Blue Cross & Blue Shield of Rhode Island 401(k) Review & Grade
Blue Cross & Blue Shield of Rhode Island Employee Savings Plan
Providence, RIFinance & Insurance926 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,323Employer $ per active participant
$10,645Employee $ saved per active participant
0.16%Direct admin cost, % of plan assets
$270.1MNet plan assets, end of year
$178,874Average balance per account
Score breakdown
- Employer generosity39.0 / 5078th percentile for employer $ per participant
- Low cost15.5 / 2562th percentile for low admin cost vs. same-size plans
- Employee saving11.8 / 1578th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score70 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 78th |
| Lower admin cost | 62th |
| Employee saving | 78th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $3,217 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Blue Cross & Blue Shield of Rhode Island put in about $6,323 per active participant, more than the typical peer ($3,606). 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.
- 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 | $5,858,047 |
| Participant (employee) contributions | $9,862,423 |
| Other contributions (incl. rollovers in) | $1,406,331 |
| Administrative expenses paid from the plan | $405,672 |
| Investment advisory & management fees | $115,931 |
| Benefits paid out | $26,385,921 |
| Net assets, start / end of year | $251.1M / $270.1M |
| Active participants, start / end of year | 880 / 973 |
| Participants with account balances | 1,510 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Citrin Cooperman & Company, LLP |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $267,061 reported compensation |
| Mercer (US) Inc | $115,931 reported compensation |
| Citrin Cooperman & Company LLP | $22,680 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251008122806NAL0005841537001, received 2025-10-08, EIN 05-0158952, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.