Flagler System, Inc. 401(k) Review & Grade
Flagler System, Inc. Employees' Savings Plan
Palm Beach, FLAccommodation & Food Services2,342 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,522Employer $ per active participant
$4,473Employee $ saved per active participant
0.10%Direct admin cost, % of plan assets
$187.3MNet plan assets, end of year
$87,447Average balance per account
Score breakdown
- Employer generosity48.6 / 5097th percentile for employer $ per participant
- Low cost18.5 / 2574th percentile for low admin cost vs. same-size plans
- Employee saving14.4 / 1596th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-10 pts1 issue reported on the filing
Total score72 / 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 | 97th |
| Lower admin cost | 74th |
| Employee saving | 96th |
| Peers that auto-enroll | 17% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($7,110 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Flagler System put in about $2,522 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.
- 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 reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $5,905,390 |
| Participant (employee) contributions | $10,473,983 |
| Other contributions (incl. rollovers in) | $582,485 |
| Administrative expenses paid from the plan | $178,205 |
| Contract administrator fees | $178,205 |
| Benefits paid out | $18,522,575 |
| Net assets, start / end of year | $167.3M / $187.3M |
| Active participants, start / end of year | 2,376 / 2,307 |
| Participants with account balances | 2,142 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Templeton & Company, LLP |
Largest service providers (Schedule C)
| Sageview Advisory Group LLC | $121,110 reported compensation |
| T Rowe Price RPS Inc | $41,595 reported compensation |
| Templeton & Company | $15,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250728141819NAL0003131008003, received 2025-07-28, EIN 65-0118212, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.