Did Benihana make any employer contributions to the 401(k) plan in 2023?

According to Benihana's 2024 Franchise Disclosure Document, the company sponsors a qualified defined contribution retirement plan, referred to as the "401(k) Plan", for its eligible employees. This plan allows employees to defer a portion of their compensation on a pre-tax or post-tax basis and contribute it to various investment options. However, employer contributions to this plan are discretionary.

In 2023, Benihana did not make any employer contributions to the 401(k) Plan. The document specifies that the company did not accrue or make any employer contributions in either 2023 or 2022. This means that while Benihana offers a retirement plan for its employees, the company chose not to contribute any funds to the plan on behalf of its employees during those years.

For a prospective franchisee, this information is relevant because it provides insight into the employee benefits that Benihana corporate employees receive. While franchisees are independent contractors and responsible for their own employee benefits, understanding the benefits offered at the corporate level can provide a benchmark. It's important to note that this information pertains to Benihana National Corp's employees and not necessarily to employees of franchised locations, as franchisees independently determine their own employee benefits packages.

Prospective franchisees should inquire with Benihana about any potential changes to the 401(k) plan or other employee benefits that may be under consideration. Additionally, franchisees should research industry standards for employee benefits to ensure they offer competitive packages to attract and retain qualified staff for their own Benihana restaurant locations.