Steak N Shake Inc. 401(k) Review & Grade
The Steak 'N Shake 401(k) Savings Plan
Indianapolis, INAccommodation & Food Services1,093 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$484Employer $ per active participant
$883Employee $ saved per active participant
0.79%Direct admin cost, % of plan assets
$17.5MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity34.8 / 5070th percentile for employer $ per participant
- Low cost2.6 / 2510th percentile for low admin cost vs. same-size plans
- Employee saving8.0 / 1554th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score35 / 100 · Grade D
This plan vs. peers
Peers: Accommodation & Food Services plans with 500–2,499 active participants (458 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 70th |
| Lower admin cost | 10th |
| Employee saving | 54th |
| 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 ($2,270 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $9,412 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Steak N Shake put in about $484 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 (0.79% 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 | $529,314 |
| Participant (employee) contributions | $964,702 |
| Other contributions (incl. rollovers in) | $48,201 |
| Administrative expenses paid from the plan | $134,719 |
| Contract administrator fees | $83,967 |
| Investment advisory & management fees | $8,522 |
| Benefits paid out | $2,710,079 |
| Net assets, start / end of year | $16.5M / $17.5M |
| Active participants, start / end of year | 1,134 / 1,052 |
| Participants with account balances | 511 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Deloitte & Touche LLP |
| Employer stock held by plan | $290,355 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $83,967 reported compensation |
| Deloitte & Touche LLP | $83,393 reported compensation |
| Wells Fargo Clearing Services LLC | $8,457 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250905095506NAL0028815136001, received 2025-09-05, EIN 35-1604308, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.