What were Carls' matching contributions to the 401(k) Plan during fiscal year 2024?
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 to provide retirement benefits to employees. Participants in the plan can elect to contribute a portion of their annual salaries on a pre-tax basis, adhering to the maximum contribution limits set by the Internal Revenue Code.
During the 2024 fiscal year, Carls' matching contributions to this 401(k) plan totaled $113. In the preceding fiscal year 2023, the matching contributions amounted to $94.
This information is relevant for prospective franchisees as it provides insight into the employee benefits that Carls offers. Understanding the retirement plan and the company's contributions can help franchisees attract and retain employees, as competitive benefits packages are crucial in today's job market. The franchisee should inquire about the specific matching formula to fully understand the benefit to employees.