Retirement Plans
What you need to know
Goodwin offers partners retirement plans to help you meet the future head on with diversified investment options and resources to grow your wealth.
Profit Sharing Savings Plan
Partners are required to participate in the firm’s 401(k) plan and make mandatory contributions. Partners are eligible to make voluntary tax-deferred and/or Roth contributions up to the applicable annual limit from their monthly draw payment or withheld in a lump sum from deferred payment.
Voluntary contributions withheld from draw payments may only be made between January and September of each fiscal year. After-tax contribution options are available for partners under age 36.
The plan offers various investment options and permits loans and withdrawals upon meeting specific requirements.
Cash Balance Plan
All eligible equity partners must participate in the firm’s cash balance plan.
Cash balance plans contain features of both defined benefit and defined contribution plans. Contribution amounts are determined by the firm’s actuaries using a pre-established formula. These contributions are tax-deductible and accumulate in an individual account balance for each participant and are payable to each participant upon becoming eligible for an in-service distribution at the time of termination or retirement.
Participants can choose between two investment pool options. Plan assets are managed and invested by the Retirement Plan Investment Committee and the Plan’s investment adviser. Participants have access to a portal where they can view their account information.