Covenant Health 401(k) Review & Grade
Covenant Health 401(k) Plan
Knoxville, TNHealth Care & Social Assistance9,535 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,051Employer $ per active participant
$3,798Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$894.1MNet plan assets, end of year
$110,028Average balance per account
Score breakdown
- Employer generosity35.2 / 5070th percentile for employer $ per participant
- Low cost18.0 / 2572th percentile for low admin cost vs. same-size plans
- Employee saving9.0 / 1560th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score52 / 100 · Grade C
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 70th |
| Lower admin cost | 72th |
| Employee saving | 60th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $4,584 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Covenant Health put in about $2,051 per active participant, more than the typical peer ($800). 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 | $19,558,358 |
| Participant (employee) contributions | $36,218,553 |
| Other contributions (incl. rollovers in) | $6,266,206 |
| Administrative expenses paid from the plan | $521,227 |
| Investment advisory & management fees | $170,498 |
| Other admin expenses | $54,931 |
| Benefits paid out | $78,039,692 |
| Net assets, start / end of year | $782.9M / $894.1M |
| Active participants, start / end of year | 9,347 / 9,723 |
| Participants with account balances | 8,126 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Pya, P.C |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $274,072 reported compensation |
| Trendz Advisors, Inc. | $168,154 reported compensation |
| Oppenheimer & Co. | $55,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014215223NAL0003643521001, received 2025-10-14, EIN 62-1646734, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.