Blue Cross and Blue Shield of South Carolina 401(k) Review & Grade
Blue Cross Blue Shield of SC Employee Savings and Salary Reduction Plan
Columbia, SCFinance & Insurance12,384 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,411Employer $ per active participant
$5,685Employee $ saved per active participant
0.11%Direct admin cost, % of plan assets
$1.5BNet plan assets, end of year
$96,242Average balance per account
Score breakdown
- Employer generosity10.6 / 5021th percentile for employer $ per participant
- Low cost10.5 / 2542th percentile for low admin cost vs. same-size plans
- Employee saving0.4 / 153th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score29 / 100 · Grade F
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 21th |
| Lower admin cost | 42th |
| Employee saving | 3th |
| Peers that auto-enroll | 74% |
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Red flags from the filing
Corrective distributions: the plan refunded $75,212 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Blue Cross and Blue Shield of South Carolina put in about $3,411 per active participant, below the typical peer ($5,179). 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 | $42,238,399 |
| Participant (employee) contributions | $70,401,366 |
| Other contributions (incl. rollovers in) | $10,560,612 |
| Administrative expenses paid from the plan | $1,451,367 |
| Investment advisory & management fees | $1,053,455 |
| Benefits paid out | $133,181,606 |
| Net assets, start / end of year | $1.3B / $1.5B |
| Active participants, start / end of year | 11,878 / 12,890 |
| Participants with account balances | 15,179 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Mauldin & Jenkins, LLC |
Largest service providers (Schedule C)
| Financial Engines | $1,053,455 reported compensation |
| Fidelity Investments Institutional | $399,927 reported compensation |
| Ss&c | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013085832NAL0000397331001, received 2025-10-13, EIN 57-0287419, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.