Keycorp 401(k) Review & Grade
Keycorp 401k Savings Plan
Cleveland, OHFinance & Insurance17,510 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,781Employer $ per active participant
$8,369Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$4.1BNet plan assets, end of year
$148,599Average balance per account
Score breakdown
- Employer generosity26.8 / 5054th percentile for employer $ per participant
- Low cost8.2 / 2533th percentile for low admin cost vs. same-size plans
- Employee saving5.9 / 1539th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score48 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 54th |
| Lower admin cost | 33th |
| Employee saving | 39th |
| Peers that auto-enroll | 74% |
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
Corrective distributions: the plan refunded $31,768 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Keycorp put in about $5,781 per active participant, more than the typical peer ($5,179). 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.
- Direct plan expenses (0.13% of assets) are well above similar-size plans (0.09%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $101,218,868 |
| Participant (employee) contributions | $146,537,004 |
| Other contributions (incl. rollovers in) | $23,485,517 |
| Administrative expenses paid from the plan | $5,211,613 |
| Investment advisory & management fees | $4,505,664 |
| Other admin expenses | $12,575 |
| Benefits paid out | $410,022,403 |
| Net assets, start / end of year | $3.7B / $4.1B |
| Active participants, start / end of year | 17,635 / 17,385 |
| Participants with account balances | 27,787 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Meaden & Moore, LTD. |
| Employer stock held by plan | $118,027,908 |
Largest service providers (Schedule C)
| Jennison Associates LLC | $1,289,727 reported compensation |
| Strategic Advisors Inc. | $1,247,971 reported compensation |
| Blackrock Institutional Trust Co | $989,259 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250812170605NAL0018664450001, received 2025-08-12, EIN 34-6542451, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.