Does Chem Dry sponsor a 401(k) plan for its employees?
Chem_Dry Franchise · 2024 FDDAnswer from 2024 FDD Document
rantee of Performance*
The Company is listed as the guarantor of performance within the franchise disclosure documents of various franchisors within Belfor Franchise Group, LLC. In the event the Company is required to make payments under this guarantee, the Company could seek to recover those amounts from the affiliate; however, the Company doe
Source: Item 23 — Receipts (FDD pages 68–264)
What This Means (2024 FDD)
According to Chem Dry's 2024 Franchise Disclosure Document, BFG Holdco, Inc., the parent company, sponsors a 401(k) plan for substantially all of its employees. The plan includes a required matching contribution from the company, and BFG Holdco, Inc. may also make additional discretionary contributions.
In 2023, the total contributions made to the plan were $212,000. In 2022, the contributions totaled $244,000, and in 2021, they were $251,000. This indicates that Chem Dry employees are eligible for a retirement savings plan with employer contributions, which can be a significant benefit for those working at the corporate level.
It is important to note that this 401(k) plan is offered by BFG Holdco, Inc., and the document does not specify whether franchise owners or their employees are eligible to participate. Franchisees should inquire directly with Chem Dry about retirement plan options for themselves and their employees, as this is a crucial aspect of employee benefits and financial planning.