Blue Cross Blue Shield of Tennessee 401(k) Review & Grade
Bluecross Blueshield of Tennessee Employee Retirement Savings Program
Chattanooga, TNFinance & Insurance6,710 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,383Employer $ per active participant
$5,987Employee $ saved per active participant
0.09%Direct admin cost, % of plan assets
$1.3BNet plan assets, end of year
$152,751Average balance per account
Score breakdown
- Employer generosity17.2 / 5034th percentile for employer $ per participant
- Low cost15.6 / 2562th percentile for low admin cost vs. same-size plans
- Employee saving3.0 / 1520th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score43 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 34th |
| Lower admin cost | 62th |
| Employee saving | 20th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,874 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Blue Cross Blue Shield of Tennessee put in about $3,383 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 | $22,699,376 |
| Participant (employee) contributions | $40,169,095 |
| Other contributions (incl. rollovers in) | $4,832,387 |
| Administrative expenses paid from the plan | $1,016,946 |
| Investment advisory & management fees | $511,852 |
| Other admin expenses | $34,120 |
| Benefits paid out | $83,467,370 |
| Net assets, start / end of year | $1.1B / $1.3B |
| Active participants, start / end of year | 6,596 / 6,823 |
| Participants with account balances | 8,272 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Ernst & Young |
Largest service providers (Schedule C)
| Strategic Advisors, Inc. | $511,852 reported compensation |
| Fidelity Investments Institutional | $292,776 reported compensation |
| Blue Cross Blue Shield of Tennessee | $132,269 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250902180143NAL0008631763001, received 2025-09-02, EIN 62-0427913, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.