Cleveland-Cliffs Steel LLC 401(k) Review & Grade
Cleveland-Cliffs Steel LLC Hourly 401(k) Plan
Cleveland, OHManufacturing12,958 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$672Employer $ per active participant
$7,801Employee $ saved per active participant
0.01%Direct admin cost, % of plan assets
$1.7BNet plan assets, end of year
$120,470Average balance per account
Score breakdown
- Employer generosity3.0 / 506th percentile for employer $ per participant
- Low cost24.3 / 2597th percentile for low admin cost vs. same-size plans
- Employee saving6.4 / 1543th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Manufacturing plans with 10,000+ active participants (151 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 6th |
| Lower admin cost | 97th |
| Employee saving | 43th |
| Peers that auto-enroll | 69% |
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 Steel put in about $672 per active participant, below the typical peer ($5,480). 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 | $8,706,090 |
| Participant (employee) contributions | $101,090,042 |
| Other contributions (incl. rollovers in) | $3,265,876 |
| Administrative expenses paid from the plan | $98,033 |
| Investment advisory & management fees | $67,711 |
| Benefits paid out | $151,892,574 |
| Net assets, start / end of year | $1.5B / $1.7B |
| Active participants, start / end of year | 13,118 / 12,799 |
| Participants with account balances | 13,833 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Meaden & Moore, LTD. |
Largest service providers (Schedule C)
| Ubs Financial Services Inc | $64,800 reported compensation |
| Grant Thornton LLP | $29,400 reported compensation |
| Fidelity Inv Inst Op Co, LLC | −$344,452 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013172542NAL0001667137004, received 2025-10-13, EIN 71-0871875, plan #007, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
Other 401(k) plans filed under this employer's EIN
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