Plan Snapshot
- Plan Sponsor: Covalent Group, INC.
- Sponsor EIN: 832556861
- Sponsor Address: 1441 WEST INNOVATION WAY, LEHI, UT, 84043
- Plan Type: 401(k)
- Total Participants: 492
- Total Assets: $23.9M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: No
- Participant Loans: Yes
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 492 | $23.9M | $2.3M | $4.2M |
| 2023 | 558 | $16.1M | $1.8M | $3.6M |
| 2022 | 604 | $8.6M | $772,251 | $1.6M |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| FIDELITY WORKPLACE SERVICES LLC | Recordkeeper | $9,961 | — | $9,961 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $9,961
- Estimated Expense Ratio: 0.042% of plan assets
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2024 | $9,959 | — | $4,454 | — | — |
| 2023 | $5,955 | — | $3,430 | — | — |
| 2022 | $1,825 | — | — | — | — |