Firstenergy Corp. 401(k) Review & Grade
Firstenergy Corp. Savings Plan
Akron, OHUtilities12,488 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$3,400Employer $ per active participant
$12,482Employee $ saved per active participant
0.09%Direct admin cost, % of plan assets
$3.9BNet plan assets, end of year
$234,766Average balance per account
Score breakdown
- Employer generosity31.1 / 5062th percentile for employer $ per participant
- Low cost11.9 / 2548th percentile for low admin cost vs. same-size plans
- Employee saving13.2 / 1588th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score56 / 100 · Grade C
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 | 62th |
| Lower admin cost | 48th |
| Employee saving | 88th |
| Peers that auto-enroll | 50% |
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Red flags from the filing
Corrective distributions: the plan refunded $9,082 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Firstenergy put in about $3,400 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.
- 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 | $42,456,995 |
| Participant (employee) contributions | $155,874,738 |
| Other contributions (incl. rollovers in) | $11,502,038 |
| Administrative expenses paid from the plan | $3,491,208 |
| Contract administrator fees | $7,500 |
| Investment advisory & management fees | $2,915,342 |
| Other admin expenses | $544,511 |
| Benefits paid out | $438,090,434 |
| Net assets, start / end of year | $3.7B / $3.9B |
| Active participants, start / end of year | 12,582 / 12,394 |
| Participants with account balances | 16,604 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Bober, Markey, Fedorovich & Company |
| Employer stock held by plan | $415,883,479 |
Largest service providers (Schedule C)
| Strategic Advisors, Inc. | $1,202,644 reported compensation |
| Capfinancial Partners LLC | $187,500 reported compensation |
| Fidelity Investments Institutional | −$33,777 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250731064450NAL0002381251001, received 2025-07-31, EIN 34-1843785, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.