Xcel Energy Inc. 401(k) Review & Grade
Xcel Energy 401(k) Savings Plan
Minneapolis, MNUtilities9,008 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,673Employer $ per active participant
$11,654Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$3.1BNet plan assets, end of year
$226,534Average balance per account
Score breakdown
- Employer generosity8.1 / 5016th percentile for employer $ per participant
- Low cost18.2 / 2573th percentile for low admin cost vs. same-size plans
- Employee saving9.3 / 1562th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score36 / 100 · Grade D
This plan vs. peers
Peers: Utilities plans with 2,500–9,999 active participants (38 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 16th |
| Lower admin cost | 73th |
| Employee saving | 62th |
| Peers that auto-enroll | 82% |
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
Late deposits: the filing says some employee contributions were not sent to the plan on time ($3,882,636 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 $3,673 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.
- 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 | $33,085,637 |
| Participant (employee) contributions | $104,975,803 |
| Other contributions (incl. rollovers in) | $31,963,277 |
| Administrative expenses paid from the plan | $1,844,521 |
| Investment advisory & management fees | $1,376,964 |
| Benefits paid out | $385,891,912 |
| Net assets, start / end of year | $2.9B / $3.1B |
| Active participants, start / end of year | 8,941 / 9,075 |
| Participants with account balances | 13,654 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Deloitte & Touche LLP |
Largest service providers (Schedule C)
| Vanguard Advisers Inc. | $1,376,964 reported compensation |
| The Vanguard Group, Inc. | $467,557 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250703100942NAL0000479105001, received 2025-07-03, EIN 41-0448030, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.