Covetrus, Inc. 401(k) Review & Grade
Covetrus 401(k) Retirement Savings Plan
Dublin, OHWholesale Trade2,819 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,177Employer $ per active participant
$7,321Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$289.6MNet plan assets, end of year
$77,357Average balance per account
Score breakdown
- Employer generosity31.4 / 5063th percentile for employer $ per participant
- Low cost11.9 / 2548th percentile for low admin cost vs. same-size plans
- Employee saving12.5 / 1583th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score63 / 100 · Grade B
This plan vs. peers
Peers: Wholesale Trade plans with 2,500–9,999 active participants (103 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 63th |
| Lower admin cost | 48th |
| Employee saving | 83th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $6,454 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Covetrus put in about $3,177 per active participant, more than the typical peer ($2,459). 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 auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $8,955,197 |
| Participant (employee) contributions | $20,639,170 |
| Other contributions (incl. rollovers in) | $2,206,219 |
| Administrative expenses paid from the plan | $371,331 |
| Contract administrator fees | $1,800 |
| Investment advisory & management fees | $27,562 |
| Other admin expenses | $79,567 |
| Benefits paid out | $60,583,059 |
| Net assets, start / end of year | $274.7M / $289.6M |
| Active participants, start / end of year | 2,977 / 2,661 |
| Participants with account balances | 3,744 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bdo USA P.C. |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $231,619 reported compensation |
| Cook Street Consulting Inc | $79,567 reported compensation |
| Bdo US LLP | $33,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006091837NAL0001752291001, received 2025-10-06, EIN 83-1448706, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.