Goodwill Industries of the Chesapeake, Inc. 401(k) Review & Grade
Employee Benefit Plan of Goodwill Industries of the Chesapeake, Inc.
Baltimore, MDOther Services651 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$607Employer $ per active participant
$445Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$5.3MNet plan assets, end of year
$15,607Average balance per account
Score breakdown
- Employer generosity16.1 / 5032th percentile for employer $ per participant
- Low cost18.1 / 2573th percentile for low admin cost vs. same-size plans
- Employee saving1.6 / 1511th percentile for employee $ per participant
- Plan features3 / 10Default investment
Total score39 / 100 · Grade D
This plan vs. peers
Peers: Other Services plans with 500–2,499 active participants (333 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 32th |
| Lower admin cost | 73th |
| Employee saving | 11th |
| Peers that auto-enroll | 40% |
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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 the Chesapeake put in about $607 per active participant, below the typical peer ($1,257). 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.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- 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 | $395,076 |
| Participant (employee) contributions | $289,551 |
| Other contributions (incl. rollovers in) | $51,226 |
| Administrative expenses paid from the plan | $5,616 |
| Other admin expenses | $5,616 |
| Benefits paid out | $1,218,526 |
| Net assets, start / end of year | $5.2M / $5.3M |
| Active participants, start / end of year | 587 / 715 |
| Participants with account balances | 342 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Anderson,davis and Associates, CPA |
Largest service providers (Schedule C)
| Mutual of America Investment Corp | $7,925 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010130558NAL0008198529001, received 2025-10-10, EIN 52-0591576, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.