Franklin Covey Co. 401(k) Review & Grade
Franklin Covey Co. 401(k) Plan
Draper, UTProfessional, Scientific & Technical Services911 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,947Employer $ per active participant
$9,062Employee $ saved per active participant
0.12%Direct admin cost, % of plan assets
$139.5MNet plan assets, end of year
$121,797Average balance per account
Score breakdown
- Employer generosity23.9 / 5048th percentile for employer $ per participant
- Low cost17.6 / 2571th percentile for low admin cost vs. same-size plans
- Employee saving7.5 / 1550th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score59 / 100 · Grade C
This plan vs. peers
Peers: Professional, Scientific & Technical Services plans with 500–2,499 active participants (1,469 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 48th |
| Lower admin cost | 71th |
| Employee saving | 50th |
| Peers that auto-enroll | 48% |
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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
- Franklin Covey put in about $2,947 per active participant, below the typical peer ($3,082). Any match is still an instant return, so contribute enough to get all of it.
- 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 | $2,684,687 |
| Participant (employee) contributions | $8,255,914 |
| Other contributions (incl. rollovers in) | $780,981 |
| Administrative expenses paid from the plan | $152,179 |
| Contract administrator fees | $102,834 |
| Investment advisory & management fees | $30,000 |
| Other admin expenses | $3,345 |
| Benefits paid out | $14,041,529 |
| Net assets, start / end of year | $125.1M / $139.5M |
| Active participants, start / end of year | 904 / 918 |
| Participants with account balances | 1,145 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Rasmuson & Company, PC |
Largest service providers (Schedule C)
| Merrill Lynch, Pierce, Fenner & Smi | $102,834 reported compensation |
| Drive Wealth Advisors | $30,000 reported compensation |
| Rasmuson & Company, PC | $16,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015184447NAL0002882915001, received 2025-10-15, EIN 87-0401551, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.