Legends Hospitality, LLC 401(k) Review & Grade
Legends 401(k) Profit Sharing Plan
New York, NYAccommodation & Food Services16,171 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$330Employer $ per active participant
$743Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$105.8MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity21.3 / 5042th percentile for employer $ per participant
- Low cost16.2 / 2565th percentile for low admin cost vs. same-size plans
- Employee saving4.9 / 1532th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score32 / 100 · Grade D
This plan vs. peers
Peers: Accommodation & Food Services plans with 10,000+ active participants (41 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 42th |
| Lower admin cost | 65th |
| Employee saving | 32th |
| Peers that auto-enroll | 24% |
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Red flags from the filing
Benefits not paid when due: the plan reported failing to pay some benefits on time.
Corrective distributions: the plan refunded $10,904 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Legends Hospitality put in about $330 per active participant, below the typical peer ($393). 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 | $5,333,115 |
| Participant (employee) contributions | $12,012,574 |
| Other contributions (incl. rollovers in) | $2,959,699 |
| Administrative expenses paid from the plan | $57,785 |
| Investment advisory & management fees | $50,000 |
| Benefits paid out | $15,352,270 |
| Net assets, start / end of year | $88.3M / $105.8M |
| Active participants, start / end of year | 16,106 / 16,236 |
| Participants with account balances | 3,134 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Wiss & Company, LLP |
Largest service providers (Schedule C)
| Wells Fargo Clearing Services LLC | $50,000 reported compensation |
| Fidelity Investments Institutional | $7,785 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015144535NAL0005174929001, received 2025-10-15, EIN 26-3393272, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.