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. District of Columbia — 0.25%
  2. Vermont — 0.28%
  3. Massachusetts — 0.30%
  4. Minnesota — 0.30%
  5. Connecticut — 0.31%

Highest fees — top 5 states

Median plan expense ratio

  1. Idaho — 0.62%
  2. Wyoming — 0.55%
  3. Nevada — 0.53%
  4. Alaska — 0.52%
  5. Arizona — 0.52%

Most generous employers

Median employer contribution per active participant

  1. District of Columbia — $4,725
  2. Hawaii — $3,143
  3. New York — $2,971
  4. Alaska — $2,837
  5. Massachusetts — $2,806

Most participants covered

Total participants across all reporting plans

  1. California — 1,995,379
  2. New York — 923,627
  3. Texas — 780,146
  4. Florida — 671,636
  5. Illinois — 566,244

Full State ranking

# State Plans Assets Participants Median fee Median employer $ Median balance
1 California 153,301 $1478.3B 1,995,379 0.40% $2,692 $47,867
2 New York 66,064 $1231.4B 923,627 0.38% $2,971 $74,992
3 Texas 53,844 $1041.6B 780,146 0.39% $2,300 $50,189
4 Florida 51,126 $358.8B 671,636 0.44% $2,133 $45,562
5 Illinois 36,709 $863.4B 566,244 0.34% $2,540 $67,643
6 Pennsylvania 34,276 $663.6B 565,524 0.37% $2,323 $69,406
7 New Jersey 33,034 $730.5B 451,504 0.38% $2,648 $75,508
8 Ohio 29,037 $515.8B 479,466 0.39% $2,269 $69,628
9 Massachusetts 28,018 $478.5B 406,125 0.30% $2,806 $74,327
10 Michigan 24,704 $455.9B 406,043 0.41% $2,182 $65,438
11 Georgia 23,089 $444.8B 333,612 0.37% $2,227 $53,403
12 Virginia 22,747 $497.4B 362,976 0.35% $2,607 $62,937
13 North Carolina 21,786 $384.0B 331,086 0.35% $2,142 $51,951
14 Maryland 19,866 $329.9B 298,581 0.38% $2,579 $62,478
15 Colorado 19,778 $106.0B 276,786 0.40% $2,287 $37,501
16 Washington 18,600 $525.9B 299,966 0.34% $2,512 $55,051
17 Minnesota 17,099 $481.0B 294,424 0.30% $2,400 $69,731
18 Arizona 16,421 $109.7B 221,689 0.52% $2,072 $44,560
19 Wisconsin 15,573 $258.9B 277,074 0.37% $2,248 $75,227
20 Connecticut 14,319 $342.0B 204,478 0.31% $2,797 $78,436
21 Oregon 13,458 $105.0B 209,233 0.44% $2,278 $48,770
22 Indiana 12,997 $168.4B 223,358 0.39% $2,046 $59,398
23 Missouri 12,577 $247.2B 207,081 0.40% $2,252 $65,727
24 Tennessee 12,405 $250.2B 199,690 0.44% $2,173 $50,920
25 South Carolina 9,793 $68.8B 139,746 0.41% $2,040 $50,215
26 Louisiana 8,288 $71.9B 139,292 0.37% $2,058 $64,085
27 Alabama 8,160 $64.5B 134,318 0.51% $2,094 $60,844
28 Utah 7,757 $68.6B 122,506 0.47% $1,960 $46,573
29 Nevada 7,350 $37.0B 95,933 0.53% $2,230 $39,995
30 Kentucky 7,343 $86.7B 124,072 0.39% $2,047 $61,437
31 Iowa 7,028 $84.1B 125,135 0.35% $2,301 $79,538
32 Kansas 6,690 $59.7B 114,370 0.38% $2,236 $68,063
33 Oklahoma 6,540 $57.1B 101,463 0.49% $2,001 $56,134
34 District of Columbia 5,450 $160.1B 102,141 0.25% $4,725 $74,142
35 New Hampshire 4,868 $31.9B 73,886 0.36% $2,427 $62,690
36 Nebraska 4,751 $70.0B 81,278 0.34% $2,214 $71,075
37 Hawaii 4,319 $35.5B 57,988 0.52% $3,143 $84,743
38 Arkansas 4,278 $74.9B 71,561 0.48% $2,013 $56,949
39 Delaware 4,178 $55.1B 56,437 0.32% $2,522 $43,099
40 Idaho 4,080 $35.3B 61,788 0.62% $1,990 $49,225
41 Maine 3,812 $38.5B 63,170 0.34% $2,069 $52,038
42 Rhode Island 3,724 $107.9B 55,090 0.31% $2,389 $67,690
43 New Mexico 3,352 $36.9B 53,548 0.50% $2,229 $49,934
44 Mississippi 3,314 $21.2B 57,284 0.45% $2,012 $64,879
45 Montana 2,966 $13.8B 46,669 0.38% $2,421 $60,075
46 West Virginia 2,727 $21.0B 45,910 0.43% $2,127 $67,623
47 North Dakota 2,328 $25.1B 44,483 0.31% $2,448 $75,270
48 Vermont 2,144 $13.8B 36,358 0.28% $2,328 $65,208
49 South Dakota 1,935 $11.1B 36,834 0.38% $2,321 $62,177
50 Alaska 1,839 $16.9B 30,087 0.52% $2,837 $64,875
51 Wyoming 1,504 $3.6B 21,716 0.55% $2,320 $56,939

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.