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 — $4,719
  2. Hawaii — $3,143
  3. New York — $2,972
  4. Alaska — $2,837
  5. Massachusetts — $2,807

Most participants covered

Total participants across all reporting plans

  1. California — 1,994,803
  2. New York — 923,481
  3. Texas — 780,612
  4. Florida — 671,776
  5. Illinois — 566,382

Full State ranking

# State Plans Assets Participants Median fee Median employer $ Median balance
1 California 153,281 $1478.3B 1,994,803 0.40% $2,692 $47,875
2 New York 66,049 $1231.1B 923,481 0.38% $2,972 $74,993
3 Texas 53,857 $1041.6B 780,612 0.39% $2,301 $50,183
4 Florida 51,134 $358.9B 671,776 0.44% $2,132 $45,526
5 Illinois 36,713 $863.4B 566,382 0.34% $2,541 $67,643
6 Pennsylvania 34,275 $663.6B 565,428 0.37% $2,322 $69,411
7 New Jersey 33,033 $730.5B 451,563 0.38% $2,648 $75,510
8 Ohio 29,036 $515.8B 479,458 0.39% $2,269 $69,631
9 Massachusetts 28,020 $478.8B 406,061 0.30% $2,807 $74,344
10 Michigan 24,709 $455.9B 406,042 0.41% $2,182 $65,418
11 Georgia 23,098 $444.8B 333,841 0.37% $2,225 $53,425
12 Virginia 22,749 $497.4B 363,051 0.35% $2,607 $62,956
13 North Carolina 21,788 $384.0B 331,139 0.35% $2,142 $51,963
14 Maryland 19,865 $329.9B 298,606 0.38% $2,578 $62,478
15 Colorado 19,782 $106.0B 276,809 0.40% $2,287 $37,500
16 Washington 18,597 $525.8B 299,856 0.34% $2,512 $55,060
17 Minnesota 17,095 $481.0B 294,233 0.30% $2,400 $69,722
18 Arizona 16,419 $109.7B 221,605 0.52% $2,072 $44,559
19 Wisconsin 15,571 $258.9B 277,048 0.37% $2,248 $75,201
20 Connecticut 14,317 $342.0B 204,475 0.31% $2,797 $78,458
21 Oregon 13,456 $105.0B 209,211 0.44% $2,277 $48,757
22 Indiana 12,991 $168.4B 223,301 0.39% $2,046 $59,390
23 Missouri 12,581 $247.2B 207,203 0.40% $2,251 $65,719
24 Tennessee 12,403 $250.2B 199,565 0.44% $2,173 $50,906
25 South Carolina 9,794 $68.8B 139,670 0.41% $2,040 $50,215
26 Louisiana 8,287 $71.9B 139,283 0.37% $2,058 $64,069
27 Alabama 8,160 $64.5B 134,396 0.51% $2,094 $60,841
28 Utah 7,752 $68.6B 122,506 0.47% $1,961 $46,624
29 Nevada 7,351 $37.0B 96,003 0.53% $2,230 $39,984
30 Kentucky 7,346 $86.7B 124,160 0.39% $2,047 $61,467
31 Iowa 7,030 $84.1B 125,139 0.35% $2,301 $79,568
32 Kansas 6,687 $59.7B 114,364 0.38% $2,237 $68,106
33 Oklahoma 6,542 $57.1B 101,463 0.49% $2,001 $56,135
34 District of Columbia 5,449 $160.1B 102,127 0.25% $4,719 $74,005
35 New Hampshire 4,873 $31.9B 73,860 0.36% $2,428 $62,690
36 Nebraska 4,754 $70.0B 81,306 0.34% $2,214 $70,934
37 Hawaii 4,318 $35.5B 57,979 0.52% $3,143 $84,744
38 Arkansas 4,277 $74.9B 71,552 0.48% $2,013 $56,951
39 Delaware 4,181 $55.1B 56,488 0.32% $2,525 $43,049
40 Idaho 4,081 $35.3B 61,791 0.62% $1,990 $49,286
41 Maine 3,813 $38.5B 63,177 0.34% $2,068 $51,945
42 Rhode Island 3,724 $107.9B 55,096 0.31% $2,385 $67,594
43 New Mexico 3,349 $36.8B 53,508 0.50% $2,230 $49,956
44 Mississippi 3,315 $21.2B 57,277 0.45% $2,013 $64,879
45 Montana 2,966 $13.8B 46,680 0.38% $2,420 $60,070
46 West Virginia 2,726 $21.0B 45,885 0.43% $2,127 $67,765
47 North Dakota 2,328 $25.1B 44,483 0.31% $2,450 $75,248
48 Vermont 2,147 $13.8B 36,432 0.28% $2,337 $65,102
49 South Dakota 1,936 $11.1B 36,850 0.38% $2,316 $62,083
50 Alaska 1,839 $16.9B 30,087 0.52% $2,837 $64,875
51 Wyoming 1,505 $3.6B 21,712 0.55% $2,321 $57,037

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.