Blue Cross Blue Shield of Massachusetts, Inc. 401(k) Review & Grade
Blue Cross and Blue Shield of Massachusetts, Inc. Employee Savings Plan
Boston, MAFinance & Insurance4,388 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$7,234Employer $ per active participant
$8,398Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$1.2BNet plan assets, end of year
$223,393Average balance per account
Score breakdown
- Employer generosity39.4 / 5079th percentile for employer $ per participant
- Low cost23.7 / 2595th percentile for low admin cost vs. same-size plans
- Employee saving7.5 / 1550th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-3 pts1 issue reported on the filing
Total score68 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 79th |
| Lower admin cost | 95th |
| Employee saving | 50th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $9,863 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Blue Cross Blue Shield of Massachusetts put in about $7,234 per active participant, more than the typical peer ($4,489). 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.
- 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 | $31,739,371 |
| Participant (employee) contributions | $36,846,728 |
| Other contributions (incl. rollovers in) | $9,771,590 |
| Administrative expenses paid from the plan | $207,519 |
| Benefits paid out | $94,401,594 |
| Net assets, start / end of year | $1.0B / $1.2B |
| Active participants, start / end of year | 4,355 / 4,420 |
| Participants with account balances | 5,411 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Ernst & Young LLP |
Largest service providers (Schedule C)
| Fidelity Investments Inst Oper Co. | $208,862 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251010085420NAL0007833585001, received 2025-10-10, EIN 04-1045815, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.