Blue Cross Blue Shield of Michigan 401(k) Review & Grade
Blue Cross Blue Shield of Michigan Represented Employees' Savings Plan
Detroit, MIFinance & Insurance1,392 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,561Employer $ per active participant
$3,843Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$117.6MNet plan assets, end of year
$67,529Average balance per account
Score breakdown
- Employer generosity7.4 / 5015th percentile for employer $ per participant
- Low cost21.2 / 2585th percentile for low admin cost vs. same-size plans
- Employee saving1.7 / 1511th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score40 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 15th |
| Lower admin cost | 85th |
| Employee saving | 11th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Blue Cross Blue Shield of Michigan put in about $1,561 per active participant, below the typical peer ($3,606). 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 | $2,173,816 |
| Participant (employee) contributions | $5,351,665 |
| Other contributions (incl. rollovers in) | $43,262 |
| Administrative expenses paid from the plan | $66,597 |
| Investment advisory & management fees | $66,597 |
| Benefits paid out | $13,382,655 |
| Net assets, start / end of year | $110.5M / $117.6M |
| Active participants, start / end of year | 1,418 / 1,367 |
| Participants with account balances | 1,742 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Grant Thornton LLP |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251106124018NAL0006359491001, received 2025-11-06, EIN 38-2069753, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.