Islands Restaurants 401(k) match, vesting and fees
What Islands Restaurants' 401(k) plan says about matching contributions
The Company provided a discretionary matching contribution of 100% of the first 3% of employee contributions.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 29 ↗ |
| Roth contributions | Participants may contribute up to 75% of their annual compensation into a pre-tax deferral account and/or an after-tax Roth account up to the maximum allowed by the Internal Revenue Service (IRS) limitation. | Audit report, p. 29 ↗ |
| Loans | The Plan allows participants to borrow against their vested account balances. Loans may not be made for less than $1,000 and may not exceed the lesser of $50,000 or 50% of a participant’s vested account balance. The interest rate for loans is based on the prime rate plus 1% as of the date the loan is processed. Principal and interest are paid ratably through payroll deductions not to exceed five years unless the note proceeds were used for the purchase of a principal residence. A participant may only have one outstanding loan at any time. | Audit report, p. 30 ↗ |
| Recordkeeper | July Business Services LLC | Schedule C ↗ |
| Independent auditor | Duffy Kruspodin LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
| Late participant contributions | Reported on the filing | Schedule H ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 1,100 defined-contribution plans in accommodation and food services with 100 to 499 participants.
| Islands Restaurants: employer contribution per participant | $1,033 | |
| Peer median | $935 |
| Islands Restaurants: average balance | $47,658 | |
| Peer median | $24,052 |
| Islands Restaurants: admin expenses ÷ assets | 0.60% | |
| Peer median | 0.61% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $15.2M at the end of plan year 2021 to $15.3M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,672 | $15.3M | $331K | $1,033 | 0.60% | Quoted in the audit report, p. 29 ↗ | Form 5500 ↗ |
| 2023 | 1,688 | $13.4M | $310K | $996 | 0.63% | Not published | Form 5500 ↗ |
| 2022 | 1,660 | $11.7M | $317K | $929 | 0.69% | Not published | Form 5500 ↗ |
| 2021 | 1,584 | $15.2M | $122K | $355 | 0.70% | Not published | Form 5500 ↗ |
Common questions
Does Islands Restaurants match 401(k) contributions?
The audit report attached to the Islands Restaurants 401(k) Plan's plan year 2024 Form 5500, page 29 says: “The Company provided a discretionary matching contribution of 100% of the first 3% of employee contributions.” Plan terms may have changed; check your current Summary Plan Description.
When is the Islands Restaurants 401(k) match vested?
The vesting schedule for the Islands Restaurants 401(k) Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the Islands Restaurants 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is July Business Services LLC. The plan administrator is Islands Restaurants, LLC.
I left Islands Restaurants. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Islands Restaurants, LLC, (760) 978-9769) or the recordkeeper, July Business Services LLC. The Islands Restaurants old 401(k) page lists the contacts from every plan filing. Find an old Islands Restaurants 401(k)
Data from the public Form 5500 annual reports Islands Restaurants filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Islands Restaurants. Not financial advice. Report a correction · Methodology