Dominion Energy, Inc. 401(k) Review & Grade
Dominion Energy Virginia 401(k) Plan for Union-Represented Employees
Richmond, VAUtilities2,726 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,925Employer $ per active participant
$7,600Employee $ saved per active participant
0.15%Direct admin cost, % of plan assets
$474.3MNet plan assets, end of year
$143,395Average balance per account
Score breakdown
- Employer generosity4.1 / 508th percentile for employer $ per participant
- Low cost11.1 / 2544th percentile for low admin cost vs. same-size plans
- Employee saving2.4 / 1516th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score28 / 100 · Grade F
This plan vs. peers
Peers: Utilities plans with 2,500–9,999 active participants (38 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 8th |
| Lower admin cost | 44th |
| Employee saving | 16th |
| Peers that auto-enroll | 82% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Dominion Energy put in about $2,925 per active participant, below the typical peer ($6,490). 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.
- 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 | $7,974,775 |
| Participant (employee) contributions | $20,721,132 |
| Other contributions (incl. rollovers in) | $574,152 |
| Administrative expenses paid from the plan | $657,651 |
| Investment advisory & management fees | $657,651 |
| Benefits paid out | $34,910,503 |
| Net assets, start / end of year | $429.1M / $474.3M |
| Active participants, start / end of year | 2,702 / 2,751 |
| Participants with account balances | 3,308 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Deloitte & Touche LLP |
| Employer stock held by plan | $109,004,669 |
Largest service providers (Schedule C)
| Voya Institutional Plan Svcs LLC | $548,714 reported compensation |
| Voya Institutional Plan Svcs LLC | $108,937 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250723152551NAL0009074626001, received 2025-07-23, EIN 54-1229715, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.