Whitsons Food Service Corp. 401(k) Review & Grade
Whitsons Food Service Corp. 401(k) Plan
Islandia, NYAccommodation & Food Services2,164 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$119Employer $ per active participant
$1,121Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$29.0MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity14.3 / 5029th percentile for employer $ per participant
- Low cost22.2 / 2589th percentile for low admin cost vs. same-size plans
- Employee saving9.9 / 1566th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score46 / 100 · Grade C
This plan vs. peers
Peers: Accommodation & Food Services plans with 500–2,499 active participants (458 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 29th |
| Lower admin cost | 89th |
| Employee saving | 66th |
| Peers that auto-enroll | 17% |
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Red flags from the filing
Corrective distributions: the plan refunded $192,598 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Whitsons Food Service put in about $119 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.
- 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 | $257,729 |
| Participant (employee) contributions | $2,427,361 |
| Other contributions (incl. rollovers in) | $586,061 |
| Administrative expenses paid from the plan | $11,491 |
| Benefits paid out | $1,608,363 |
| Net assets, start / end of year | $22.4M / $29.0M |
| Active participants, start / end of year | 1,570 / 2,759 |
| Participants with account balances | 723 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Brad S Rosenberg CPA PC |
Largest service providers (Schedule C)
| Morgan Stanley Smith Barney | $51,502 reported compensation |
| Fidelity Investments Institutional | $11,491 reported compensation |
| National Financial Services LLC | $9,599 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015191907NAL0007153536001, received 2025-10-15, EIN 11-2579630, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.