Black Hills Corporation 401(k) Review & Grade
Black Hills Corporation 401(k) Retirement Savings Plan
Rapid City, SDUtilities2,856 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$9,781Employer $ per active participant
$11,652Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$811.2MNet plan assets, end of year
$221,101Average balance per account
Score breakdown
- Employer generosity39.2 / 5078th percentile for employer $ per participant
- Low cost23.6 / 2595th percentile for low admin cost vs. same-size plans
- Employee saving8.9 / 1559th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score79 / 100 · Grade A
This plan vs. peers
Peers: Utilities plans with 2,500–9,999 active participants (38 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 78th |
| Lower admin cost | 95th |
| Employee saving | 59th |
| Peers that auto-enroll | 82% |
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Red flags from the filing
Corrective distributions: the plan refunded $817 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Black Hills put in about $9,781 per active participant, more than the typical peer ($6,490). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 | $27,930,115 |
| Participant (employee) contributions | $33,273,322 |
| Other contributions (incl. rollovers in) | $3,429,642 |
| Administrative expenses paid from the plan | $149,200 |
| Investment advisory & management fees | $113,013 |
| Benefits paid out | $75,422,793 |
| Net assets, start / end of year | $727.0M / $811.2M |
| Active participants, start / end of year | 2,881 / 2,830 |
| Participants with account balances | 3,669 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Deloitte & Touche, LLP |
| Employer stock held by plan | $14,676,035 |
Largest service providers (Schedule C)
| Schwab Retirement Plan Services Inc | $124,103 reported compensation |
| Avantax Planning Partners Inc | $16,930 reported compensation |
| Thompson Hine LLP | $14,362 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250625104726NAL0011393824003, received 2025-06-25, EIN 46-0458824, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.