Cleveland-Cliffs Steel LLC 401(k) Review & Grade
Cleveland-Cliffs Steel LLC Savings and Investment Plan
Cleveland, OHManufacturing3,156 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$7,112Employer $ per active participant
$9,665Employee $ saved per active participant
0.00%Direct admin cost, % of plan assets
$1.1BNet plan assets, end of year
$248,554Average balance per account
Score breakdown
- Employer generosity42.7 / 5085th percentile for employer $ per participant
- Low cost24.7 / 2599th percentile for low admin cost vs. same-size plans
- Employee saving11.7 / 1578th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score83 / 100 · Grade A
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 85th |
| Lower admin cost | 99th |
| Employee saving | 78th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Corrective distributions: the plan refunded $5,270 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Cleveland-Cliffs Steel put in about $7,112 per active participant, more than the typical peer ($3,452). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 | $22,442,144 |
| Participant (employee) contributions | $30,497,546 |
| Other contributions (incl. rollovers in) | $3,674,237 |
| Administrative expenses paid from the plan | $48,997 |
| Investment advisory & management fees | $9,451 |
| Benefits paid out | $144,557,564 |
| Net assets, start / end of year | $1.0B / $1.1B |
| Active participants, start / end of year | 3,302 / 3,009 |
| Participants with account balances | 4,277 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Meaden & Moore, LTD. |
Largest service providers (Schedule C)
| Grant Thornton LLP | $30,885 reported compensation |
| Ubs Financial Services Inc | $13,200 reported compensation |
| Vedder Price | $10,146 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013172541NAL0000858755004, received 2025-10-13, EIN 71-0871875, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.