What matching contribution does Camp Margaritaville provide to the 401(k) retirement plan, and what were the company's matching contributions for the years ended December 31, 2024 and 2023?
Camp_Margaritaville Franchise · 2025 FDDAnswer from 2025 FDD Document
uded in selling, general, and administrative expenses on the accompanying consolidated statements of operations.
Notes to Consolidated Financial Statements (continued)
11. Management Equity Incentive Plan (MEIP) (continued)
Total compensation expense of the Class B and C shares is as follows:
| | December 31 | | | | | |---------|--------------------|------------|--|--|--| | | 2024 | 2023 | | | | | MEIP I | $ - $ | 5,218,279 | | | | | MEIP II | 3,308,988 | 6,256,041 | | | | | Total | $ 3,308,988 $ | 11,474,320 | | | | A summary of MEIP activity is presented below:
| Shares | Fair Value | Outstanding | Fair Value | Vested | Fair Value |
|---|
Source: Item 23 — RECEIPTS (FDD pages 72–406)
What This Means (2025 FDD)
According to Camp Margaritaville's 2025 Franchise Disclosure Document, employees are eligible for benefits under the company's 401(k) retirement plan. Participation in the plan is voluntary, with enrollment eligibility beginning after one year of continuous service (minimum 1,000 hours worked) and if the employee is age 21 or older. Enrollment occurs twice per year, in January and July.
Camp Margaritaville provides a matching contribution equal to 100% of participant contributions up to the first 3% of compensation and 50% of participant contributions up to the next 2%. Employees are immediately vested in their salary deferral contributions and matching contributions, plus any actual earnings on those contributions.
The company's matching contributions to the 401(k) plan were $449,762 for the year ended December 31, 2024, and $396,144 for the year ended December 31, 2023. This information is based on the consolidated financial statements of Margaritaville Holdings LLC and its subsidiaries.