Quality Restaurant Concepts, LLC 401(k) Review & Grade
Quality Restaurant Concepts, LLC 401(k) Retirement Plan
Birmingham, ALAccommodation & Food Services1,252 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$71Employer $ per active participant
$473Employee $ saved per active participant
1.21%Direct admin cost, % of plan assets
$7.0MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity10.2 / 5020th percentile for employer $ per participant
- Low cost1.1 / 254th percentile for low admin cost vs. same-size plans
- Employee saving4.3 / 1529th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score16 / 100 · Grade F
This plan vs. peers
Peers: Accommodation & Food Services plans with 500–2,499 active participants (458 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 20th |
| Lower admin cost | 4th |
| Employee saving | 29th |
| Peers that auto-enroll | 17% |
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Red flags from the filing
Corrective distributions: the plan refunded $16,972 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Quality Restaurant Concepts put in about $71 per active participant, below the typical peer ($266). 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.
- Direct plan expenses (1.21% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $89,518 |
| Participant (employee) contributions | $592,797 |
| Other contributions (incl. rollovers in) | $0 |
| Administrative expenses paid from the plan | $79,983 |
| Investment advisory & management fees | $34,824 |
| Benefits paid out | $348,852 |
| Net assets, start / end of year | $6.1M / $7.0M |
| Active participants, start / end of year | 1,384 / 1,121 |
| Participants with account balances | 437 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Carr, Riggs and Ingram, LLC |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $45,159 reported compensation |
| Raymond James | $23,122 reported compensation |
| Empower Advisory Group, LLC | $11,702 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250827120457NAL0009540097001, received 2025-08-27, EIN 58-1829996, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.