Islands Restaurants, LLC 401(k) Review & Grade
Islands Restaurants 401(k) Plan
Carlsbad, CAAccommodation & Food Services1,582 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$209Employer $ per active participant
$446Employee $ saved per active participant
0.60%Direct admin cost, % of plan assets
$15.3MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity21.4 / 5043th percentile for employer $ per participant
- Low cost4.4 / 2518th percentile for low admin cost vs. same-size plans
- Employee saving4.1 / 1527th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score23 / 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 | 43th |
| Lower admin cost | 18th |
| Employee saving | 27th |
| Peers that auto-enroll | 17% |
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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 ($207,049 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Islands Restaurants put in about $209 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 (0.60% 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.
- 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 | $330,692 |
| Participant (employee) contributions | $706,005 |
| Other contributions (incl. rollovers in) | – |
| Administrative expenses paid from the plan | $85,843 |
| Contract administrator fees | $9,620 |
| Investment advisory & management fees | $63,253 |
| Benefits paid out | $901,180 |
| Net assets, start / end of year | $13.4M / $15.3M |
| Active participants, start / end of year | 1,628 / 1,537 |
| Participants with account balances | 320 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Duffy Kruspodin LLP |
Largest service providers (Schedule C)
| Cerity Partners | $63,253 reported compensation |
| July Business Services LLC | $22,590 reported compensation |
| Charles Schwab Bank | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015144538NAL0006634304001, received 2025-10-15, EIN 33-0475521, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.