Eaton Corporation 401(k) Review & Grade
Eaton Savings Plan
Cleveland, OHManufacturing24,884 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,968Employer $ per active participant
$8,931Employee $ saved per active participant
0.01%Direct admin cost, % of plan assets
$8.4BNet plan assets, end of year
$228,151Average balance per account
Score breakdown
- Employer generosity33.3 / 5067th percentile for employer $ per participant
- Low cost24.0 / 2596th percentile for low admin cost vs. same-size plans
- Employee saving8.1 / 1554th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score72 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 10,000+ active participants (151 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 67th |
| Lower admin cost | 96th |
| Employee saving | 54th |
| Peers that auto-enroll | 69% |
Red flags from the filing
Corrective distributions: the plan refunded $239,239 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Eaton put in about $6,968 per active participant, more than the typical peer ($5,480). 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 | $173,400,066 |
| Participant (employee) contributions | $222,237,692 |
| Other contributions (incl. rollovers in) | $43,737,197 |
| Administrative expenses paid from the plan | $731,609 |
| Investment advisory & management fees | $146,031 |
| Other admin expenses | $72,336 |
| Benefits paid out | $915,835,345 |
| Net assets, start / end of year | $7.3B / $8.4B |
| Active participants, start / end of year | 24,055 / 25,714 |
| Participants with account balances | 36,794 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Meaden & Moore LTD |
Largest service providers (Schedule C)
| Fidelity Investments Inst Op Co | $491,542 reported compensation |
| Nepc LLC | $146,031 reported compensation |
| Eaton Corporation | $72,336 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014081726NAL0003409184002, received 2025-10-14, EIN 34-0196300, plan #055, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
Other 401(k) plans filed under this employer's EIN
Get notified when Eaton's next filing posts
The most generous employers, the worst red flags, and plain-English 401(k) tips. One email a month.