of year | $367.5M / $414.2M |
| Active participants, start / end of year | 2,443 / 2,584 |
| Participants with account balances | 2,460 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Milliman, Inc. | $297,517 reported compensation |
| Capfinancial Partners LLC | $69,250 reported compensation |
| Charles Schwab Trust Bank | $41,145 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250923130338NAL0008050659001, received 2025-09-23, EIN 74-2899856, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.