Island Hospitality Management, LLC 401(k) Review & Grade
Island Hospitality Management, LLC 401(k) Safe Harbor Plan
West Palm Beach, FLAccommodation & Food Services2,096 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$532Employer $ per active participant
$1,046Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$33.2MNet plan assets, end of year
$31,675Average balance per account
Score breakdown
- Employer generosity36.2 / 5072th percentile for employer $ per participant
- Low cost21.0 / 2584th percentile for low admin cost vs. same-size plans
- Employee saving9.3 / 1562th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score60 / 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 | 72th |
| Lower admin cost | 84th |
| Employee saving | 62th |
| 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 ($673,358 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
- Island Hospitality Management put in about $532 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 | $1,114,263 |
| Participant (employee) contributions | $2,191,508 |
| Other contributions (incl. rollovers in) | $980,318 |
| Administrative expenses paid from the plan | $19,349 |
| Contract administrator fees | $19,349 |
| Benefits paid out | $5,163,572 |
| Net assets, start / end of year | $30.6M / $33.2M |
| Active participants, start / end of year | 1,875 / 2,316 |
| Participants with account balances | 1,048 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cbiz Cpas P.C. |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $19,349 reported compensation |
| Kestra Investment Services LLC | $9,012 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013100940NAL0001080273001, received 2025-10-13, EIN 26-0250123, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.