Blue Cross & Blue Shield of Minnesota 401(k) Review & Grade
Blue Cross and Blue Shield of Minnesota Employee Savings Plan
Eagen, MNFinance & Insurance3,030 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,173Employer $ per active participant
$10,859Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$884.6MNet plan assets, end of year
$183,791Average balance per account
Score breakdown
- Employer generosity24.0 / 5048th percentile for employer $ per participant
- Low cost18.2 / 2573th percentile for low admin cost vs. same-size plans
- Employee saving11.1 / 1574th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score63 / 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 | 48th |
| Lower admin cost | 73th |
| Employee saving | 74th |
| Peers that auto-enroll | 66% |
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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
- Blue Cross & Blue Shield of Minnesota put in about $4,173 per active participant, below the typical peer ($4,489). 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 | $12,645,807 |
| Participant (employee) contributions | $32,908,257 |
| Other contributions (incl. rollovers in) | $8,010,801 |
| Administrative expenses paid from the plan | $506,971 |
| Investment advisory & management fees | $286,596 |
| Other admin expenses | $61,822 |
| Benefits paid out | $96,118,063 |
| Net assets, start / end of year | $798.3M / $884.6M |
| Active participants, start / end of year | 3,066 / 2,995 |
| Participants with account balances | 4,813 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | RSM US LLP |
Largest service providers (Schedule C)
| Strategic Advisors, Inc. | $172,971 reported compensation |
| Fidelity Investments Institutional | $129,756 reported compensation |
| R.V. Kuhns & Associates, Inc. | $76,125 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014204146NAL0003595457001, received 2025-10-14, EIN 41-0984460, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.