Potbelly Sandwich Works, LLC 401(k) Review & Grade
Potbelly Sandwich Works 401(k) Plan
Chicago, ILAccommodation & Food Services4,834 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$239Employer $ per active participant
$530Employee $ saved per active participant
0.80%Direct admin cost, % of plan assets
$22.4MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity24.8 / 5050th percentile for employer $ per participant
- Low cost1.6 / 257th percentile for low admin cost vs. same-size plans
- Employee saving5.7 / 1538th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score22 / 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 | 50th |
| Lower admin cost | 7th |
| Employee saving | 38th |
| Peers that auto-enroll | 15% |
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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 ($1,235,863 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $161,569 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Potbelly Sandwich Works put in about $239 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.
- Direct plan expenses (0.80% of assets) are well above similar-size plans (0.12%). 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.
- 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 | $1,156,607 |
| Participant (employee) contributions | $2,563,161 |
| Other contributions (incl. rollovers in) | $364,071 |
| Administrative expenses paid from the plan | $166,980 |
| Investment advisory & management fees | $21,750 |
| Benefits paid out | $3,144,287 |
| Net assets, start / end of year | $19.2M / $22.4M |
| Active participants, start / end of year | 4,643 / 5,024 |
| Participants with account balances | 1,468 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Sikich CPA LLC |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $77,805 reported compensation |
| Crowe LLP | $45,675 reported compensation |
| Morgan Stanley Smith Barney LLC | $21,750 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250909150859NAL0012665843001, received 2025-09-09, EIN 36-4063453, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.