Parker Drilling Company 401(k) Review & Grade
Parker Wellbore 401(k) Retirement Savings Plan
Houston, TXMining, Oil & Gas941 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,072Employer $ per active participant
$6,293Employee $ saved per active participant
0.07%Direct admin cost, % of plan assets
$96.5MNet plan assets, end of year
$81,279Average balance per account
Score breakdown
- Employer generosity22.7 / 5045th percentile for employer $ per participant
- Low cost20.2 / 2581th percentile for low admin cost vs. same-size plans
- Employee saving6.0 / 1540th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score49 / 100 · Grade C
This plan vs. peers
Peers: Mining, Oil & Gas plans with 500–2,499 active participants (129 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 45th |
| Lower admin cost | 81th |
| Employee saving | 40th |
| Peers that auto-enroll | 60% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($317,804 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
- Parker Drilling put in about $4,072 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.
- 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 | $3,831,581 |
| Participant (employee) contributions | $5,921,476 |
| Other contributions (incl. rollovers in) | $819,996 |
| Administrative expenses paid from the plan | $66,572 |
| Other admin expenses | $600 |
| Benefits paid out | $12,792,281 |
| Net assets, start / end of year | $85.5M / $96.5M |
| Active participants, start / end of year | 991 / 891 |
| Participants with account balances | 1,187 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Doeren Mayhew Assurance |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $33,972 reported compensation |
| Melton & Melton LLP | $32,000 reported compensation |
| Qdro Consultants Co LLC | $600 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014134230NAL0006225138001, received 2025-10-14, EIN 73-0618660, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.