Retirement plan

GOODWIN PROCTER LLP PARTNERSHIP PROFIT SHARING SAVINGS PLAN

Name: GOODWIN PROCTER LLP - GOODWIN PROCTER LLP PARTNERSHIP PROFIT SHARING SAVINGS PLAN (2022) Form 5500
Creator: GOODWIN PROCTER LLP
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, GOODWIN PROCTER LLP PARTNERSHIP PROFIT SHARING SAVINGS PLAN, GOODWIN PROCTER LLP

GOODWIN PROCTER LLPEIN 04-1378465Plan #001PY 2022

100 NORTHERN AVENUE - BOSTON, MA 02210617-570-1000gph.comLinkedIn51-200 employeeslaw practice

Other plans on this EIN

3 filings

#007Retirement-$188.8M assets #008Retirement-$82.7M assets #009Retirement-$82.7M assets

Prospect flagsLow returnsFailed to transmit contributionsCorrective distributions

How to read this page

Total assets (EOY)

$650M

-12.1% from 2017

Total participants

2,969

-2.9% from 2017

Average account balance

$242,457

-8.8% from 2017

Annual return

-18.88%

-4.33 pp from 2017

Benchmarks

See 900 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants1,000-4,999

Cohort900 peers

Snapshot2022

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$985.46M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$338K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

2,917

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

89.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$51.52M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$26K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+29.61%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$13

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Top 3 by compensation

Provider	Service type	Compensation
FIDELITY INVESTMENTS INSTITUTIONAL7+ years Service code 37 · EIN 04-2647786	Loan Processing	$41,567
STRATEGIC ADVISORS, INC.2 years Service code 27 · EIN 04-2654524	Advisory (Plan)	$16,850
CITRIN COOPERMAN6 years Service code 10 · EIN 22-2428965	Accounting	$14,250

Plan features & details

Pension benefit codes2G2J2T3B2E2F2R

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2G
Total participant-directed account plan
Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
3B
Plan covering self-employed individuals
Plan covering self-employed individuals.

Opportunity flags

3 tripped

OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$70K

$35 / participant

Investment mgmt$17K24.1%
Other / not subdivided$53K75.9%

% of EOY assets

0.011%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: CITRIN COOPERMAN & COMPANY, LLP
Auditor EIN: 222428965
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$242,457

$95,388+154.2%

$125,401+93.3%

$77,906+211.2%

Participation rate

85.4%

78.6%+6.8pp

82.4%+3.0pp

73.7%+11.7pp

Annual return

-18.88%

116.19%-135.1pp

572.53%-591.4pp

12.16%-31.0pp

Employer contribution / active EE

$5,111

$3,666+39.4%

$4,816+6.1%

$2,846+79.6%

Participant deferral / active EE

$15,810

$7,711+105.0%

$7,448+112.3%

$4,805+229.0%

Admin fee / account holder

$26

$119-78.1%

$10,008-99.7%

$133-80.4%

Provider

Service type

Compensation

FIDELITY INVESTMENTS INSTITUTIONAL7+ years

Service code 37 · EIN 04-2647786

Loan Processing

$41,567

STRATEGIC ADVISORS, INC.2 years

Service code 27 · EIN 04-2654524

Advisory (Plan)

$16,850

CITRIN COOPERMAN6 years

Service code 10 · EIN 22-2428965

Accounting

$14,250

GOODWIN PROCTER LLP PARTNERSHIP PROFIT SHARING SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

GOODWIN PROCTER LLP PARTNERSHIP PROFIT SHARING SAVINGS PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion