401(k) Fee Benchmarks · Plan Year 2024
What Do 401(k) Plans Actually Pay?
Every year, employers file a Form 5500 with the U.S. Department of Labor for their 401(k) plan, including what the plan paid from its assets for administration, recordkeeping, advice and other services. We analyzed more than 549,000 401(k) plan filings for plan year 2024 to show what plans of different sizes, in different states and industries, report paying.
Among plans that reported any expenses, the median was 0.45% of plan assets, or $193 per participant. The middle half of plans reported between 0.11% and 0.83%, so two plans of the same size can pay very different amounts for similar services. About 11% of plans reported no expenses paid from the plan, usually because the employer paid the bills directly or because costs were built into the investments.
By Plan Size
Smaller Plans Pay More, as a Share of Assets
Median reported administrative expenses as a percentage of plan assets, by plan size. A plan under $1 million typically reports about 9 times the percentage that a $250 million+ plan does.
| Plan assets | Plans | Median % of assets | Middle 50% range | Median per participant | Report $0 |
|---|---|---|---|---|---|
| Under $1M | 271,960 | 0.55% | 0.16%–1.07% | $129 | 12.9% |
| $1M–$5M | 190,485 | 0.45% | 0.07%–0.78% | $314 | 11.8% |
| $5M–$10M | 40,617 | 0.37% | 0.09%–0.58% | $312 | 6.3% |
| $10M–$50M | 35,393 | 0.28% | 0.10%–0.44% | $231 | 2.4% |
| $50M–$250M | 8,344 | 0.14% | 0.07%–0.23% | $130 | 1% |
| $250M+ | 3,120 | 0.06% | 0.04%–0.11% | $81 | 2.6% |
| Participants | Plans | Median % of assets | Middle 50% range | Median per participant | Report $0 |
|---|---|---|---|---|---|
| 2–9 | 196,189 | 0.49% | 0.11%–0.94% | $267 | 19.2% |
| 10–49 | 245,751 | 0.47% | 0.11%–0.86% | $177 | 8.4% |
| 50–99 | 50,189 | 0.44% | 0.14%–0.73% | $185 | 4.1% |
| 100–499 | 43,171 | 0.35% | 0.14%–0.60% | $185 | 1.1% |
| 500–999 | 6,720 | 0.25% | 0.11%–0.45% | $142 | 0.5% |
| 1,000+ | 7,899 | 0.13% | 0.06%–0.27% | $94 | 1.4% |
By Industry
Professional Practices and Small Businesses
Professional practices tend to have small plans with relatively high balances per person, which shows up as higher dollar costs per participant. Dental offices reported a median of 0.52% of assets and $331 per participant, and physician offices 0.44% and $370.
The gap is clearest for dental practices with $1 million to $5 million in their plan: a median of $667 per participant, roughly twice the $314 for all 401(k) plans of that size. If you own a dental or medical practice, it is worth knowing where your plan falls.
| Industry | Plans | Median % of assets | Median per participant | Median plan assets |
|---|---|---|---|---|
| Physical therapy offices | 2,879 | 0.54% | $156 | $595,592 |
| Veterinary practices | 3,645 | 0.54% | $164 | $554,460 |
| Plumbing & HVAC contractors | 8,076 | 0.53% | $212 | $846,092 |
| Dental offices | 29,375 | 0.52% | $331 | $894,045 |
| Construction of buildings | 6,913 | 0.49% | $302 | $1,650,331 |
| Physician offices | 30,134 | 0.44% | $370 | $1,705,556 |
| Law firms | 26,704 | 0.37% | $343 | $1,467,222 |
| CPA firms | 7,316 | 0.34% | $294 | $1,383,132 |
| Engineering firms | 8,688 | 0.33% | $263 | $2,176,254 |
| Custom software developers | 6,291 | 0.26% | $104 | $976,988 |
| Plan assets | Plans | Median % of assets | Median per participant | Median participants |
|---|---|---|---|---|
| Under $1M | 15,656 | 0.56% | $205 | 8 |
| $1M–$5M | 12,481 | 0.50% | $667 | 11 |
| $5M–$10M | 1,040 | 0.39% | $766 | 24 |
| $10M–$50M | 178 | 0.32% | $286 | 74 |
By State
401(k) Plan Expenses in Every State
Plans are grouped by the sponsor's mailing address on the filing. Massachusetts plans reported a median of 0.34% of assets, below the national median of 0.45%, while Florida plans reported 0.53%. Differences between states partly reflect plan size: Florida's median plan is smaller than Massachusetts's. Massachusetts, Florida and Vermont, where Radius advises employers, are highlighted. States with fewer than 100 plans are not shown.
| State | Plans | Median % of assets | Median per participant | Median plan assets |
|---|---|---|---|---|
| Alabama | 5,340 | 0.50% | $224 | $1,322,904 |
| Alaska | 1,222 | 0.46% | $206 | $1,168,008 |
| Arizona | 9,833 | 0.59% | $212 | $663,100 |
| Arkansas | 2,783 | 0.56% | $250 | $1,147,349 |
| California | 84,644 | 0.45% | $161 | $772,972 |
| Colorado | 11,177 | 0.47% | $162 | $720,293 |
| Connecticut | 9,098 | 0.37% | $199 | $1,310,492 |
| Delaware | 2,364 | 0.41% | $156 | $853,076 |
| District of Columbia | 3,295 | 0.33% | $168 | $1,420,239 |
| Florida | 30,252 | 0.53% | $193 | $720,484 |
| Georgia | 14,200 | 0.48% | $195 | $981,912 |
| Hawaii | 2,589 | 0.44% | $252 | $1,212,322 |
| Idaho | 2,590 | 0.52% | $184 | $837,903 |
| Illinois | 22,912 | 0.38% | $189 | $1,413,352 |
| Indiana | 8,774 | 0.45% | $196 | $1,343,348 |
| Iowa | 5,076 | 0.46% | $295 | $1,762,158 |
| Kansas | 4,769 | 0.50% | $255 | $1,478,863 |
| Kentucky | 4,870 | 0.49% | $210 | $1,400,797 |
| Louisiana | 5,806 | 0.45% | $206 | $1,293,098 |
| Maine | 2,291 | 0.45% | $205 | $1,091,412 |
| Maryland | 12,563 | 0.46% | $231 | $1,126,025 |
| Massachusetts | 18,634 | 0.34% | $179 | $1,165,419 |
| Michigan | 16,695 | 0.45% | $205 | $1,284,424 |
| Minnesota | 11,831 | 0.42% | $213 | $1,483,874 |
| Mississippi | 2,266 | 0.52% | $247 | $1,403,053 |
| Missouri | 8,490 | 0.47% | $222 | $1,319,532 |
| Montana | 1,987 | 0.39% | $170 | $1,164,564 |
| Nebraska | 3,391 | 0.43% | $234 | $1,488,639 |
| Nevada | 4,203 | 0.56% | $188 | $561,922 |
| New Hampshire | 3,185 | 0.42% | $199 | $1,081,835 |
| New Jersey | 20,353 | 0.43% | $216 | $1,101,590 |
| New Mexico | 2,206 | 0.53% | $209 | $841,205 |
| New York | 39,076 | 0.40% | $186 | $1,168,852 |
| North Carolina | 13,913 | 0.47% | $187 | $986,432 |
| North Dakota | 1,755 | 0.48% | $297 | $1,585,632 |
| Ohio | 19,620 | 0.47% | $237 | $1,456,968 |
| Oklahoma | 4,312 | 0.49% | $202 | $1,144,473 |
| Oregon | 8,572 | 0.47% | $186 | $913,582 |
| Pennsylvania | 23,010 | 0.43% | $209 | $1,446,682 |
| Puerto Rico | 455 | 0.36% | $83 | $965,012 |
| Rhode Island | 2,433 | 0.39% | $198 | $1,205,042 |
| South Carolina | 6,160 | 0.52% | $197 | $891,541 |
| South Dakota | 1,395 | 0.39% | $215 | $1,446,371 |
| Tennessee | 7,999 | 0.47% | $178 | $1,149,897 |
| Texas | 33,029 | 0.44% | $155 | $938,632 |
| Utah | 4,970 | 0.55% | $202 | $858,742 |
| Vermont | 1,391 | 0.39% | $199 | $1,435,006 |
| Virginia | 14,789 | 0.43% | $196 | $1,243,388 |
| Washington | 12,552 | 0.40% | $165 | $984,734 |
| West Virginia | 1,885 | 0.46% | $213 | $1,285,131 |
| Wisconsin | 11,275 | 0.42% | $231 | $1,717,190 |
| Wyoming | 868 | 0.45% | $183 | $909,740 |
Methodology
How We Calculated These Numbers
Source. U.S. Department of Labor, EFAST2 Form 5500 and Form 5500-SF data sets for plan year 2024 (the "latest" files, downloaded November 2026), including Schedule H for large plans.
Which plans. Employer-sponsored defined contribution plans with a 401(k) feature (plan characteristic code 2J), at least two participants with account balances, and at least $50,000 in average net assets. We excluded first-year, final and short plan year filings, which distort annual figures, kept only the most recent filing for each plan, and dropped a small number of filings reporting expenses above 5% of assets as likely data errors. Large plans that file Schedule I instead of Schedule H are not included.
What "expenses" means here. For Form 5500-SF filers, administrative service provider fees plus other expenses (lines 8f and 8g). For Form 5500 filers, total administrative expenses on Schedule H (professional fees, contract administrator fees, investment advisory and management fees and other administrative expenses). Percentages divide expenses by the average of beginning- and end-of-year net assets. Per-participant figures divide by participants with account balances at year end. Medians, ranges and per-participant figures are calculated only among plans that reported more than $0.
What this does not include. These figures show only expenses paid directly from plan assets and reported on the filing. They do not include the operating expenses inside mutual funds and other investments (expense ratios, revenue sharing paid to providers from those funds), or fees the employer paid directly from company accounts. A plan's all-in cost is usually higher than the figure here. To find yours, see our guide to reading your 401(k) fee disclosure.
Not advice. This page is general educational information based on public filings. It is not legal, tax or investment advice, and it is not a recommendation about any particular plan or provider. Past fees do not determine future costs.
Common Questions
About 401(k) Fees
Among plan year 2024 Form 5500 filings, plans with $1 million to $5 million in assets reported median expenses paid from the plan of 0.45% of assets, about $314 per participant. Plans under $1 million reported a median of 0.55%. Investment expense ratios are charged separately inside the funds and are not included in those numbers.
Much of a plan's cost is fixed, such as recordkeeping, compliance testing and the annual filing. Spread across fewer dollars, the same work is a larger percentage of assets. Plans with $250 million or more reported a median of about 0.06%.
It usually means the employer pays the providers directly, or that providers are paid through revenue sharing from the plan's investments. It does not necessarily mean the plan is free. Your 408(b)(2) fee disclosure shows how each provider is paid.
Yes. Form 5500 filings are public and searchable on the Department of Labor's EFAST2 website. We are also glad to pull and review yours as part of a complimentary fee benchmark.
Many plan committees review fees every year and benchmark against the market every few years, or when the plan's size or services change. Documenting the review is part of a fiduciary's process.
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