First Watch Restaurants, Inc. 401(k) Review & Grade
First Watch 401(k) Savings Plan
Bradenton, FLAccommodation & Food Services15,959 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$115Employer $ per active participant
$339Employee $ saved per active participant
0.52%Direct admin cost, % of plan assets
$38.5MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity8.8 / 5018th percentile for employer $ per participant
- Low cost0.8 / 253th percentile for low admin cost vs. same-size plans
- Employee saving1.9 / 1512th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score12 / 100 · Grade F
This plan vs. peers
Peers: Accommodation & Food Services plans with 10,000+ active participants (41 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 18th |
| Lower admin cost | 3th |
| Employee saving | 12th |
| Peers that auto-enroll | 24% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
Corrective distributions: the plan refunded $676,330 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- First Watch Restaurants put in about $115 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.
- Direct plan expenses (0.52% of assets) are well above similar-size plans (0.09%). 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 | $1,836,219 |
| Participant (employee) contributions | $5,410,623 |
| Other contributions (incl. rollovers in) | $1,284,581 |
| Administrative expenses paid from the plan | $179,226 |
| Contract administrator fees | $145,274 |
| Investment advisory & management fees | $16,976 |
| Other admin expenses | $16,976 |
| Benefits paid out | $2,841,373 |
| Net assets, start / end of year | $30.1M / $38.5M |
| Active participants, start / end of year | 15,440 / 16,478 |
| Participants with account balances | 1,700 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Skibbie CPA Inc |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $145,274 reported compensation |
| Merrill Lynch Pierce Fenner & Smith | $34,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008142751NAL0005993265001, received 2025-10-08, EIN 65-0543723, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.