Pg&e Corporation 401(k) Review & Grade
Pg&e Corp. Retirement Savings Plan for Union-Represented Employees
Oakland, CAUtilities17,410 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,337Employer $ per active participant
$15,400Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$5.0BNet plan assets, end of year
$248,144Average balance per account
Score breakdown
- Employer generosity38.9 / 5078th percentile for employer $ per participant
- Low cost15.4 / 2561th percentile for low admin cost vs. same-size plans
- Employee saving14.1 / 1594th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score75 / 100 · Grade A
This plan vs. peers
Peers: all industries, plans with 10,000+ active participants (fewer than 30 industry peers) (820 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 78th |
| Lower admin cost | 61th |
| Employee saving | 94th |
| Peers that auto-enroll | 50% |
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Red flags from the filing
Corrective distributions: the plan refunded $6,000 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Pg&e put in about $5,337 per active participant, more than the typical peer ($2,229). 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 | $92,923,000 |
| Participant (employee) contributions | $268,109,000 |
| Other contributions (incl. rollovers in) | $13,764,000 |
| Administrative expenses paid from the plan | $3,051,000 |
| Investment advisory & management fees | $2,445,000 |
| Benefits paid out | $355,401,000 |
| Net assets, start / end of year | $4.4B / $5.0B |
| Active participants, start / end of year | 17,143 / 17,676 |
| Participants with account balances | 20,021 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Mah & Associates, LLP |
Largest service providers (Schedule C)
| Edelman Financial Engines | $2,445,009 reported compensation |
| Fidelity Investments Institutional | $556,368 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260710120056NAL0001003587001, received 2026-07-10, EIN 94-3234914, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.