Boart Longyear Company 401(k) Review & Grade
Boart Longyear Company 401(k) Savings Plan
West Valley, UTMining, Oil & Gas1,072 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,466Employer $ per active participant
$7,838Employee $ saved per active participant
0.17%Direct admin cost, % of plan assets
$145.5MNet plan assets, end of year
$69,837Average balance per account
Score breakdown
- Employer generosity13.3 / 5027th percentile for employer $ per participant
- Low cost14.9 / 2560th percentile for low admin cost vs. same-size plans
- Employee saving8.7 / 1558th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score44 / 100 · Grade D
This plan vs. peers
Peers: Mining, Oil & Gas plans with 500–2,499 active participants (129 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 27th |
| Lower admin cost | 60th |
| Employee saving | 58th |
| Peers that auto-enroll | 60% |
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Red flags from the filing
Corrective distributions: the plan refunded $9,792 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Boart Longyear put in about $2,466 per active participant, below the typical peer ($4,357). 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 | $2,645,262 |
| Participant (employee) contributions | $8,406,052 |
| Other contributions (incl. rollovers in) | $669,282 |
| Administrative expenses paid from the plan | $230,188 |
| Contract administrator fees | $2,700 |
| Investment advisory & management fees | $40,996 |
| Other admin expenses | $70,000 |
| Benefits paid out | $16,436,055 |
| Net assets, start / end of year | $128.4M / $145.5M |
| Active participants, start / end of year | 1,113 / 1,032 |
| Participants with account balances | 2,084 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Tanner LLC |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $119,192 reported compensation |
| Cap Financial Partners, LLC | $70,000 reported compensation |
| Strategic Advisors, Inc. | $40,996 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013153711NAL0001533089001, received 2025-10-13, EIN 87-0503343, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.