California Physicians Service, DBA Blue Shield of Ca 401(k) Review & Grade
Blue Shield of California Tax Deferred Salary Investment Plan
Oakland, CAFinance & Insurance7,388 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,460Employer $ per active participant
$10,804Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$1.7BNet plan assets, end of year
$161,093Average balance per account
Score breakdown
- Employer generosity35.6 / 5071th percentile for employer $ per participant
- Low cost19.8 / 2579th percentile for low admin cost vs. same-size plans
- Employee saving11.1 / 1574th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score74 / 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 | 71th |
| Lower admin cost | 79th |
| Employee saving | 74th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Corrective distributions: the plan refunded $31,333 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- California Physicians Service, DBA Blue Shield of Ca put in about $6,460 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.
- 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 | $47,723,566 |
| Participant (employee) contributions | $79,811,535 |
| Other contributions (incl. rollovers in) | $22,702,366 |
| Administrative expenses paid from the plan | $750,658 |
| Investment advisory & management fees | $477,953 |
| Other admin expenses | $16,536 |
| Benefits paid out | $116,249,404 |
| Net assets, start / end of year | $1.4B / $1.7B |
| Active participants, start / end of year | 7,242 / 7,533 |
| Participants with account balances | 10,447 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Armanino LLP |
Largest service providers (Schedule C)
| Strategic Advisors, Inc. | $456,703 reported compensation |
| Fidelity Investments Institutional | $236,808 reported compensation |
| Mercer Investments, LLC | $21,250 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250909111417NAL0042653490001, received 2025-09-09, EIN 94-0360524, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.