Best & Worst States for Retirement Plans

Ranking every U.S. state by 401(k) and DC plan fees, employer contributions, participation, and average account balance — sourced from DOL Form 5500 filings.

51 states ranked from 2024 Form 5500 filings.

Lowest fees — top 5 states

Median plan expense ratio

  1. Massachusetts — 0.09%
  2. Connecticut — 0.15%
  3. California — 0.16%
  4. Kansas — 0.16%
  5. District of Columbia — 0.16%

Highest fees — top 5 states

Median plan expense ratio

  1. Iowa — 0.35%
  2. Arizona — 0.30%
  3. New Mexico — 0.29%
  4. Idaho — 0.29%
  5. Mississippi — 0.28%

Most generous employers

Median employer contribution per active participant

  1. District of Columbia — $4,789
  2. Kentucky — $3,408
  3. Hawaii — $3,252
  4. New York — $3,033
  5. Ohio — $2,989

Most participants covered

Total participants across all reporting plans

  1. California — 20,663,929
  2. Texas — 15,989,955
  3. New York — 15,735,823
  4. Illinois — 10,217,894
  5. Pennsylvania — 9,843,872

Full State ranking

# State Plans Assets Participants Median fee Median employer $ Median balance
1 California 149,784 $5232.1B 20,663,929 0.16% $2,758 $50,906
2 New York 66,993 $1432.2B 15,735,823 0.22% $3,033 $81,003
3 Texas 55,572 $1313.2B 15,989,955 0.19% $2,355 $50,038
4 Florida 50,484 $377.3B 9,069,247 0.26% $2,233 $45,594
5 Illinois 37,929 $1096.1B 10,217,894 0.19% $2,592 $70,538
6 Ohio 37,580 $629.8B 9,076,269 0.22% $2,989 $49,059
7 Pennsylvania 36,254 $3119.0B 9,843,872 0.23% $2,421 $71,107
8 New Jersey 32,754 $1040.5B 8,665,914 0.23% $2,731 $75,803
9 Massachusetts 29,318 $2048.3B 5,854,351 0.09% $2,843 $79,074
10 Georgia 26,625 $767.2B 8,271,860 0.20% $2,732 $42,283
11 Michigan 25,542 $652.3B 6,527,638 0.23% $2,217 $65,401
12 Virginia 23,115 $687.6B 6,683,365 0.20% $2,676 $67,268
13 North Carolina 22,077 $458.1B 5,775,379 0.22% $2,204 $53,209
14 Maryland 19,764 $1170.1B 4,515,173 0.24% $2,654 $65,727
15 Colorado 19,732 $189.8B 2,220,697 0.26% $2,326 $40,206
16 Washington 18,998 $683.7B 7,632,361 0.21% $2,567 $59,653
17 Minnesota 18,062 $625.5B 7,743,422 0.19% $2,459 $74,381
18 Wisconsin 16,580 $294.2B 3,410,963 0.24% $2,268 $78,227
19 Missouri 16,508 $288.6B 4,537,389 0.23% $2,923 $40,119
20 Arizona 16,204 $115.2B 3,080,655 0.30% $2,125 $43,141
21 Connecticut 14,287 $497.5B 3,789,717 0.15% $2,839 $83,728
22 Indiana 13,787 $221.3B 2,767,384 0.24% $2,105 $57,728
23 Oregon 13,589 $242.8B 1,636,212 0.23% $2,313 $51,615
24 Tennessee 13,129 $338.4B 7,040,361 0.25% $2,226 $50,599
25 Kentucky 10,884 $83.2B 1,774,530 0.23% $3,408 $25,191
26 South Carolina 9,786 $70.9B 1,211,671 0.25% $2,118 $49,786
27 Iowa 9,711 $261.6B 1,388,575 0.35% $2,344 $82,802
28 Louisiana 8,613 $90.3B 1,145,436 0.23% $2,090 $63,091
29 Alabama 8,529 $65.6B 1,422,297 0.24% $2,139 $60,550
30 Utah 7,895 $69.5B 1,447,559 0.26% $2,009 $45,510
31 Nevada 7,726 $244.3B 1,012,757 0.18% $2,311 $40,928
32 Kansas 7,272 $88.9B 948,045 0.16% $2,263 $69,321
33 Oklahoma 6,953 $53.5B 1,558,997 0.21% $2,021 $54,669
34 District of Columbia 5,721 $178.7B 3,404,620 0.16% $4,789 $99,000
35 Nebraska 5,106 $87.6B 980,296 0.20% $2,254 $70,942
36 New Hampshire 4,898 $31.2B 549,257 0.19% $2,485 $61,669
37 Arkansas 4,404 $84.6B 5,459,036 0.21% $2,062 $56,011
38 Hawaii 4,275 $33.7B 441,445 0.26% $3,252 $98,230
39 Idaho 4,199 $33.0B 718,577 0.29% $2,024 $50,026
40 Delaware 3,981 $84.3B 438,674 0.18% $2,650 $49,194
41 Maine 3,857 $45.6B 613,189 0.23% $2,136 $55,646
42 Rhode Island 3,731 $116.4B 1,796,119 0.18% $2,448 $73,206
43 Mississippi 3,506 $18.9B 465,167 0.28% $2,039 $62,393
44 New Mexico 3,308 $49.2B 380,953 0.29% $2,279 $52,097
45 Montana 3,019 $13.1B 229,899 0.25% $2,455 $64,759
46 West Virginia 2,908 $21.7B 356,252 0.24% $2,297 $65,700
47 North Dakota 2,522 $28.7B 404,220 0.25% $2,500 $80,822
48 Vermont 2,226 $14.5B 201,323 0.18% $2,364 $72,670
49 South Dakota 2,218 $16.3B 243,313 0.26% $2,357 $64,320
50 Alaska 1,886 $16.4B 264,273 0.18% $2,907 $75,380
51 Wyoming 1,496 $3.4B 68,937 0.22% $2,391 $55,388

Source: U.S. Department of Labor — Form 5500 filings (2024). Medians use percentile_cont over reported values. Free for editorial use with attribution to PlanProvider.Pro.