What were Carls' matching contributions to the 401(k) Plan during fiscal year 2023?
Carls Franchise · 2024 FDDAnswer from 2024 FDD Document
| Fiscal 2024 | Fiscal 2023 | ||
|---|---|---|---|
| Impairment of assets to be disposed of | $ 3,311 | $ | 2,483 |
| Closed store expenses | 2,148 | 194 | |
| Impairment of assets to be held and used | 1,044 | 444 | |
| (Gain) loss on disposal of other property and equipment | (3,503) | 512 | |
| Gain on refranchising transaction | (817) | — | |
| Gain on early termination of lease agreement associated with a financing method sale | — | (1,160) | |
| leaseback restaurant property (see Note 10) | |||
| Other losses, net | — | 1,116 | |
| Total facility action charges, net | $ 2, |
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 79–80)
What This Means (2024 FDD)
According to Carls' 2024 Franchise Disclosure Document, Carls and CKE Restaurants sponsor a contributory 401(k) plan. During fiscal year 2023, Carls' matching contributions to the 401(k) Plan were $94.
This means that Carls contributed $94 to the employee retirement plan for every eligible employee who participated in the 401(k) plan during fiscal year 2023. The 401(k) plan is designed to provide retirement benefits under Section 401(k) of the Internal Revenue Code (IRC), allowing participants to contribute a portion of their annual salaries on a pre-tax basis, subject to IRC limits.
As a prospective franchisee, understanding the employee benefits offered by Carls is important for managing labor costs and attracting and retaining employees. The matching contributions represent a portion of the overall employee compensation package and should be considered when evaluating the financial performance of the franchise.