What was the amount of Chesters' contributions to the retirement plan in 2023?
Chesters Franchise · 2025 FDDAnswer from 2025 FDD Document
ors and omissions; injuries to employees; material disasters; and product liability. The Company carries commercial insurance for risks of loss.
9. RETIREMENT PLAN
The Company offers retirement benefits covering certain employees under the shared services agreement with a related party. The Company matches employees' contributions based on a percentage of salary contribu
Source: Item 21 — **FINANCIAL STATEMENTS (FDD page 48)
What This Means (2025 FDD)
According to Chesters's 2025 Franchise Disclosure Document, the company made contributions to its retirement plan totaling $42,828 in 2023. This retirement plan is offered to certain employees under a shared services agreement with a related party.
Chesters matches employee contributions based on a percentage of the salary contributed by the participants. These matching contributions are fully vested at the time they are made.
For a prospective franchisee, this information provides insight into the employee benefits that Chesters offers. While franchisees are not employees, understanding the benefits offered to employees can provide a sense of the company's values and how it supports its workforce.
It's important to note that this retirement plan is part of a shared services agreement with a related party, which means the details of the plan and its administration may be subject to change. A prospective franchisee might want to inquire about the specifics of this agreement and how it could impact the stability and future of the retirement benefits.