When are U.S. employees of Bw Premier Collection eligible to participate in the 401(k) investment plan?
Bw_Premier_Collection Franchise · 2025 FDDAnswer from 2025 FDD Document
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(12) Employee Retirement Savings Plans
The Company sponsors a 401(k) investment plan which is available to all U.S. employees on the first day of service, and a Canadian Registered Retirement Savings Plan (the "RRSP") which is available to all Canadian employees on the first day of service. Under the plans, employees may contribute a percentage of their eligible wages to the plans, subject to maximum statutory regulations. The Company contributes 3% of the annual salary of all eligible employees to these plans.
The Company may also contribute a discretionary amount, as determined by the Board of Directors, up to 6% of employees' eligible compensation, to be allocated in proportion to the employees' contributions provided an employee has worked 1,000 hours during the plan year and is employed on the last day of the plan year.
The Company's expense related to the 401(k) investment plan was $9.1 million and $8.2 million for the years ended November 30, 2024 and 2023, respectively, and the Company's expense related to the RRSP was $189.5 thousand and $163.1 thousand for the years ended November 30, 2024 and 2023, respectively. These amounts are included in compensation, taxes and benefits in the Consolidated Statements of Revenues and Expenses. The Company's liability related to the 401(k) investment plan was $6.0 million and $5.5 million as of November 30, 2024 and 2023, respectively, and $116.3 thousand and $110.0 thousand as of November 30, 2024 and 2023, respectively, for the RRSP and is included in accounts payable and accrued liabilities in the Consolidated Statements of Financial Posi
Source: Item 23 — Receipts (FDD pages 54–203)
What This Means (2025 FDD)
According to Bw Premier Collection's 2025 Franchise Disclosure Document, U.S. employees are eligible to participate in the company's 401(k) investment plan on the first day of their service. This means that, unlike many companies that require a waiting period, employees of a Bw Premier Collection franchise in the U.S. can begin contributing to their retirement savings immediately upon starting their employment.
In addition to employee contributions, Bw Premier Collection contributes 3% of the annual salary of all eligible employees to the 401(k) plan. The company may also contribute a discretionary amount, as determined by the Board of Directors, up to 6% of employees' eligible compensation. However, to be eligible for this discretionary contribution, an employee must have worked 1,000 hours during the plan year and be employed on the last day of the plan year.
For the years ended November 30, 2024 and 2023, Bw Premier Collection's expenses related to the 401(k) investment plan were $9.1 million and $8.2 million, respectively. The company's liability related to the 401(k) investment plan was $6.0 million and $5.5 million as of November 30, 2024 and 2023, respectively. These figures provide some context as to the scale of Bw Premier Collection's investment in employee retirement benefits.