Ohio › Accommodation and food services › 500 to 999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Covelli Family Limited Partnership 401(k) Retirement Plan
Sponsored by Covelli Family Limited Partnership, Warren, OH
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
In the plan year ending 31 Dec 2024, Covelli Family Limited Partnership 401(k) Retirement Plan covered 561 participants and held $9.5M in net assets. The plan is a 401(k) plan sponsored by Covelli Family Limited Partnership of Warren, Ohio.
Net assets came to $16,894 per participant, well below the $46,267 median for defined contribution plans with 500 to 999 participants and well above the $11,807 median for defined contribution plans in accommodation and food services. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $140K during the year, or $295 per active participant against a same-size median of $1,934; participants contributed $343K and $1,969 arrived as rollovers and other contributions. Benefits paid out totalled $925K.
Schedule C lists 3 service provider organisations paid $5,000 or more, with reported compensation of $60K: $107 per participant, below the same-size median of $113. Administrative expenses charged to the plan were $56K. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $1.9M in 2009 to $9.5M in 2024 (up 411%), and participants from 781 to 561 (down 28%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $16,894 | $46,267 | $11,807 | $53,102 |
| Employer contributions per active participant | $295 | $1,934 | $505 | $2,175 |
| Schedule C compensation per participant | $107 | $113 | $54.19 | $123 |
| Schedule C compensation, share of net assets | 0.63% | 0.25% | 0.49% | 0.26% |
| Administrative expenses per participant | $99.27 | $109 | $53.24 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 500 to 999 participants (10,588 plans), accommodation and food services (1,254) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 561 | $9.5M | $16,893 | $140K | $343K | $60K |
| 2023 | 592 | $8.7M | $14,655 | $177K | $336K | $52K |
| 2022 | 579 | $7.9M | $13,693 | $149K | $330K | $69K |
| 2021 | 1,045 | $10.0M | $9,524 | $143K | $316K | $78K |
| 2020 | 2,044 | $8.9M | $4,368 | $172K | $392K | $58K |
| 2019 | 1,800 | $7.9M | $4,366 | $208K | $468K | $61K |
| 2018 | 1,540 | $6.6M | $4,264 | $216K | $476K | $66K |
| 2017 | 1,285 | $7.0M | $5,424 | $212K | $494K | $36K |
| 2016 | 1,161 | $6.0M | $5,207 | $248K | $540K | $25K |
| 2015 | 1,727 | $5.2M | $3,002 | $226K | $508K | $19K |
| 2014 | 1,495 | $5.1M | $3,393 | $209K | $500K | $14K |
| 2013 | 1,276 | $4.8M | $3,770 | $218K | $499K | $24K |
| 2012 | 1,203 | $3.6M | $3,011 | $193K | $448K | $17K |
| 2011 | 1,078 | $2.9M | $2,689 | $169K | $423K | $0 |
| 2010 | 885 | $2.6M | $2,953 | $184K | $431K | $2,000 |
| 2009 | 781 | $1.9M | $2,373 | $169K | $395K | $1,000 |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$8,676,481
- Employer contributions$140,056
- Participant contributions$342,598
- Rollovers and other contributions$1,969
- Total contributions$484,623
- Total income, including investment results$1,832,735
- Benefits paid$924,524
- Administrative expenses$55,691
- Total expenses$1,031,814
- Net income$800,921
- Net transfers$0
- Net assets, end of year$9,477,402
Participants
- Active participants474
- Retired or separated, receiving benefits0
- Retired or separated, entitled to future benefits87
- Participants with account balances300
- Total participants, end of year561
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Principal Life Insurance Company | Contract Administrator | $55,690 | $0 |
| Equitable Network LLC | Other services | $0 | $4,292 |
| Wilshire Advisors LLC | Investment advisory (plan) | $0 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Contract administrator fees$55,691
- Total administrative expenses$55,691
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Pooled separate accounts$4.9M · 51.2%
- Registered investment companies (mutual funds)$4.4M · 46.1%
- Common/collective trusts$244K · 2.6%
- Insurance company general account$7,749 · 0.1%
- Receivables$4,066 · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmHobe & Lucas, CPAS, Inc.
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $500,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2EProfit-sharing plan2FERISA section 404(c) plan2GTotal participant-directed account plan2JCode section 401(k) feature2KCode section 401(m) arrangement2TTotal or partial participant-directed account plan with a default investment account3CPlan not intended to be qualified3DPre-approved pension plan3HPlan sponsor(s) is (are) a member(s) of a controlled group
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 722513: Limited-Service Restaurants.
Similar plans in Ohio
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| The Dave Thomas Family Companies, LLC 401(k) Profit Sharing Plan | The Dave Thomas Family Companies, LLC | 599 | $9.9M | $16,459 |
| Restaurant Management, Inc. Employees' Profit Sharing Plan | Restaurant Management, Inc. | 531 | $5.0M | $9,406 |
| Holowicki Enterprises Profit Sharing Plan | Holowicki Enterprises DBA McDonald's | 601 | $4.3M | $7,178 |
| JKB Management, Inc. 401(k) Plan | JKB Management, Inc. | 503 | $2.1M | $4,227 |
| HRM Enterprises, Inc. 401(k) Plan | HRM Enterprises, Inc. | 714 | $22.1M | $31,016 |
| Skyline Chili Profit Sharing and 401(k) Plan | Skyline Chili, LLC | 487 | $13.9M | $28,604 |
Defined contribution plans in accommodation and food services closest in size.
Questions and answers
How big is Covelli Family Limited Partnership 401(k) Retirement Plan?
561 participants at the end of the plan year ending 31 Dec 2024, of whom 474 were active employees, with net assets of $9,477,402. Among defined contribution plans that places it in the 500 to 999 participants band, which held 10,588 plans in plan year 2024.
What does Covelli Family Limited Partnership contribute per participant?
The filing reports $140,056 in employer contributions for the year, which is $295 per active participant; the median for plans of the same type and size was $1,934 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $59,982 in compensation to service provider organisations, $107 per participant or 0.63% of net assets. The same-size median among plans reporting any Schedule C compensation was $113 per participant. Administrative expenses on Schedule H were $55,691. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Covelli Family Limited Partnership. Recordkeeping or administration: Principal Life Insurance Company. Investment advisory or management: Wilshire Advisors LLC. The financial statements were audited by Hobe & Lucas, CPAS, Inc.. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 11 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 65-0773817, plan 001, received 11 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.