Xcel Energy Inc. 401(k) Review & Grade
New Century Energies, Inc. Employee Investment Plan for Bargaining Unit Employees and Former Non-Bargaining Unit Employees
Minneapolis, MNUtilities977 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,625Employer $ per active participant
$7,484Employee $ saved per active participant
0.13%Direct admin cost, % of plan assets
$176.8MNet plan assets, end of year
$160,329Average balance per account
Score breakdown
- Employer generosity5.4 / 5011th percentile for employer $ per participant
- Low cost16.7 / 2567th percentile for low admin cost vs. same-size plans
- Employee saving3.2 / 1522th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score25 / 100 · Grade F
This plan vs. peers
Peers: Utilities plans with 500–2,499 active participants (75 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 11th |
| Lower admin cost | 67th |
| Employee saving | 22th |
| Peers that auto-enroll | 76% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($680,557 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Xcel Energy put in about $2,625 per active participant, below the typical peer ($6,264). 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $2,564,466 |
| Participant (employee) contributions | $7,311,443 |
| Other contributions (incl. rollovers in) | $72,769 |
| Administrative expenses paid from the plan | $223,209 |
| Investment advisory & management fees | $179,960 |
| Benefits paid out | $11,370,950 |
| Net assets, start / end of year | $159.2M / $176.8M |
| Active participants, start / end of year | 993 / 961 |
| Participants with account balances | 1,103 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Deloitte & Touche LLP |
Largest service providers (Schedule C)
| Vanguard Advisers Inc. | $179,961 reported compensation |
| The Vanguard Group, Inc. | $47,639 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250703101236NAL0000628449001, received 2025-07-03, EIN 41-0448030, plan #006, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.