Professional Hospitality Resources 401(k) match, vesting and fees
What Professional Hospitality Resources' 401(k) plan says about matching contributions
In 2024, the Company match was 50% of the participant’s elective deferrals not exceeding 6% of the participant’s compensation. An otherwise eligible employee must be employed on the last day of the plan year and complete 1,000 hours of service during the plan year to receive the Company match.
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. 35 ↗ |
| Match vesting | Participants are vested immediately in their contributions plus actual earnings thereon. Vesting in the Company’s contribution portion of their accounts is based on years of service, as defined by the Plan. A participant is 100% vested after six years of credited service. | Audit report, p. 35 ↗ |
| Automatic enrollment | Participants are initially automatically enrolled at a 3% contribution unless they make an affirmative election otherwise. Deferral percentages for participants automatically enrolled are escalated 1% annually, up to a maximum of 6%. | Audit report, p. 35 ↗ |
| Roth contributions | Participant salary deferrals may be traditional 401(k) (pretax) or Roth 401(k) (after-tax). | Audit report, p. 35 ↗ |
| Loans | Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. The loans are secured by the balance in the participant’s account and bear interest at rates, which are commensurate with local prevailing rates as determined by the Plan Administrator. At December 31, 2024, outstanding loans bore interest at rates ranging from 4.25% to 9.50%. | Audit report, p. 36 ↗ |
| Recordkeeper | Empower Annuity Insurance Company | Schedule C ↗ |
| Independent auditor | Forvis Mazars, LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 136 defined-contribution plans in real estate and rental and leasing with 1,000 to 4,999 participants.
| Professional Hospitality Resources: employer contribution per participant | $593 | |
| Peer median | $1,502 |
| Professional Hospitality Resources: average balance | $26,301 | |
| Peer median | $49,651 |
| Professional Hospitality Resources: admin expenses ÷ assets | 0.22% | |
| Peer median | 0.22% |
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 $26.2M at the end of plan year 2021 to $28.8M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,662 | $28.8M | $648K | $593 | 0.22% | Quoted in the audit report, p. 35 ↗ | Form 5500 ↗ |
| 2023 | 1,421 | $26.5M | $591K | $664 | 0.18% | Not published | Form 5500 ↗ |
| 2022 | 1,434 | $21.7M | $545K | $641 | 0.26% | Not published | Form 5500 ↗ |
| 2021 | 1,285 | $26.2M | $450K | $557 | 0.21% | Not published | Form 5500 ↗ |
Common questions
Does Professional Hospitality Resources match 401(k) contributions?
The audit report attached to the Professional Hospitality Resources 401(k) Plan's plan year 2024 Form 5500, page 35 says: “In 2024, the Company match was 50% of the participant’s elective deferrals not exceeding 6% of the participant’s compensation. An otherwise eligible employee must be employed on the last day of the plan year and complete 1,000 hours of service during the plan year to receive the Company match.” Plan terms may have changed; check your current Summary Plan Description.
When is the Professional Hospitality Resources 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 35 says: “Participants are vested immediately in their contributions plus actual earnings thereon. Vesting in the Company’s contribution portion of their accounts is based on years of service, as defined by the Plan. A participant is 100% vested after six years of credited service.”
Who manages the Professional Hospitality Resources 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Empower Annuity Insurance Company. The plan administrator is Professional Hospitality Resources, Inc..
I left Professional Hospitality Resources. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Professional Hospitality Resources, Inc., (757) 491-3000) or the recordkeeper, Empower Annuity Insurance Company. The Professional Hospitality Resources old 401(k) page lists the contacts from every plan filing. Find an old Professional Hospitality Resources 401(k)
Data from the public Form 5500 annual reports Professional Hospitality Resources 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 Professional Hospitality Resources. Not financial advice. Report a correction · Methodology