Wec Energy Group, Inc. 401(k) Review & Grade
Wec Energy Group Retirement Savings Plan
Milwaukee, WIUtilities3,370 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$10,101Employer $ per active participant
$11,148Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$1.7BNet plan assets, end of year
$345,078Average balance per account
Score breakdown
- Employer generosity41.9 / 5084th percentile for employer $ per participant
- Low cost20.9 / 2584th percentile for low admin cost vs. same-size plans
- Employee saving8.1 / 1554th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score81 / 100 · Grade A
This plan vs. peers
Peers: Utilities plans with 2,500–9,999 active participants (38 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 84th |
| Lower admin cost | 84th |
| Employee saving | 54th |
| Peers that auto-enroll | 82% |
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
- Wec Energy Group put in about $10,101 per active participant, more than the typical peer ($6,490). 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 | $34,046,000 |
| Participant (employee) contributions | $37,573,000 |
| Other contributions (incl. rollovers in) | $1,838,000 |
| Administrative expenses paid from the plan | $655,000 |
| Contract administrator fees | $79,000 |
| Investment advisory & management fees | $261,000 |
| Benefits paid out | $172,031,000 |
| Net assets, start / end of year | $1.5B / $1.7B |
| Active participants, start / end of year | 3,383 / 3,358 |
| Participants with account balances | 4,892 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Crowe, LLP |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $344,940 reported compensation |
| Strategic Advisors,inc. | $249,849 reported compensation |
| Crowe, LLP | $41,160 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250604110533NAL0010810385001, received 2025-06-04, EIN 39-1391525, plan #049, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.