$17K — based on the privacy-thresholded accepted-generation projection for audit-eligible 401(k) plans (2024 DOL Form 5500 filings).
Average 401(k) audit cost measures the reported IQPA audit fee for 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 | +25.1% |
| NJ | $21K | +23.7% |
| CT | $21K | +21.8% |
| TX | $19K | +11.8% |
| OR | $18K | +8.3% |
| NY | $18K | +6.5% |
| VA | $18K | +4.1% |
| IL | $18K | +3.6% |
| MA | $18K | +3.6% |
| CO | $17K | +1.5% |
| GA | $17K | +1.2% |
| IN | $17K | +0.6% |
| MO | $17K | -0.6% |
| MI | $17K | -1.8% |
| FL | $17K | -2.3% |
| TN | $16K | -2.9% |
| PA | $16K | -3.3% |
| OH | $16K | -3.3% |
| CA | $16K | -5.3% |
| MD | $16K | -5.3% |
| IA | $16K | -5.6% |
| NC | $16K | -6.1% |
| KY | $16K | -6.8% |
| AZ | $16K | -7.9% |
| OK | $15K | -10.1% |
| NE | $15K | -12.0% |
| MN | $15K | -12.0% |
| UT | $15K | -13.6% |
| LA | $14K | -18.6% |
| WI | $14K | -19.2% |
| KS | $13K | -20.9% |
| Industry | Average Audit Cost | vs National |
|---|---|---|
| Utilities | $29K | +72.4% |
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities | $24K | +42.3% |
| Management of Companies and Enterprises | $23K | +33.1% |
| Chemical Manufacturing | $20K | +20.5% |
| Computer and Electronic Product Manufacturing | $20K | +19.2% |
| Accommodation | $20K | +18.2% |
| Electrical Equipment, Appliance, and Component Manufacturing | $20K | +17.5% |
| Insurance Carriers and Related Activities | $19K | +13.9% |
| Miscellaneous Manufacturing | $19K | +13.8% |
| Machinery Manufacturing | $19K | +12.5% |
| Transportation Equipment Manufacturing | $19K | +12.4% |
| Publishing Industries | $19K | +9.5% |
| Telecommunications | $19K | +9.5% |
| Plastics and Rubber Products Manufacturing | $18K | +6.0% |
| Administrative and Support Services | $18K | +5.8% |
| Primary Metal Manufacturing | $18K | +4.4% |
| Merchant Wholesalers, Nondurable Goods | $18K | +3.6% |
| Hospitals | $17K | +3.0% |
| Credit Intermediation and Related Activities | $17K | -2.4% |
| Truck Transportation | $17K | -2.4% |
| Ambulatory Health Care Services | $17K | -2.4% |
| Merchant Wholesalers, Durable Goods | $16K | -3.6% |
| Professional, Scientific, and Technical Services | $16K | -3.7% |
| Religious, Grantmaking, Civic, Professional, and Similar Organizations | $16K | -4.1% |
| Specialty Trade Contractors | $16K | -4.3% |
| Food Manufacturing | $16K | -4.7% |
| Real Estate | $16K | -5.3% |
| Heavy and Civil Engineering Construction | $16K | -6.5% |
| Construction of Buildings | $15K | -8.7% |
| Food Services and Drinking Places | $15K | -10.7% |
| Motor Vehicle and Parts Dealers | $15K | -11.2% |
| Fabricated Metal Product Manufacturing | $15K | -11.2% |
| Food and Beverage Retailers | $14K | -16.2% |
| Nursing and Residential Care Facilities | $13K | -25.7% |
| Educational Services | $13K | -26.0% |
| Plan Size | Average Audit Cost | vs National |
|---|---|---|
| 5,000+ participants · 401(k) | $31K | +83.5% |
| 1,000–4,999 participants · 401(k) | $21K | +25.0% |
| 500–999 participants · 401(k) | $17K | -1.7% |
| 100–499 participants · 401(k) | $14K | -18.6% |
| <100 participants · 401(k) | $14K | -20.1% |
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.