What were Chesters' company contributions to the retirement plan in 2024?
Chesters Franchise · 2025 FDDAnswer from 2025 FDD Document
Company carries commercial insurance for risks of loss.
8. 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 contributed by participants. The Company matching contributions are fully vested at the time of
Source: Item 21 — **FINANCIAL STATEMENTS (FDD page 48)
What This Means (2025 FDD)
According to Chesters's 2025 Franchise Disclosure Document, Chesters offers retirement benefits to certain employees through 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 matched.
In 2024, Chesters made contributions to the retirement plan totaling $31,591. This is a decrease from the previous year, as in 2023, Chesters contributed $42,828 to the plan.
For a prospective franchisee, this information is relevant because it provides insight into the employee benefits that Chesters provides. While franchisees are not employees of Chesters, understanding the benefits offered to employees can provide a sense of the company's values and how it supports its workforce. It is important to note that the retirement plan is managed under a shared services agreement with a related party, which may have implications for how the plan is administered and funded.