What are the eligibility requirements for full-time employees to participate in the Stretch Zone 401(k) Plan?
Stretch_Zone Franchise · 2025 FDDAnswer from 2025 FDD Document
me-based units that vested during the period, respectively.
NOTE K - DEFINED CONTRIBUTION PLAN
Effective April 1, 2022, the Company formed a 401(k) Plan (the "Plan"), under the provisions of Section 401(a) of the Internal Revenue Code, to provide employees of the Company with retirement benefits. The Plan covers all eligible employees of the Company. All full-time employees who are twenty-one years of age become eligible to participate in the Plan when they complete twelve months and 1,000 hours of continuous service during the Plan year.
The Company may contribute to the Plan at its discretion. For the years ended December 31, 2024 and 2023, the Company incurred administ
Source: Item 3 — Franchisee/Debtor's Warranties. (FDD pages 263–364)
What This Means (2025 FDD)
According to Stretch Zone's 2025 Franchise Disclosure Document, the company has a 401(k) plan that was formed on April 1, 2022, to provide retirement benefits to employees. The plan adheres to Section 401(a) of the Internal Revenue Code.
To be eligible for the Stretch Zone 401(k) plan, full-time employees must be at least twenty-one years old and have completed twelve months of continuous service, accumulating at least 1,000 hours of work during the plan year.
The document also mentions that Stretch Zone may contribute to the plan at its discretion. For the years ending December 31, 2024 and 2023, Stretch Zone incurred administrative expenses and contributions of $138,800 and $144,135, respectively.