Northshore Mining Company 401(k) Review & Grade
Northshore Mining Company and Silver Bay Power Company Retirement Savings Plan
Cleveland, OHMining, Oil & Gas562 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,998Employer $ per active participant
$9,496Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$145.5MNet plan assets, end of year
$220,804Average balance per account
Score breakdown
- Employer generosity15.6 / 5031th percentile for employer $ per participant
- Low cost22.1 / 2588th percentile for low admin cost vs. same-size plans
- Employee saving11.0 / 1573th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
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 | 31th |
| Lower admin cost | 88th |
| Employee saving | 73th |
| Peers that auto-enroll | 60% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Northshore Mining put in about $2,998 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.
- 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 | $1,683,595 |
| Participant (employee) contributions | $5,331,972 |
| Other contributions (incl. rollovers in) | $390,458 |
| Administrative expenses paid from the plan | $66,786 |
| Investment advisory & management fees | $52,486 |
| Benefits paid out | $11,185,645 |
| Net assets, start / end of year | $140.1M / $145.5M |
| Active participants, start / end of year | 577 / 546 |
| Participants with account balances | 659 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Meaden & Moore, LTD |
Largest service providers (Schedule C)
| Strategic Advisors, Inc. | $49,015 reported compensation |
| Meaden & Moore, LTD | $14,300 reported compensation |
| Fidelity Inv Inst Operations Co | −$7,316 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013172541NAL0000858755005, received 2025-10-13, EIN 84-1116857, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.