Cleveland-Cliffs Inc. 401(k) Review & Grade
Cleveland-Cliffs Inc. & Its Associated Employers Salaried Employees Savings Plan
Cleveland, OHMining, Oil & Gas976 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,070Employer $ per active participant
$8,696Employee $ saved per active participant
0.03%Direct admin cost, % of plan assets
$241.3MNet plan assets, end of year
$214,491Average balance per account
Score breakdown
- Employer generosity16.0 / 5032th percentile for employer $ per participant
- Low cost23.2 / 2593th percentile for low admin cost vs. same-size plans
- Employee saving9.7 / 1565th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
Total score56 / 100 · Grade C
This plan vs. peers
Peers: Mining, Oil & Gas plans with 500–2,499 active participants (129 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 32th |
| Lower admin cost | 93th |
| Employee saving | 65th |
| Peers that auto-enroll | 60% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
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
- Cleveland-Cliffs put in about $3,070 per active participant, below the typical peer ($4,357). 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $2,996,768 |
| Participant (employee) contributions | $8,486,950 |
| Other contributions (incl. rollovers in) | $1,038,475 |
| Administrative expenses paid from the plan | $76,417 |
| Investment advisory & management fees | $56,876 |
| Benefits paid out | $21,983,782 |
| Net assets, start / end of year | $255.2M / $241.3M |
| Active participants, start / end of year | 1,178 / 774 |
| Participants with account balances | 1,125 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Meaden & Moore, LTD. |
Largest service providers (Schedule C)
| Strategic Advisors, Inc | $49,850 reported compensation |
| Meaden & Moore, LTD | $12,260 reported compensation |
| Fidelity Inv Inst Operations Co | $7,281 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013172541NAL0000858755002, received 2025-10-13, EIN 34-1464672, plan #010, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.