The Cleveland-Cliffs Iron Company 401(k) Review & Grade
Savings Plan for Hourly Employees of Empire Iron Mining Partnership, Tilden Mining Company,l.c. and the Cleveland-Cliffs Iron Company
Cleveland, OHMining, Oil & Gas766 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$312Employer $ per active participant
$7,362Employee $ saved per active participant
0.01%Direct admin cost, % of plan assets
$133.2MNet plan assets, end of year
$192,489Average balance per account
Score breakdown
- Employer generosity0.4 / 501th percentile for employer $ per participant
- Low cost24.5 / 2598th percentile for low admin cost vs. same-size plans
- Employee saving7.9 / 1552th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
Total score33 / 100 · Grade D
This plan vs. peers
Peers: Mining, Oil & Gas plans with 500–2,499 active participants (129 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 1th |
| Lower admin cost | 98th |
| Employee saving | 52th |
| 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 Iron put in about $312 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.
- 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 | $239,266 |
| Participant (employee) contributions | $5,639,211 |
| Other contributions (incl. rollovers in) | $219,111 |
| Administrative expenses paid from the plan | $12,864 |
| Investment advisory & management fees | $3,564 |
| Benefits paid out | $12,370,549 |
| Net assets, start / end of year | $119.9M / $133.2M |
| Active participants, start / end of year | 782 / 750 |
| Participants with account balances | 692 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Meaden & Moore, LTD. |
Largest service providers (Schedule C)
| Meaden and Moore, LTD | $9,300 reported compensation |
| Fidelity Inv Inst Operations Co | −$4,203 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013172540NAL0000858691003, received 2025-10-13, EIN 34-0677332, plan #020, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.