Cleveland-Cliffs Steel Corporation 401(k) Review & Grade
The Cleveland-Cliffs Steel Corporation Thrift Plan C
West Chester, OHManufacturing4,303 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,062Employer $ per active participant
$6,610Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$603.6MNet plan assets, end of year
$121,237Average balance per account
Score breakdown
- Employer generosity22.1 / 5044th percentile for employer $ per participant
- Low cost19.0 / 2576th percentile for low admin cost vs. same-size plans
- Employee saving8.4 / 1556th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score60 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 44th |
| Lower admin cost | 76th |
| Employee saving | 56th |
| Peers that auto-enroll | 70% |
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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 $3,062 per active participant, below the typical peer ($3,452). 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 | $13,175,420 |
| Participant (employee) contributions | $28,442,447 |
| Other contributions (incl. rollovers in) | $562,081 |
| Administrative expenses paid from the plan | $312,760 |
| Investment advisory & management fees | $92,090 |
| Benefits paid out | $44,284,488 |
| Net assets, start / end of year | $536.4M / $603.6M |
| Active participants, start / end of year | 4,363 / 4,243 |
| Participants with account balances | 4,979 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Meaden & Moore, LTD. |
Largest service providers (Schedule C)
| Fidelity Inv Inst Operations LLC | $209,639 reported compensation |
| Strategic Advisors, Inc. | $64,379 reported compensation |
| Ubs Financial Services Inc. | $24,800 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013172543NAL0001667249001, received 2025-10-13, EIN 31-1267098, plan #007, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.