National Grid USA Service Company, Inc. 401(k) Review & Grade
National Grid USA Co. Incentive Thrift Plan
Brooklyn, NYUtilities17,391 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$7,465Employer $ per active participant
$14,969Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$6.4BNet plan assets, end of year
$269,865Average balance per account
Score breakdown
- Employer generosity44.0 / 5088th percentile for employer $ per participant
- Low cost22.8 / 2591th percentile for low admin cost vs. same-size plans
- Employee saving14.0 / 1593th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score88 / 100 · Grade A
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 | 88th |
| Lower admin cost | 91th |
| Employee saving | 93th |
| Peers that auto-enroll | 50% |
Red flags from the filing
Corrective distributions: the plan refunded $23,601 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- National Grid USA Service Company put in about $7,465 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.
- 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 | $129,829,673 |
| Participant (employee) contributions | $260,329,317 |
| Other contributions (incl. rollovers in) | $19,757,905 |
| Administrative expenses paid from the plan | $1,238,918 |
| Contract administrator fees | $978,785 |
| Investment advisory & management fees | $179,582 |
| Other admin expenses | $10,511 |
| Benefits paid out | $533,662,799 |
| Net assets, start / end of year | $5.9B / $6.4B |
| Active participants, start / end of year | 17,179 / 17,603 |
| Participants with account balances | 23,847 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Deloitte & Touche LLP |
Largest service providers (Schedule C)
| Vanguard Group Inc. | $978,785 reported compensation |
| New England Pension Consultants | $179,582 reported compensation |
| Deloitte & Touche LLP | $70,040 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014151817NAL0004372224001, received 2025-10-14, EIN 04-1663150, plan #007, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
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