$16K — based on 6,049 audit-eligible 401(k) plans (2024 DOL Form 5500 filings).
Average 401(k) audit cost measures the reported IQPA audit fee for audit-eligible 401(k) plans in Department of Labor Form 5500 filings. Values are shown as medians among plans with positive reported audit fees so the benchmark reflects actual audited-plan pricing instead of blending in plans with no audit requirement or no reported audit fee.
Audit-cost scope: This benchmark includes only 401(k) plans with a positive reported IQPA audit fee. Plans with no audit requirement or no reported audit fee are excluded so the benchmark reflects actual audited-plan pricing.
| State | Average Audit Cost | vs National |
|---|---|---|
| WA | $21K | +27.1% |
| NJ | $20K | +23.1% |
| CT | $20K | +19.4% |
| TX | $19K | +18.3% |
| SC | $19K | +12.5% |
| OR | $18K | +10.6% |
| NY | $18K | +9.4% |
| IL | $18K | +6.9% |
| VA | $17K | +4.9% |
| MA | $17K | +4.3% |
| GA | $17K | +3.9% |
| AL | $17K | +2.6% |
| MO | $17K | +1.5% |
| CO | $17K | +1.3% |
| IN | $17K | +1.2% |
| MI | $17K | +0.9% |
| FL | $16K | 0.0% |
| TN | $16K | -0.3% |
| OH | $16K | -0.3% |
| PA | $16K | -1.7% |
| CA | $16K | -2.7% |
| IA | $16K | -4.7% |
| AZ | $16K | -5.0% |
| NC | $16K | -5.1% |
| OK | $15K | -6.6% |
| NE | $15K | -8.7% |
| UT | $15K | -8.8% |
| MD | $15K | -8.8% |
| MN | $15K | -10.0% |
| KY | $14K | -13.1% |
| WI | $14K | -16.2% |
| LA | $13K | -18.3% |
| KS | $13K | -19.0% |
| Industry | Average Audit Cost | vs National |
|---|---|---|
| Utilities | $29K | +74.1% |
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities | $25K | +52.8% |
| Management of Companies and Enterprises | $22K | +33.7% |
| Chemical Manufacturing | $20K | +22.9% |
| Computer and Electronic Product Manufacturing | $20K | +22.4% |
| Transportation Equipment Manufacturing | $20K | +21.6% |
| Electrical Equipment, Appliance, and Component Manufacturing | $20K | +20.2% |
| Insurance Carriers and Related Activities | $19K | +17.0% |
| Accommodation | $19K | +16.1% |
| Miscellaneous Manufacturing | $19K | +14.9% |
| Machinery Manufacturing | $19K | +13.7% |
| Publishing Industries | $19K | +12.5% |
| Telecommunications | $19K | +12.5% |
| Primary Metal Manufacturing | $18K | +11.6% |
| Administrative and Support Services | $18K | +7.9% |
| Plastics and Rubber Products Manufacturing | $18K | +7.2% |
| Hospitals | $17K | +5.2% |
| Merchant Wholesalers, Nondurable Goods | $17K | +3.3% |
| Truck Transportation | $17K | +3.1% |
| Credit Intermediation and Related Activities | $17K | +2.1% |
| Religious, Grantmaking, Civic, Professional, and Similar Organizations | $17K | +2.1% |
| Food Manufacturing | $17K | +1.6% |
| Ambulatory Health Care Services | $17K | +0.3% |
| Merchant Wholesalers, Durable Goods | $16K | -1.1% |
| Professional, Scientific, and Technical Services | $16K | -1.2% |
| Real Estate | $16K | -2.7% |
| Heavy and Civil Engineering Construction | $16K | -5.0% |
| Construction of Buildings | $16K | -5.8% |
| Specialty Trade Contractors | $15K | -7.5% |
| Food Services and Drinking Places | $15K | -8.2% |
| Motor Vehicle and Parts Dealers | $15K | -8.8% |
| Food and Beverage Retailers | $15K | -10.8% |
| Fabricated Metal Product Manufacturing | $15K | -11.9% |
| Educational Services | $13K | -20.7% |
| Nursing and Residential Care Facilities | $13K | -23.4% |
| Plan Size | Average Audit Cost | vs National |
|---|---|---|
| 5,000+ participants · 401(k) | $31K | +86.6% |
| 1,000–4,999 participants · 401(k) | $21K | +27.7% |
| 500–999 participants · 401(k) | $17K | +0.3% |
| <100 participants · 401(k) | $14K | -14.9% |
| 100–499 participants · 401(k) | $14K | -17.1% |
Source: U.S. Department of Labor — Employee Benefits Security Administration (EBSA) Form 5500 dataset.
Why median, not arithmetic mean: Retirement plan data has extreme outliers; the median represents the middle plan in each cohort, giving a more accurate "typical" benchmark. We continue to use "average" in titles because that's the everyday term searchers use.