What was the obligation at the end of the year 2024 for SERP-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) | (14,884) | (4,803) | (5,240) | (1,268) | (1,145) | ||||
| Settlements and other | _ | (14,389) | _ | _ | 32 | 42 | ||||
| Fair value at end of year | $ 302,439 | $ | 275,143 | $ | $ _ | $ | _ | $ | ||
| Funded (unfunded) status at end of year | $ 4,519 | $ | 8,798 | $ | (57,097) | $ (53,513) | $ | (12,654) | $ | (11,891) |
| Amounts recognized on the balance sheet: | ||||||||||
| Noncurrent assets | $ 4,519 | $ | 8,798 | $ | _ | $ _ | $ | _ | $ | |
| Current liabilities | _ | _ | (5,124) | (5,138) | (1,111) | (1,072) | ||||
| Noncurrent liabilities | _ | _ | (51,973) | (48,375) | (11,543) | (10,819) | ||||
| Total asset (liability) recognized | $ 4,519 | $ | 8,798 | $ | (57,097) | $ (53 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 58)
What This Means (2025 FDD)
According to Del Taco's 2025 Franchise Disclosure Document, the obligation at the end of 2024 for SERP (Supplemental Executive Retirement Plan) related benefits was $57,097. This figure represents the total obligation related to the SERP at the close of the fiscal year. This amount is the obligation at the end of the year.
Additionally, the document indicates that employer contributions to the SERP for 2024 amounted to $4,803. Benefits paid out during the year totaled $4,803. These figures provide a more detailed view of the financial activity within the SERP during the specified period.
It is important to note that this information is specific to the SERP and does not encompass other retirement or benefit obligations Del Taco may have. A prospective franchisee should consult the full financial statements and related notes for a comprehensive understanding of Del Taco's financial obligations and employee benefits programs.