Palmetto Goodwill 401(k) Review & Grade
Palmetto Goodwill 401(k) Plan
North Charleston, SCHealth Care & Social Assistance1,398 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$581Employer $ per active participant
$443Employee $ saved per active participant
0.68%Direct admin cost, % of plan assets
$10.2MNet plan assets, end of year
$10,951Average balance per account
Score breakdown
- Employer generosity19.2 / 5038th percentile for employer $ per participant
- Low cost3.4 / 2514th percentile for low admin cost vs. same-size plans
- Employee saving1.4 / 1510th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
Total score24 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 500–2,499 active participants (1,427 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 38th |
| Lower admin cost | 14th |
| Employee saving | 10th |
| Peers that auto-enroll | 36% |
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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
- Palmetto Goodwill put in about $581 per active participant, below the typical peer ($976). 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 (0.68% of assets) are well above similar-size plans (0.23%). 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 | $811,759 |
| Participant (employee) contributions | $619,072 |
| Other contributions (incl. rollovers in) | $126,600 |
| Administrative expenses paid from the plan | $64,874 |
| Contract administrator fees | $64,874 |
| Benefits paid out | $898,943 |
| Net assets, start / end of year | $8.8M / $10.2M |
| Active participants, start / end of year | 1,643 / 1,153 |
| Participants with account balances | 928 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Elliott Davis, LLC |
Largest service providers (Schedule C)
| Empower Annuity Ins Co of America | $43,042 reported compensation |
| LPL Financial LLC | $23,205 reported compensation |
| My Benefits LLC | $17,770 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251003125332NAL0001400209001, received 2025-10-03, EIN 47-4183942, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.