Covelli Family Limited Partnership 401(k) Review & Grade
Covelli Family Limited Partnership 401(k) Retirement Plan
Warren, OHAccommodation & Food Services540 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$260Employer $ per active participant
$635Employee $ saved per active participant
0.61%Direct admin cost, % of plan assets
$9.5MNet plan assets, end of year
$31,591Average balance per account
Score breakdown
- Employer generosity24.5 / 5049th percentile for employer $ per participant
- Low cost4.2 / 2517th percentile for low admin cost vs. same-size plans
- Employee saving5.7 / 1538th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score34 / 100 · Grade D
This plan vs. peers
Peers: Accommodation & Food Services plans with 500–2,499 active participants (458 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 49th |
| Lower admin cost | 17th |
| Employee saving | 38th |
| Peers that auto-enroll | 17% |
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Red flags from the filing
Corrective distributions: the plan refunded $51,599 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Covelli Family Limited Partnership put in about $260 per active participant, below the typical peer ($266). 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.
- Direct plan expenses (0.61% 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.
- 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 | $140,056 |
| Participant (employee) contributions | $342,598 |
| Other contributions (incl. rollovers in) | $1,969 |
| Administrative expenses paid from the plan | $55,691 |
| Contract administrator fees | $55,691 |
| Benefits paid out | $924,524 |
| Net assets, start / end of year | $8.7M / $9.5M |
| Active participants, start / end of year | 605 / 474 |
| Participants with account balances | 300 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Hobe & Lucas, Cpas, Inc. |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $55,690 reported compensation |
| Equitable Network LLC | $4,292 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251011071640NAL0008853713001, received 2025-10-11, EIN 65-0773817, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.