Michigan Retirement Plan Benchmarks

Statewide benchmarks across every Form 5500 filer headquartered in the state. Sourced from 24,709 Form 5500 filings for plan year 2024.

Headline numbers (2024)

Plans: 24,709
Total assets: $455.9B
Total participants: 406,042
Median expense ratio: 0.41%
Median employer contribution per active participant: $2,182
Median account balance: $65,418
3-year asset growth (2022–2024): +43.5%

Expense ratio distribution

25th percentile: 0.16%
Median: 0.41%
75th percentile: 1.06%

Where the fees go (average mix)

Admin / Recordkeeping: 24.0%
Investment Management: 21.5%
Audit: 2.3%
Legal: 0.5%

Employer contribution generosity

Median per active participant: $2,182
Plans with $0 employer match: 5,054 (20.5%)

3-year trend

Year	Plans	Assets	Participants	Median fee	Median employer $
2022	22,285	$317.6B	333,360	0.46%	$2,132
2023	24,357	$425.0B	397,161	0.41%	$2,158
2024	24,709	$455.9B	406,042	0.41%	$2,182

Methodology

All metrics are calculated from U.S. Department of Labor Form 5500 annual filings. The slice "Michigan" includes 24,709 plans for plan year 2024. Medians use percentile_cont over reported values; zero/null values are excluded from rate-style metrics.

Citation: PlanProvider.Pro, Form 5500 Benchmarks 2024. Free for editorial use with attribution + link to https://planprovider.pro/benchmarks/state/michigan.