Blue Cross Blue Shield of Alabama 401(k) Review & Grade
Blue Cross and Blue Shield of Al 401(k) Plan Salary Deferral Plan
Birmingham, ALFinance & Insurance4,324 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,978Employer $ per active participant
$6,847Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$880.4MNet plan assets, end of year
$170,718Average balance per account
Score breakdown
- Employer generosity21.7 / 5043th percentile for employer $ per participant
- Low cost18.8 / 2575th percentile for low admin cost vs. same-size plans
- Employee saving4.2 / 1528th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score45 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 43th |
| Lower admin cost | 75th |
| Employee saving | 28th |
| Peers that auto-enroll | 66% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($1,269 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Blue Cross Blue Shield of Alabama put in about $3,978 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $17,203,976 |
| Participant (employee) contributions | $29,608,763 |
| Other contributions (incl. rollovers in) | $2,353,015 |
| Administrative expenses paid from the plan | $465,125 |
| Investment advisory & management fees | $134,162 |
| Benefits paid out | $43,019,983 |
| Net assets, start / end of year | $757.4M / $880.4M |
| Active participants, start / end of year | 4,291 / 4,358 |
| Participants with account balances | 5,157 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Warren Averett |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $299,963 reported compensation |
| Aon Investments USA Inc | $134,162 reported compensation |
| Warren Averett, LLC | $31,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251006093448NAL0003428241001, received 2025-10-06, EIN 63-0103830, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.