Michigan Retirement Plan Benchmarks

Statewide benchmarks across every Form 5500 filer headquartered in the state. Sourced from 25,542 Form 5500 filings for plan year 2024.

Headline numbers (2024)

Plans: 25,542
Total assets: $652.3B
Total participants: 6,527,638
Median expense ratio: 0.23%
Median employer contribution per active participant: $2,217
Median account balance: $65,401
3-year asset growth (2022–2024): -1.3%

Expense ratio distribution

25th percentile: 0.08%
Median: 0.23%
75th percentile: 0.47%

Where the fees go (average mix)

Admin / Recordkeeping: 34.6%
Investment Management: 50.9%
Audit: 6.5%
Legal: 1.8%

Employer contribution generosity

Median per active participant: $2,217
Plans with $0 employer match: —

3-year trend

Year	Plans	Assets	Participants	Median fee	Median employer $
2022	25,707	$660.6B	6,764,962	0.36%	—
2023	26,078	$699.6B	6,848,637	0.24%	—
2024	25,542	$652.3B	6,527,638	0.23%	$2,217

Methodology

All metrics are calculated from U.S. Department of Labor Form 5500 annual filings. The slice "Michigan" is served from the accepted-generation projection 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.