What was the fair value at the end of the year 2023 for Qualifi-related benefits for Del Taco?
Del_Taco Franchise · 2025 FDDAnswer from 2025 FDD Document
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Obligations and funded status — The following table provides a reconciliation of the changes in benefit obligations, plan assets, and funded status of our retirement plans for each fiscal year (in thousands):
| Qualifi | ed I | Plan | SERP | Postretirement I | Health Plans | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||
| Change in benefit obligation: | ||||||||||
| Obligation at beginning of year | $ 266,345 | $ | 293,342 | $ | 53,513 | $ 56,891 | $ | 11,891 | $ | 12,577 |
| Interest cost | 15,791 | 16,068 | 3,188 | 3,149 | 711 | 700 | ||||
| Participant contributions | _ | _ | _ | _ | 102 | 101 | ||||
| Actuarial loss (gain) | 29,769 | (13,792) | 5,199 | (1,287) | 1,186 | (383) | ||||
| Benefits paid | (13,985) | (14,884) | (4,803) | (5,240) | (1,268) | (1,145) | ||||
| Settlements and other | _ | (14,389) | _ | _ | 32 | 41 | ||||
| Obligation at end of year | $ 297,920 | $ | 266,345 | $ | 57,097 | $ 53,513 | $ | 12,654 | $ | 11,891 |
| Change in plan assets: | ||||||||||
| Fair value at beginning of year | $ 275,143 | $ | 303,951 | $ | _ | $ _ | $ | _ | $ | _ |
| Actual return on plan assets | 41,281 | 465 | _ | _ | _ | |||||
| Participant contributions | _ | _ | _ | _ | 102 | 101 | ||||
| Employer contributions | _ | _ | 4,803 | 5,240 | 1,134 | 1,002 | ||||
| Benefits paid | (13,985) |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 58)
What This Means (2025 FDD)
According to Del Taco's 2025 Franchise Disclosure Document, the fair value at the end of 2023 for Qualifi-related plan assets was $275,143. This figure represents the value of assets specifically designated to cover the obligations of the Qualifi benefit plan at the close of the 2023 fiscal year.
This information is relevant for prospective franchisees as it provides insight into Del Taco's financial obligations and how the company manages its employee benefit plans. Understanding these obligations can help franchisees assess the overall financial health and stability of the company. The Qualifi plan, as indicated in the table, is part of a broader set of postretirement and health plans offered by Del Taco.
The data also shows changes in the benefit obligation and plan assets over the year, including factors like interest cost, participant contributions, actuarial gains or losses, benefits paid, and settlements. These figures can be useful in understanding the dynamics of Del Taco's benefit plans and how they are affected by various financial and actuarial factors. However, it is important to note that these figures are specific to the company's overall financial reporting and may not directly impact the day-to-day operations of a franchise.