401(k) · DOL Form 5500 · 2023

Xcel Energy Inc 401(k) Plan

Data updated 2026-08-25

$2.9B
Total assets Very large vs avg
9,334
Participants Very large workforce
100th
Percentile by assets National rank
$315,867
Avg per participant High balance/head
PlainRetire home → About this data RSS: change history

Official DOL plan name: Xcel Energy 401(k) Savings Plan · Sponsored by Xcel Energy Inc · Minnesota · Utilities

$2.9B in assets, 9,334 participants

Xcel Energy Inc's Xcel Energy 401(k) Savings Plan reported $2.9B in total assets and 9,334 participants in its 2023 DOL Form 5500 filing, ranking in the 100th percentile by assets among filed plans. Figures are as reported by the plan sponsor to the Department of Labor, not audited or endorsed by PlainRetire.

  • #685 in Utilities (721 peers)

Coverage in Minnesota

Xcel Energy 401(k) Savings Plan covers 9,334 participants in Minnesota, 8.3x the typical Minnesota plan (state average ~1,126 per filing). Assets: $2.9B.

#685
in Utilities (721 peers)
+8.9%
assets growth YoY
30×
vs typical plan assets (national mean)

Xcel Energy 401(k) Savings Plan's outsized position by total assets

Xcel Energy 401(k) Savings Plan vs every filed plan by assets

End-of-year total assets · plan year 2023 · DOL Form 5500

$2,948,298,914 Highest reported value at or above every one of 127,068 filed plans

This plan $0 $2,050,000,000 every filed plan with reported assets, bucketed by value

Dashed line + filled bar = this entry, among filed plans.

Source U.S. Department of Labor Form 5500 filings (EBSA) · plan year 2023

Xcel Energy 401(k) Savings Plan's large-plan peer group by participant headcount

Plan-year 2023 Form 5500 filings with a reported participant count, partitioned by headcount band, not by assets. Xcel Energy 401(k) Savings Plan lands in the large band (9,334 participants).

What changed between DOL Form 5500 filings

plan year 2022 → plan year 2023

  • Xcel Energy 401(k) Savings Plan reported net income rose from -$557M in the plan year 2022 filing to $240M in the plan year 2023 filing.
  • Xcel Energy 401(k) Savings Plan end-of-year assets rose from $2.7B in the plan year 2022 filing to $2.9B in the plan year 2023 filing.
  • Xcel Energy 401(k) Savings Plan reported participants rose from 8,771 in the plan year 2022 filing to 9,334 in the plan year 2023 filing.

See the national 2022→2023 release diff →

Plan-year Form 5500 strip

Filing strip 410448030 · Xcel Energy Inc PY 2023 · 401(k)

Xcel Energy 401(k) Savings Plan · $2.9B · 9,334 · 100th

  • VS-ST $2.9B
  • VS-ST 9,334
  • VS-ST 100th
  • VS-ST 401(k)
  • VS-ST near Justworks Retirement Savings Plan
  • VS-ST ind #685

Stamps derive from this plan's Form 5500 line items (assets, participants, type, EIN, cohort placement) - not a quality rating of the sponsor. Read with Utilities retirement plans → · Plans in Minnesota →

Xcel Energy 401(k) Savings Plan in the asset neighbourhood

Iowa Health System Section 401(k) Retirement Savings PlanIowa Health System Section 4…$3.0BXcel Energy 401(k) Savings PlanXcel Energy 401(k) Savings P…$2.9BJustworks Retirement Savings PlanJustworks Retirement Savings…$2.9BThe Hy-Vee and Affiliates 401(k) PlanThe Hy-Vee and Affiliates 40…$2.9BInova Health System Retirement Savings PlanInova Health System Retireme…$2.9B
End-of-year total assets ($B) among Xcel Energy 401(k) Savings Plan and nearest nationwide 401(k) peers. Source: DOL Form 5500 plan year 2023.

Minnesota filing particulars

Total Assets (Beginning of Year)$2.7B
Net Assets (End of Year)$2.9B
Net Income$240M
Employer EIN410448030
Plan Effective Date1981-01-01
Filing StatusFILING RECEIVED

Sponsor Plan History (Xcel Energy Inc)

Sponsor-wide plan assets over time

All Xcel Energy Inc plans reported in each filing year

Latest sponsor-wide plan assets
$6.7B 6.830659372847735% vs 2022
2024 filing year
$6.2B$6.4B$6.6B$6.8B 202220232024 $6.26B $6.69B ▲ +6.9%
Year Plans Participants Total Assets
2022 8 22,725 $6.3B
2023 8 23,520 $6.6B
2024 8 23,238 $6.7B

Nearby 401(k) Plans in Minnesota

Peer 401(k) plans, same state, same plan type, ranked by total assets.

Xcel Energy 401(k) Savings Plan vs. nearby 401(k) plans in Minnesota, assets vs. participants Scatter plot of 6 data points. -1000000100000200000300000400000500000 0510152025 Total assets ($B) Participants Xcel Energy 401(k) Savings Plan, Total assets ($B): 2.948298914 · Participants: 9334Xcel Energy 401(k) Savings PlanUnitedhealth Group 401(k) Savings Plan, Total assets ($B): 22.432100178 · Participants: 198972Unitedhealth Group 401(k) Savings PlanTarget Corporation 401(k) Plan, Total assets ($B): 13.008265857 · Participants: 432617Target Corporation 401(k) PlanMedtronic Savings and Investment Plan, Total assets ($B): 12.931979 · Participants: 44342Medtronic Savings and Investment Plan3M Voluntary Investment Plan and Employee Stock Ownership Plan, Total assets ($B): 12.04661588 · Participants: 360493M Voluntary Investment Plan and Employee Stock Ownership PlanU.S. Bank 401(k) Savings Plan, Total assets ($B): 10.271161911 · Participants: 75272U.S. Bank 401(k) Savings Plan
Xcel Energy 401(k) Savings Plan vs. nearby 401(k) plans in Minnesota, assets vs. participants
Compare Xcel Energy 401(k) Savings Plan side-by-side with 3 peers →

Scale composition for Xcel Energy 401(k) Savings Plan

Xcel Energy 401(k) Savings Plan reports $2.9B in end-of-year assets across 9,334 participants (0.024% of the $12.3T held by all Form 5500 filers in the national rollup , and 0.010% of 93,925,755 covered participants) - about $315,867 per participant (2.3x the national average assets-per-participant) . Net income for plan year 2023 was $240M.

This plan identity (EIN 410448030, plan #003) has 3 Form 5500 filings on file from 2022 to 2024 , with end-of-year assets moving from $2.7B to $3.1B (+14.2%) while covered participants moved from 8,771 to 8,941 . Single-year sparse filers cannot show that trail.

Plan year Participants EOY assets Filing
2022 8,771 $2.7B Open filing
2023 9,334 $2.9B This page
2024 · index core 8,941 $3.1B Open filing

The same sponsor also keeps 4 other index-core plans on PlainRetire:

Xcel Energy 401(k) Savings Plan's out-of-state 401(k) peers by assets and headcount

Outside Minnesota, the nearest 401(k) by assets is Justworks Retirement Savings Plan in NY ($2.9B); by covered participants it is Albany Medical Center 403 (B) Plan in NY (9,335 participants). Same-state nearby plans are listed separately above.

Closest by plan assets

Nearest other-state filings by tot_assets_eoy ($2.9B here).

Similar participant headcount

Nearest other-state filings by covered participants (9,334 participants); asset peers above are excluded.

DOL Form 5500 plan year 2023. Asset totals can differ widely at the same headcount; neither axis is a quality rating.

Frequently Asked Questions

How did Xcel Energy 401(k) Savings Plan assets move in 2023? ▼
Xcel Energy 401(k) Savings Plan grew at a solid clip - up 8.9% during 2023, from $2.7B to $2.9B. Reported net income was $240M.
How have Xcel Energy Inc plan assets changed over time? ▼
Across 3 plan years on file (2022-2024), Xcel Energy Inc's sponsor-wide assets grew 6.8%, from $6.3B to $6.7B.
Where does Xcel Energy 401(k) Savings Plan rank by assets among Form 5500 filers? ▼
Xcel Energy 401(k) Savings Plan ranks in the 100th percentile by end-of-year assets among 127,072 plans that reported assets for plan year 2023 (among the largest 1% of all filed plans).
Which 401(k) plans are similar in size to Xcel Energy 401(k) Savings Plan? ▼
Among 401(k) plans in other states, the closest by assets is Justworks Retirement Savings Plan in NY ($2.9B, 79,355 participants).
Which 401(k) plans cover a similar participant headcount to Xcel Energy 401(k) Savings Plan? ▼
Among 401(k) plans in other states, the closest by covered participants is Albany Medical Center 403 (B) Plan in NY (9,335 participants, $526M in assets).

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2023.

Source: DOL EFAST2 filing system (efast.dol.gov) - original filing retrieval by EIN 410448030.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from U.S. Department of Labor Form 5500 filings (EBSA). See our methodology for details.