AES CORP 401(k): T. Rowe Price, match 4% max
Employees’ Thrift Plan of Indianapolis Power & Light Company · AES · CIK 874761
T. Rowe Price is the recordkeeper named on the Form 5500 filed for this plan, the company that keeps the account records. Where to log in, and what the filing says.
Maximum employer match, as a share of pay
4%
AES CORP matches 100% (dollar-for-dollar) of the first 4% of pay.
From the Form 11-K/A filed August 19, 2026 ↗, covering the plan year ended December 31, 2025. Why filings lag
On this page: what the employer actually paid in · the formula, word for word · when the money becomes yours · who can join · who holds your account · what the plan reports to the DOL · how it compares · what to do next
What AES puts in, and what the plan costs
What AES put into the plan, per active participant
$4,414
AES CORP put $4,414 into this plan for each of its 904 active participants in plan year 2024. This is the whole employer side of the plan: matching money, profit sharing, non-elective and safe-harbor contributions, and reallocated forfeitures. The Form 5500 does not separate them, so this is what the employer put in and not the match.
AES put in less per active participant than 72% of plans with 1,000–4,999 participants at utilities. The middle plan in that group of 80 reported $6,417. Utilities comes from business code 221100, which AES entered on its own Form 5500. Sponsors pick that code themselves, so a code that does not describe what the employer does ranks the plan against the wrong companies.
What this figure cannot separate: how much AES pays, and how much it puts in
This is dollars, not a rate. A Form 5500 carries no payroll, so the figure reflects both how much the employer puts in and how much the employer pays: two plans running the same formula report different amounts when one pays better. Crossing the peer group with industry holds most of that difference still, and none of it disappears.
This is one plan year, not an average. A true-up, a plan merger or a one-off contribution moves a single year on its own.
Source: DOL Form 5500 for the plan year ended December 31, 2024, EIN 350413620, plan 003 · DOL EFAST2 ↗
The $4,414 above is the Form 5500 figure for plan year 2024, and it counts every employer dollar on one line. AES CORP also files a Form 11-K, which states the match formula for plan year 2025: the card below reads $1,980 a year at a $49,500 salary, and the same filing states employer contributions made outside the match. That second figure is what the formula pays one worker on that salary, and not an amount either filing reports. The two figures cover different plan years and measure different things, so neither one is the other one corrected.
What AES puts in
$1,980
a year, at a $49,500 salary.
The match paragraph, word for word
“Employer-matching contributions are made in an amount equal to current employee contributions up to a maximum of 5% for certain union employees; and 4% for other eligible employees.”
What you contribute to collect all of it
Contribute at least 4% of your pay to collect the full match.
That is $1,980 a year at a $49,500 salary, and it scales with your own.
Vesting score
57.14 out of 100
How fast the employer’s money becomes yours. Higher than 5% of the 369 schedules we have scored.
It measures vesting speed and nothing else. It says nothing about the size of the match, what the plan charges, or the funds inside it.
Share of the employer's money that is the worker's at hire and at each of the first 6 anniversaries: 0%, 20%, 40%, 60%, 80%, 100%, 100%. The score is the average of those 7 readings.
Vesting, word for word
“All eligible employees (including union and nonunion employees) vest at a rate of 20% per year and become fully vested in the Plan after five years of uninterrupted service related to employer contributions.”
The wait before the match starts and the year-end true-up appear above when the filing states them. Neither is part of the score, and a filing that is silent on one of them is not a plan without it.
What the plan costs, against plans of its size
68th percentile
$115.45 per participant in plan-paid administrative cost, more expensive than 68% of plans with 1,000–4,999 participants.
What is AES' 401(k) match formula?
AES' 401(k) employer match tops out at 4% of pay. One rate up to one limit is the commonest of the four shapes a match formula takes.
| Match formula | 100% (dollar-for-dollar) of the first 4% of pay |
|---|---|
| Maximum employer match | 4% of compensation |
| Conditions | Employer-matching contributions are made in an amount equal to current employee contributions up to a maximum of 5% for certain union employees; and 4% for other eligible employees. |
| Other employer contribution | Certain union employees are also eligible to receive an annual lump-sum company contribution at the discretion of the plan sponsor’s president. Annual lump-sum contributions of $464,260 and $413,887 were made in 2025 and 2024, respectively. |
At a $60,000 salary, contributing 4% ($2,400) earns the full employer match of $2,400 for the year.
What the filing says, word for word
“Employer-matching contributions are made in an amount equal to current employee contributions up to a maximum of 5% for certain union employees; and 4% for other eligible employees.”
Source: Form 11-K/A filed August 19, 2026, SEC EDGAR, corroborated by the filing's inline-XBRL facts · SEC ↗
What is AES' 401(k) vesting schedule?
AES vests the employer match on a graded schedule: 20% after one year, rising to 100% after five. Each step is money that leaves with you that year, which is how a graded schedule differs from a cliff.
| Employer match vesting | Graded: 20% at 1 yr, 40% at 2 yr, 60% at 3 yr, 80% at 4 yr, 100% at 5 yr |
|---|---|
| Your own contributions | Immediate: always 100% yours |
| Year of service | uninterrupted service |
Vesting, word for word
“All eligible employees (including union and nonunion employees) vest at a rate of 20% per year and become fully vested in the Plan after five years of uninterrupted service related to employer contributions.”
Source: Form 11-K/A filed August 19, 2026, SEC EDGAR · SEC ↗
Who can join AES' 401(k), and is enrollment automatic?
AES enrolls new hires automatically at 4% of pay.
| Plan entry | The Plan is a defined contribution plan, and certain employees become eligible to participate in the Plan immediately upon date of employment. |
|---|---|
| Automatic enrollment | Yes: default deferral 4% of pay; 30-day opt-out window; default investment: the applicable lifecycle fund based on their age |
Eligibility, word for word
“The Plan is a defined contribution plan, and certain employees become eligible to participate in the Plan immediately upon date of employment.”
Automatic enrollment, word for word
“Eligible participants are automatically enrolled in the Plan after 30 days unless they affirmatively decline to participate.”
Source: Form 11-K/A filed August 19, 2026, SEC EDGAR · SEC ↗
Who holds your account
Schedule C of the Form 5500 filed for plan year 2024 reports T. Rowe Price, filed as “T ROWE PRICE RPS INC”. That is the company paid to keep the account records: what is in an account, what went into it, and usually the site a participant signs in to. The trustee that holds the plan’s assets can be a different company, and this filing does not name it.
801 plans on file name T. Rowe Price as their recordkeeper. Of those, the 800 with a computable fee have a median plan-paid cost of $86.70 per participant.
Participants log in at T. Rowe Price Workplace ↗. 401(k) Monitor is not affiliated with T. Rowe Price or with any other recordkeeper, and takes nothing for this link. It is here because that is where the account is.
| Recordkeeper | T. Rowe Price |
|---|---|
| Recordkeeper address | 1307 Point Street, Baltimore, MD 21231 |
What does the AES plan report on Form 5500?
The AES plan reported $204.1M in assets and 1,071 participants for plan year 2024.
| Total plan assets | $204,113,355 |
|---|---|
| Participants | 1,071 |
| Plan-paid admin cost per participant | $115.45 |
How that cost compares
This plan pays $115.45 per participant. The median across plans at utilities is $138.21, from the 387 of 407 whose Form 5500 yields a per-participant cost.
Read from the Form 5500 filing of Employees' Thrift Plan Of Indianapolis Power & Light Company, which has no page of its own here.
How does AES' 401(k) match compare?
AES CORP's maximum 401(k) match of 4% of pay compares with a median of 4% across the 269 companies in our data with a computable formula.
Employers worth reading next
Of the six employers below, three file at utilities, two report the same recordkeeper and one vests on the same schedule.
Maximum match 3% of pay. Also at utilities.
Maximum match 4% of pay. Also at utilities.
Maximum match 4% of pay. Also at utilities.
Maximum match 4% of pay. Same recordkeeper, T. Rowe Price.
Maximum match 4.2% of pay. Same recordkeeper, T. Rowe Price.
Maximum match 5% of pay. Also fully vested after 5 years, like AES.
What can you do next?
- Read the Form 11-K/A on SEC EDGAR ↗
Form 11-K/A filed August 19, 2026, SEC EDGAR. Every match fact on this page comes from it.
- Changed jobs? Find an old 401(k) ↗
The Department of Labor's Retirement Savings Lost & Found, a free government database.
- This year's IRS contribution limits ↗
The official deferral and catch-up limits every formula operates under.
Questions this filing answers
What is AES CORP's 401(k) match?
Aes Corp matches 100% of employee contributions up to 4% of eligible pay (plan year ended December 31, 2025).
When does the AES CORP 401(k) match vest?
Graded: 20% at 1 yr, 40% at 2 yr, 60% at 3 yr, 80% at 4 yr, 100% at 5 yr.
Does AES CORP's 401(k) plan have automatic enrollment?
Yes: default deferral 4% of pay; 30-day opt-out window; default investment: the applicable lifecycle fund based on their age.
Who is the recordkeeper for AES CORP's 401(k)?
T. Rowe Price is named as the recordkeeper on the Form 5500 filed for Employees' Thrift Plan Of Indianapolis Power & Light Company for plan year 2024. That is the company paid to keep the account records: what is in an account, what went into it, and usually the site a participant signs in to.
Source
The match formula, the vesting schedule and the enrollment rules on this page were read from one document: the Form 11-K/A annual report that AES CORP filed with the US Securities and Exchange Commission for the plan year ended December 31, 2025. Each of those fields carries the filing sentence it was read from, expandable where the field appears. Nothing on this page was supplied by the employer to this site.
The plan assets, the participant counts, the plan-paid fees and the recordkeeper come from a different document, the plan’s DOL Form 5500 annual return, and the section that reports them links it. Comparisons with other employers are computed across the filings named in the section they appear in.
Read the filing on SEC EDGAR ↗
| Document | Form 11-K/A annual report |
|---|---|
| Filed with | US Securities and Exchange Commission (EDGAR) |
| Filed by | AES CORP |
| SEC CIK | 874761 |
| Accession number | 0000874761-26-000151 |
| Plan | Employees’ Thrift Plan of Indianapolis Power & Light Company |
| Period of report | December 31, 2025 |
| Filed | August 19, 2026 |
401(k) Monitor is not affiliated with AES CORP, with the Securities and Exchange Commission or with this plan’s recordkeeper, and publishes this page without their involvement. It republishes a public filing and says where it came from.
Cite this page
401(k) Monitor, “AES CORP 401(k) plan facts”, from SEC Form 11-K/A accession 0000874761-26-000151, plan year ended December 31, 2025.
