Goodwill Industries of South Florida, Inc. 401(k) Review & Grade
Goodwill Industries of South Florida Inc 401(k) Plan
Miami, FLHealth Care & Social Assistance2,597 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$327Employer $ per active participant
$527Employee $ saved per active participant
0.56%Direct admin cost, % of plan assets
$13.7MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity18.8 / 5038th percentile for employer $ per participant
- Low cost2.7 / 2511th percentile for low admin cost vs. same-size plans
- Employee saving2.6 / 1517th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score27 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 38th |
| Lower admin cost | 11th |
| Employee saving | 17th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Goodwill Industries of South Florida put in about $327 per active participant, below the typical peer ($800). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.56% of assets) are well above similar-size plans (0.12%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $848,973 |
| Participant (employee) contributions | $1,368,415 |
| Other contributions (incl. rollovers in) | $16,310 |
| Administrative expenses paid from the plan | $75,384 |
| Benefits paid out | $2,796,505 |
| Net assets, start / end of year | $13.1M / $13.7M |
| Active participants, start / end of year | 2,487 / 2,707 |
| Participants with account balances | 619 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Bdo USA , P.C. |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $75,384 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010163059NAL0008019905001, received 2025-10-10, EIN 59-0866126, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.