Covenant Aviation Security, LLC 401(k) Review & Grade
Covenant Retirement Plan
Bolingbrook, ILAdministrative, Support & Staffing Services2,160 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$1,326Employer $ per active participant
$3,354Employee $ saved per active participant
0.29%Direct admin cost, % of plan assets
$108.1MNet plan assets, end of year
$60,310Average balance per account
Score breakdown
- Employer generosity34.3 / 5068th percentile for employer $ per participant
- Low cost10.4 / 2542th percentile for low admin cost vs. same-size plans
- Employee saving9.9 / 1566th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score55 / 100 · Grade C
This plan vs. peers
Peers: Administrative, Support & Staffing Services plans with 500–2,499 active participants (401 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 68th |
| Lower admin cost | 42th |
| Employee saving | 66th |
| Peers that auto-enroll | 27% |
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Red flags from the filing
Corrective distributions: the plan refunded $20,337 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Covenant Aviation Security put in about $1,326 per active participant, more than the typical peer ($712). 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 | $2,864,422 |
| Participant (employee) contributions | $7,243,400 |
| Other contributions (incl. rollovers in) | $103,259 |
| Administrative expenses paid from the plan | $294,533 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $70,000 |
| Other admin expenses | −$1 |
| Benefits paid out | $10,248,112 |
| Net assets, start / end of year | $94.3M / $108.1M |
| Active participants, start / end of year | 1,915 / 2,404 |
| Participants with account balances | 1,793 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Miller Cooper & Co., LTD |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $198,035 reported compensation |
| Forest Capital Management LLC | $70,000 reported compensation |
| Miller Cooper & Co., LTD. | $26,501 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250828095509NAL0017820816001, received 2025-08-28, EIN 35-2161799, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.