Plug Power Inc. 401(k) Review & Grade
Plug Power Inc. Savings and Retirement Plan
Slingerlands, NYManufacturing2,894 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,012Employer $ per active participant
$6,138Employee $ saved per active participant
0.25%Direct admin cost, % of plan assets
$154.5MNet plan assets, end of year
$44,670Average balance per account
Score breakdown
- Employer generosity29.6 / 5059th percentile for employer $ per participant
- Low cost7.1 / 2528th percentile for low admin cost vs. same-size plans
- Employee saving7.6 / 1551th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-8 pts2 issues reported on the filing
Total score46 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 59th |
| Lower admin cost | 28th |
| Employee saving | 51th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
No fidelity bond: the plan reported it was not covered by a fidelity bond, which protects participants against theft.
Corrective distributions: the plan refunded $6,558 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Plug Power put in about $4,012 per active participant, more than the typical peer ($3,452). 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 (0.25% of assets) are well above similar-size plans (0.12%). 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 | $11,607,547 |
| Participant (employee) contributions | $17,761,307 |
| Other contributions (incl. rollovers in) | $762,217 |
| Administrative expenses paid from the plan | $359,717 |
| Investment advisory & management fees | $243,201 |
| Other admin expenses | $27,884 |
| Benefits paid out | $18,492,071 |
| Net assets, start / end of year | $137.6M / $154.5M |
| Active participants, start / end of year | 3,181 / 2,606 |
| Participants with account balances | 3,458 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Deloitte & Touche LLP |
| Employer stock held by plan | $17,374,077 |
Largest service providers (Schedule C)
| Onedigital Investment,advisors LLC | $243,201 reported compensation |
| Empower Annuity Insurance Company | $88,632 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010104317NAL0007536497001, received 2025-10-10, EIN 22-3672377, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.