California › Finance and insurance › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Blue Shield of California Employees Retirement Plan
Sponsored by California Physicians Service DBA Blue Shield of California, Oakland, CA
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.
California Physicians Service DBA Blue Shield of California of Oakland, California sponsors Blue Shield of California Employees Retirement Plan, a cash balance pension plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 6,718 participants (2,287 active) and $561M in net assets.
Net assets came to $83,520 per participant, close to the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and well below 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 $15.0M for the year ($6,559 per active participant) and benefits paid were $39.3M. 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 9 service provider organisations paid $5,000 or more, with reported compensation of $2.1M: $317 per participant, well above the same-size median of $232. Administrative expenses charged to the plan were $2.8M. 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 $245M in 2009 to $561M in 2024 (up 129%), and participants from 7,334 to 6,718 (down 8%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DB plans |
|---|---|---|---|---|
| Net assets per participant | $83,520 | $87,623 | $119,983 | $86,221 |
| Employer contributions per active participant | $6,559 | $9,468 | $7,849 | $10,244 |
| Schedule C compensation per participant | $317 | $232 | $352 | $344 |
| Schedule C compensation, share of net assets | 0.38% | 0.30% | 0.32% | 0.42% |
| Administrative expenses per participant | $422 | $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 | 6,718 | $561M | $83,520 | $15.0M | — | $2.1M |
| 2023 | 7,010 | $562M | $80,232 | $15.0M | — | $2.1M |
| 2022 | 7,238 | $527M | $72,771 | $19.1M | — | $2.1M |
| 2021 | 7,469 | $715M | $95,788 | $4.2M | — | $2.4M |
| 2020 | 7,676 | $674M | $87,782 | $15.0M | — | $2.2M |
| 2019 | 7,859 | $573M | $72,897 | $15.0M | — | $1.9M |
| 2018 | 8,116 | $494M | $60,908 | $48.7M | — | $2.1M |
| 2017 | 8,384 | $512M | $61,031 | $25.4M | — | $2.0M |
| 2016 | 8,777 | $441M | $50,287 | $38.2M | — | $1.7M |
| 2015 | 8,825 | $414M | $46,908 | $44.4M | — | $1.9M |
| 2014 | 8,191 | $398M | $48,543 | $22.4M | — | $1.5M |
| 2013 | 8,022 | $382M | $47,666 | $15.0M | — | $1.6M |
| 2012 | 7,718 | $330M | $42,796 | $15.0M | — | $1.4M |
| 2011 | 7,553 | $298M | $39,451 | $32.3M | — | $1.2M |
| 2010 | 7,533 | $282M | $37,410 | $21.7M | — | $1.1M |
| 2009 | 7,334 | $245M | $33,431 | $24.3M | — | $1.0M |
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$562,426,880
- Employer contributions$15,000,000
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$15,000,000
- Total income, including investment results$40,815,209
- Benefits paid$39,321,081
- Administrative expenses$2,834,712
- Total expenses$42,155,793
- Net income−$1,340,584
- Net transfers$0
- Net assets, end of year$561,086,296
Participants
- Active participants2,287
- Retired or separated, receiving benefits1,314
- Retired or separated, entitled to future benefits3,022
- Total participants, end of year6,718
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Blue Cross and Blue Shield Assoc. | Plan Administrator | $1,135,558 | $0 |
| Acadian Asset Management | Investment management | $224,164 | $0 |
| The Northern Trust Company | Trustee (directed) | $207,437 | $0 |
| Income Research and Management Inc. | Trustee (bank, trust company, or similar financial institution) | $155,409 | $0 |
| Baillie Gifford | Investment management | $147,900 | $0 |
| BlackRock Financial Management, Inc. | Investment management | $137,588 | $0 |
| Victory Capital Management Inc. | Investment management | $45,060 | $0 |
| Armanino LLP | Accounting (including auditing) | $42,179 | $0 |
| Blue Shield of California | Contract Administrator | $31,407 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. 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
- Salaries and allowances$1,177,737
- Investment advisory and management fees$917,558
- Other administrative expenses$708,010
- Contract administrator fees$31,407
- Total administrative expenses$2,834,712
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.
- Corporate stocks$218M · 38.8%
- Corporate debt instruments$160M · 28.6%
- U.S. Government securities$158M · 28.1%
- Receivables$22.0M · 3.9%
- Cash (interest and non-interest bearing)$3.3M · 0.6%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmArmanino LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $500,000
- Blackout period during the year—
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 plan3FPlan sponsor(s) received services of leased employees3HPlan sponsor(s) is (are) a member(s) of a controlled group1IFrozen 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 California Physicians Service DBA Blue Shield of California
| Plan | Participants | Net assets |
|---|---|---|
| Blue Shield of California Tax Deferred Salary Investment Plan | 10,619 | $1.68B |
Similar plans in California
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Csaa Insurance Group Cash Balance Retirement Plan | Csaa Insurance Services, Inc. | 8,001 | $754M | $94,178 |
| Visa Retirement Plan | Visa Inc. | 5,844 | $1.29B | $221,403 |
| Directors Guild of America-Producer Pension Plan Basic Benefit Plan | Board of Trustees, Directors Guild of America- | 14,707 | $2.46B | $167,178 |
| Pension Fund of Make-Up Artists & Hair Stylists Union - Local 798 - IATSE | Board of Trustees of Pension Fund of Makeup Artists & Hair Stylists | 1,879 | $172M | $91,309 |
| Producer-Writers Guild of America Pension Plan | Board of Directors Producer-Writers Guild of America Pension Plan | 20,228 | $4.42B | $218,416 |
| Delta Dental of California Cash Balance Retirement Plan | Delta Dental of California | 1,384 | $73.6M | $53,147 |
Defined benefit plans in finance and insurance closest in size.
Questions and answers
How big is Blue Shield of California Employees Retirement Plan?
6,718 participants at the end of the plan year ending 31 Dec 2024, of whom 2,287 were active employees, with net assets of $561,086,296. 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 California Physicians Service DBA Blue Shield of California contribute per participant?
The filing reports $15,000,000 in employer contributions for the year, which is $6,559 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 $2,126,702 in compensation to service provider organisations, $317 per participant or 0.38% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $2,834,712. 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 California Physicians Service DBA Blue Shield of California. Recordkeeping or administration: Blue Cross and Blue Shield Assoc. and Blue Shield of California. Investment advisory or management: Acadian Asset Management, Baillie Gifford and BlackRock Financial Management, Inc.. Trustee or custodian: The Northern Trust Company and Income Research and Management Inc.. The financial statements were audited by Armanino 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 from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. 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 24 Sep 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 94-0360524, plan 001, received 24 Sep 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.