Massachusetts › Finance and insurance › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Blue Cross and Blue Shield of Massachusetts, Inc. Retirement Income Trust
Sponsored by Blue Cross Blue Shield of Massachusetts, Inc., Boston, MA
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
Blue Cross and Blue Shield of Massachusetts, Inc. Retirement Income Trust is a cash balance pension plan sponsored by Blue Cross Blue Shield of Massachusetts, Inc. of Boston, Massachusetts. For the plan year ending 31 Dec 2024 it reported 5,280 participants, 2,586 of them active, and net assets of $867M.
Net assets came to $164,129 per participant, well above the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and well above the $119,983 median for defined benefit plans in finance and insurance. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
Employer contributions were $3.6M for the year ($1,397 per active participant) and benefits paid were $46.4M. In a defined benefit plan the employer's contribution follows funding rules rather than a match formula, so it can swing widely from year to year.
Schedule C lists 15 service provider organisations paid $5,000 or more, with reported compensation of $2.7M: $505 per participant, well above the same-size median of $232. Administrative expenses charged to the plan were $3.2M. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $485M in 2009 to $867M in 2024 (up 79%), and participants from 5,228 to 5,280 (up 1%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DB plans |
|---|---|---|---|---|
| Net assets per participant | $164,129 | $87,623 | $119,983 | $86,221 |
| Employer contributions per active participant | $1,397 | $9,468 | $7,849 | $10,244 |
| Schedule C compensation per participant | $505 | $232 | $352 | $344 |
| Schedule C compensation, share of net assets | 0.31% | 0.30% | 0.32% | 0.42% |
| Administrative expenses per participant | $615 | $396 | $433 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 5,000 to 24,999 participants (651 plans), finance and insurance (690) and all US plans (5,308). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 5,280 | $867M | $164,129 | $3.6M | — | $2.7M |
| 2023 | 5,410 | $904M | $167,101 | $4.1M | — | $3.0M |
| 2022 | 5,601 | $909M | $162,265 | $219K | — | $3.3M |
| 2021 | 5,843 | $1.25B | $214,504 | $4.7M | — | $3.8M |
| 2020 | 6,091 | $1.23B | $201,692 | $28.0M | — | $3.9M |
| 2019 | 6,003 | $1.11B | $185,565 | $108M | $0 | $4.4M |
| 2018 | 5,893 | $905M | $153,490 | $49.9M | $0 | $4.2M |
| 2017 | 5,823 | $978M | $168,039 | $65.3M | $0 | $4.1M |
| 2016 | 5,677 | $831M | $146,313 | $65.6M | $0 | $4.1M |
| 2015 | 5,573 | $756M | $135,622 | $62.7M | $0 | $4.0M |
| 2014 | 5,543 | $756M | $136,419 | $32.6M | $0 | $4.0M |
| 2013 | 5,258 | $736M | $139,925 | $37.0M | — | $3.1M |
| 2012 | 5,203 | $665M | $127,870 | $87.3M | — | $2.9M |
| 2011 | 5,215 | $536M | $102,735 | $36.0M | — | $2.9M |
| 2010 | 5,187 | $537M | $103,585 | $13.3M | — | $2.9M |
| 2009 | 5,228 | $485M | $92,676 | $27.0M | — | $2.3M |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$904,015,281
- Employer contributions$3,613,837
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$3,613,837
- Total income, including investment results$12,184,067
- Benefits paid$46,350,822
- Administrative expenses$3,249,174
- Total expenses$49,599,996
- Net income−$37,415,929
- Net transfers$0
- Net assets, end of year$866,599,352
Participants
- Active participants2,586
- Retired or separated, receiving benefits1,043
- Retired or separated, entitled to future benefits1,527
- Total participants, end of year5,280
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Fidelity | Recordkeeping and information management | $370,941 | $0 |
| UBS Realty Investors | Investment management | $356,547 | $0 |
| Income Research+mgmt, Long Duration | Investment management fees paid directly by plan | $301,387 | $0 |
| Brookfield Real Estate Funds | Investment management fees paid indirectly by plan | $224,665 | $0 |
| Mellon Trust | Trustee (bank, trust company, or similar financial institution) | $209,126 | $0 |
| L&G Inv MGMT ,inc-Long Credit | Investment management fees paid directly by plan | $207,068 | $0 |
| Wellington Trust Research Equity | Investment management fees paid directly by plan | $188,252 | $0 |
| Comvest Capital IV | Investment management | $173,516 | $0 |
| Nepc | Investment advisory (plan) | $150,000 | $0 |
| William Blair | Other fees | $125,388 | $0 |
| Mercer | Actuarial | $101,935 | $0 |
| Telus | Recordkeeping and information management | $76,818 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. 3 smaller rows are not shown. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Investment advisory and management fees$1,922,724
- Other administrative expenses$546,410
- Contract administrator fees$447,759
- Trustee and custodial fees$209,126
- Actuarial fees$101,935
- IQPA audit fees$21,220
- Total administrative expenses$3,249,174
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Common/collective trusts$362M · 41.7%
- Corporate debt instruments$349M · 40.2%
- Partnership/joint venture interests$94.1M · 10.9%
- U.S. Government securities$25.2M · 2.9%
- Other investments$15.4M · 1.8%
- Registered investment companies (mutual funds)$13.7M · 1.6%
- Receivables$8.4M · 1.0%
- Cash (interest and non-interest bearing)$288K · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmErnst & Young LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $25,000,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
1ABenefits are primarily pay related1CCash balance or similar plan1ECode section 401(h) arrangement1IFrozen plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 524140: Direct Life, Health, & Medical Insurance Carriers.
Other plans of Blue Cross Blue Shield of Massachusetts, Inc.
| Plan | Participants | Net assets |
|---|---|---|
| Blue Cross and Blue Shield of Massachusetts, Inc. Employee Savings Plan | 5,553 | $1.21B |
Similar plans in Massachusetts
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| The Hanover Insurance Group Cash Balance Pension Plan | The Hanover Insurance Company | 5,969 | $340M | $56,982 |
| Sbera Pension Plan As Adopted by Eastern Bank | Eastern Bank | 3,753 | $583M | $155,413 |
| John Hancock Pension Plan | The Manufacturers Investment Corporation | 21,698 | $1.87B | $86,372 |
| Retirement Income Plan | Sun Life Financial U.S. Services Company, Inc. | 2,051 | $249M | $121,256 |
| MassMutual Pension Plan | Massachusetts Mutual Life Insurance Company | 22,293 | $2.40B | $107,630 |
| Independence Community Bank Employees Retirement Plan | Independence Community Bank C/o Santander Holdings USA, Inc. | 1,131 | $60.5M | $53,473 |
Defined benefit plans in finance and insurance closest in size.
Questions and answers
How big is Blue Cross and Blue Shield of Massachusetts, Inc. Retirement Income Trust?
5,280 participants at the end of the plan year ending 31 Dec 2024, of whom 2,586 were active employees, with net assets of $866,599,352. Among defined benefit plans that places it in the 5,000 to 24,999 participants band, which held 651 plans in plan year 2024.
What does Blue Cross Blue Shield of Massachusetts, Inc. contribute per participant?
The filing reports $3,613,837 in employer contributions for the year, which is $1,397 per active participant; the median for plans of the same type and size was $9,468 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $2,668,858 in compensation to service provider organisations, $505 per participant or 0.31% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $3,249,174. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Blue Cross Blue Shield of Massachusetts, Inc.. Recordkeeping or administration: Fidelity and Telus. Investment advisory or management: UBS Realty Investors, Comvest Capital IV and Nepc. Trustee or custodian: Mellon Trust. The financial statements were audited by Ernst & Young LLP. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 10 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 04-1045815, plan 001, received 10 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.