Flanigans Enterprises, Inc. 401(k) Review & Grade
Flanigan's 401(k) Plan
Fort Lauderdale, FLAccommodation & Food Services6,934 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$14Employer $ per active participant
$192Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$14.5MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity2.9 / 506th percentile for employer $ per participant
- Low cost18.7 / 2575th percentile for low admin cost vs. same-size plans
- Employee saving1.5 / 1510th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score23 / 100 · Grade F
This plan vs. peers
Peers: Accommodation & Food Services plans with 2,500–9,999 active participants (104 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 6th |
| Lower admin cost | 75th |
| Employee saving | 10th |
| Peers that auto-enroll | 15% |
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Red flags from the filing
Corrective distributions: the plan refunded $19,842 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Flanigans Enterprises put in about $14 per active participant, below the typical peer ($244). 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.
- 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 | $99,573 |
| Participant (employee) contributions | $1,329,219 |
| Other contributions (incl. rollovers in) | $49,721 |
| Administrative expenses paid from the plan | $7,700 |
| Contract administrator fees | $6,700 |
| Other admin expenses | $1,000 |
| Benefits paid out | $975,564 |
| Net assets, start / end of year | $12.5M / $14.5M |
| Active participants, start / end of year | 6,444 / 7,423 |
| Participants with account balances | 433 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cohnresnick |
Largest service providers (Schedule C)
| NFP Retirement Inc | $36,667 reported compensation |
| Voya Retirement Insurance & Annuity | $7,767 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014000753NAL0001963217001, received 2025-10-14, EIN 59-0877638, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.