Phoenix Taco LLC 401(k) Review & Grade
Phoenix Taco LLC 401(k) Profit Sharing Plan and Trust
Morganton, NCAccommodation & Food Services694 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$331Employer $ per active participant
$827Employee $ saved per active participant
1.66%Direct admin cost, % of plan assets
$4.1MNet plan assets, end of year
$6,486Average balance per account
Score breakdown
- Employer generosity28.3 / 5057th percentile for employer $ per participant
- Low cost0.5 / 252th percentile for low admin cost vs. same-size plans
- Employee saving7.6 / 1551th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
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 | 57th |
| Lower admin cost | 2th |
| Employee saving | 51th |
| Peers that auto-enroll | 17% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Phoenix Taco put in about $331 per active participant, more than the typical peer ($266). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 (1.66% 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 auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $230,225 |
| Participant (employee) contributions | $574,353 |
| Other contributions (incl. rollovers in) | $14,375 |
| Administrative expenses paid from the plan | $53,466 |
| Contract administrator fees | $53,466 |
| Benefits paid out | $401,365 |
| Net assets, start / end of year | $2.4M / $4.1M |
| Active participants, start / end of year | 730 / 659 |
| Participants with account balances | 628 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Bennett Thrasher LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $53,466 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251001122802NAL0017809091001, received 2025-10-01, EIN 56-2108172, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.