Seaman Restaurant 401(k) match, vesting and fees
What Seaman Restaurant's 401(k) plan says about matching contributions
The Company may make a safe harbor matching contribution of 100 percent of the first three percent and 50 percent of the next two percent of the pretax annual compensation that a participant elects to contribute. Amounts deferred as catch-up contributions are also considered for matching contribution purposes. For the years ended December 31, 2024 and 2023, safe harbor matching contributions totaled $492,550 and $388,841.
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 | 2024 audit report, p. 39 ↗ |
| Match vesting | Participants are vested immediately in their contributions and any Company safe-harbor matching contributions, plus actual earnings thereon. Vesting in any Company non-safe harbor nonelective contribution portion of their accounts is based on continuous years-of-service during which the participant is credited with at least 1,000 hours of service at a rate of 20 percent each year after the first year, becoming 100 percent vested after six years of service credited. Additionally, a participant will be fully vested upon reaching age 65 prior to termination of employment, or upon death or disability prior to that date. | 2024 audit report, p. 40 ↗ |
| Recordkeeper | Empower Annuity Insurance | 2025 Schedule C ↗ |
| Independent auditor | Redw LLC (unmodified opinion, limited scope) | 2025 Schedule H ↗ |
| Plan type and status | 401(k) · Active | 2025 Form 5500 ↗ |
Match, vesting and other plan features are from the plan year 2024 filing's audit report (the latest one extracted so far). Rows cited to the Form 5500 and its schedules are from the plan year 2025 filing.
How the plan compares
Plan year 2025 medians for 415 defined-contribution plans in accommodation and food services with 100 to 499 participants.
| Seaman Restaurant: employer contribution per participant | $1,380 | |
| Peer median | $702 |
| Seaman Restaurant: average balance | $29,229 | |
| Peer median | $15,751 |
| Seaman Restaurant: admin expenses ÷ assets | 1.26% | |
| Peer median | 0.67% |
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 $7.2M at the end of plan year 2021 to $10.3M at the end of plan year 2025.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2025 | 1,627 | $10.3M | $487K | $1,380 | 1.26% | Not published | Form 5500 ↗ |
| 2024 | 1,612 | $8.3M | $493K | $1,444 | 1.51% | Quoted in the audit report, p. 39 ↗ | Form 5500 ↗ |
| 2023 | 1,294 | $7.7M | $389K | $1,175 | 1.87% | Not published | Form 5500 ↗ |
| 2022 | 1,234 | $6.7M | $467K | $1,209 | 1.17% | Not published | Form 5500 ↗ |
| 2021 | 1,454 | $7.2M | $481K | $1,237 | 1.43% | Not published | Form 5500 ↗ |
Common questions
Does Seaman Restaurant match 401(k) contributions?
The audit report attached to the Archways to Retirement 401(k) Plan's plan year 2024 Form 5500, page 39 says: “The Company may make a safe harbor matching contribution of 100 percent of the first three percent and 50 percent of the next two percent of the pretax annual compensation that a participant elects to contribute. Amounts deferred as catch-up contributions are also considered for matching contribution purposes. For the years ended December 31, 2024 and 2023, safe harbor matching contributions totaled $492,550 and $388,841.” Plan terms may have changed; check your current Summary Plan Description.
When is the Seaman Restaurant 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 40 says: “Participants are vested immediately in their contributions and any Company safe-harbor matching contributions, plus actual earnings thereon. Vesting in any Company non-safe harbor nonelective contribution portion of their accounts is based on continuous years-of-service during which the participant is credited with at least 1,000 hours of service at a rate of 20 percent each year after the first year, becoming 100 percent vested after six years of service credited. Additionally, a participant will be fully vested upon reaching age 65 prior to termination of employment, or upon death or disability prior to that date.”
Who manages the Seaman Restaurant 401(k)?
The recordkeeper listed on Schedule C of the plan year 2025 filing is Empower Annuity Insurance. The plan administrator is Seaman Restaurant Corporation.
I left Seaman Restaurant. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Seaman Restaurant Corporation, (503) 378-1072) or the recordkeeper, Empower Annuity Insurance. The Seaman Restaurant old 401(k) page lists the contacts from every plan filing. Find an old Seaman Restaurant 401(k)
Data from the public Form 5500 annual reports Seaman Restaurant filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024 and 2025) 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 Seaman Restaurant. Not financial advice. Report a correction · Methodology