Michigan Retirement Plan Benchmarks

Statewide benchmarks across every Form 5500 filer headquartered in the state. Sourced from 24,704 Form 5500 filings for plan year 2024.

Headline numbers (2024)

Plans: 24,704
Total assets: $455.9B
Total participants: 406,043
Median expense ratio: 0.41%
Median employer contribution per active participant: $2,182
Median account balance: $65,438
3-year asset growth (2022–2024): +43.5%

Expense ratio distribution

25th percentile: 0.16%
Median: 0.41%
75th percentile: 1.05%

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: 5,055 (20.5%)

3-year trend

Year	Plans	Assets	Participants	Median fee	Median employer $
2022	22,273	$317.6B	332,981	0.46%	$2,132
2023	24,352	$425.0B	393,843	0.41%	$2,157
2024	24,704	$455.9B	406,043	0.41%	$2,182

Methodology

All metrics are calculated from U.S. Department of Labor Form 5500 annual filings. The slice "Michigan" includes 24,704 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.