Covelli Enterprises, Inc. 401(k) Review & Grade
Covelli Enterprises, Inc. 401(k) Profit Sharing Plan & Trust
Warren, OHAccommodation & Food Services2,073 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,038Employer $ per active participant
$1,777Employee $ saved per active participant
0.55%Direct admin cost, % of plan assets
$56.4MNet plan assets, end of year
$23,897Average balance per account
Score breakdown
- Employer generosity43.8 / 5088th percentile for employer $ per participant
- Low cost5.1 / 2520th percentile for low admin cost vs. same-size plans
- Employee saving12.4 / 1582th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score71 / 100 · Grade B
This plan vs. peers
Peers: Accommodation & Food Services plans with 500–2,499 active participants (458 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 88th |
| Lower admin cost | 20th |
| Employee saving | 82th |
| Peers that auto-enroll | 17% |
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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
- Covelli Enterprises put in about $1,038 per active participant, more than the typical peer ($266). 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.
- Direct plan expenses (0.55% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $2,151,407 |
| Participant (employee) contributions | $3,684,073 |
| Other contributions (incl. rollovers in) | $15,741 |
| Administrative expenses paid from the plan | $291,121 |
| Contract administrator fees | $291,121 |
| Benefits paid out | $5,960,956 |
| Net assets, start / end of year | $49.8M / $56.4M |
| Active participants, start / end of year | 2,243 / 1,903 |
| Participants with account balances | 2,360 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Hobe & Lucas, Cpas, Inc. |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $291,121 reported compensation |
| Equitable Advisors, LLC. | $18,381 reported compensation |
| Equitable Network LLC | $17,119 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013125321NAL0000616435001, received 2025-10-13, EIN 34-1724212, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.