401(k) Benchmarking Center

Evaluate and improve your company's retirement plan today!

Step 1

Find out what you’re currently paying

Sounds simple, right? Believe it or not, 401(k) costs are not as transparent as you may have been led to believe. While benchmarking your plan shouldn’t be limited to fees, it’s a great place to start. Maybe you know the all-in price, but when we’re talking about your employees’ retirement, details are important. To find out your fees, ask your 401(k) provider for a 408(b)(2) fee disclosure.

Get A Fee Disclosure

Not sure where to look for your 408(b)(2) fee disclosure? No sweat. We've compiled step-by-step instructions for each major recordkeeper. Get yours today!

Find out what you’re currently paying for your 401(k) plan.
Step 2

See how your plan compares

Industry averages vary drastically depending on the size of your employee base and the assets in your plan, so it’s critical to benchmark your plan against similarly sized companies. Key metrics to benchmark include: fund fees, administrative and advisory costs, employee participation and savings rates, and plan design.

See Industry Benchmarks

Number of employees

For the most accurate estimate, select the option that best reflects the number of employees in your company:

Fund Fees

Regardless of plan size, funds in the 401(k) plan can be rife with commissions and other fees that line the pockets of recordkeepers and advisors. In fact, a recent study of John Hancock clients confirmed that pricing varies drastically, even among similar sized plans. Keep an eye on your average fund fees and make sure there’s a good selection of passively management index funds to keep employees happy.

National Average
1.34%
Source: 401(k) Book of Averages, 20th Edition
ForUsAll Average
0.13%
Source: ForUsAll clients with standard fund lineup.
Savings Rate

While participation rates have gone up over the past few years, primarily due to plan design features like automatic enrollment, average deferral rates haven’t seen the same momentum. The average savings rate for an employee is still around 3%. If your employees’ deferral rates are on the low side, consider implementing automatic escalation, an option for an employee to automatically increase their 401(k) contribution by 1% every year.

National Average
3.3%
ForUsAll Average
8.0%
Source: ForUsAll clients with LT Trust as a recordkeeper.
Automatic Enrollment

Automatic enrollment is more popular with larger companies, and most widely used by some of the largest 401(k) plans in America. The benefits are many, including helping:
- Americans participate in retirement plans and save for their retirement
- Pass IRS nondiscrimination testing- Companies lower per employee costs for the 401(k) plan.
- Senior executives save more in the plan, potentially maxing out contributions
- Hard to reach employees and first-time savers save for retirement

National Average
19%
Source: 401(k) Book of Averages, 20th Edition
ForUsAll Average
99%
Source: ForUsAll clients with LT Trust as a recordkeeper.
Employee Participation

High employee participation rates are hallmarks of the country's top 401(k) plans in 2016. With the option to put away $19,500 pre-tax a year, the 401(k) plan offers Americans the highest maximum contribution limit of all typical retirement plans. No wonder it's the retirement plan of choice for over 750,000 companies in the United States.

National Average
86.6%
ForUsAll Average
88.0%
Source: ForUsAll clients with LT Trust as a recordkeeper.
All-In Bundled Fees

High employee participation rates are hallmarks of the country's top 401(k) plans in 2016. With the option to put away $19,500 pre-tax a year, the 401(k) plan offers Americans the highest maximum contribution limit of all typical retirement plans. No wonder it's the retirement plan of choice for over 750,000 companies in the United States.

National Average
1.43%
Source: 401(k) Book of Averages, 20th Edition
ForUsAll Average
0.67%
Source: ForUsAll clients with 50 employees and $2.5m.
Fund Fees

Regardless of plan size, funds in the 401(k) plan can be rife with commissions and other fees that line the pockets of recordkeepers and advisors. In fact, a recent study of John Hancock clients confirmed that pricing varies drastically, even among similar sized plans. Keep an eye on your average fund fees and make sure there’s a good selection of passively management index funds to keep employees happy.

National Average
1.09%
Source: 401(k) Book of Averages, 20th Edition
ForUsAll Average
0.13%
Source: ForUsAll clients with standard fund lineup.
Savings Rate

While participation rates have gone up over the past few years, primarily due to plan design features like automatic enrollment, average deferral rates haven’t seen the same momentum. The average savings rate for an employee is still around 3%. If your employees’ deferral rates are on the low side, consider implementing automatic escalation, an option for an employee to automatically increase their 401(k) contribution by 1% every year.

National Average
3.3%
ForUsAll Average
8.0%
Source: ForUsAll clients with LT Trust as a recordkeeper.
Automatic Enrollment

Automatic enrollment is more popular with larger companies, and most widely used by some of the largest 401(k) plans in America. The benefits are many, including helping:
- Americans participate in retirement plans and save for their retirement
- Pass IRS nondiscrimination testing- Companies lower per employee costs for the 401(k) plan.
- Senior executives save more in the plan, potentially maxing out contributions
- Hard to reach employees and first-time savers save for retirement

National Average
44.6%
Source: 401(k) Book of Averages, 20th Edition
ForUsAll Average
99.0%
Source: ForUsAll clients with LT Trust as a recordkeeper.
Employee Participation

High employee participation rates are hallmarks of the country's top 401(k) plans in 2016. With the option to put away $19,500 pre-tax a year, the 401(k) plan offers Americans the highest maximum contribution limit of all typical retirement plans. No wonder it's the retirement plan of choice for over 750,000 companies in the United States.

National Average
76.0%
ForUsAll Average
88.0%
Source: ForUsAll clients with LT Trust as a recordkeeper.
All-In Bundled Fees

High employee participation rates are hallmarks of the country's top 401(k) plans in 2016. With the option to put away $19,500 pre-tax a year, the 401(k) plan offers Americans the highest maximum contribution limit of all typical retirement plans. No wonder it's the retirement plan of choice for over 750,000 companies in the United States.

National Average
1.14%
Source: 401(k) Book of Averages, 20th Edition
ForUsAll Average
0.59%
Source: ForUsAll clients with 200 employees and $10m.
Fund Fees

Regardless of plan size, funds in the 401(k) plan can be rife with commissions and other fees that line the pockets of recordkeepers and advisors. In fact, a recent study of John Hancock clients confirmed that pricing varies drastically, even among similar sized plans. Keep an eye on your average fund fees and make sure there’s a good selection of passively management index funds to keep employees happy.

National Average
1.17%
Source: 401(k) Book of Averages, 20th Edition
ForUsAll Average
0.13%
Source: ForUsAll clients with standard fund lineup.
Savings Rate

While participation rates have gone up over the past few years, primarily due to plan design features like automatic enrollment, average deferral rates haven’t seen the same momentum. The average savings rate for an employee is still around 3%. If your employees’ deferral rates are on the low side, consider implementing automatic escalation, an option for an employee to automatically increase their 401(k) contribution by 1% every year.

National Average
3.3%
ForUsAll Average
8.0%
Source: ForUsAll clients with LT Trust as a recordkeeper.
Automatic Enrollment

Automatic enrollment is more popular with larger companies, and most widely used by some of the largest 401(k) plans in America. The benefits are many, including helping:
- Americans participate in retirement plans and save for their retirement
- Pass IRS nondiscrimination testing- Companies lower per employee costs for the 401(k) plan.
- Senior executives save more in the plan, potentially maxing out contributions
- Hard to reach employees and first-time savers save for retirement

National Average
53.7%
Source: 401(k) Book of Averages, 20th Edition
ForUsAll Average
99%
Source: ForUsAll clients with LT Trust as a recordkeeper.
Employee Participation

High employee participation rates are hallmarks of the country's top 401(k) plans in 2016. With the option to put away $19,500 pre-tax a year, the 401(k) plan offers Americans the highest maximum contribution limit of all typical retirement plans. No wonder it's the retirement plan of choice for over 750,000 companies in the United States.

National Average
82.5%
ForUsAll Average
88.0%
Source: ForUsAll clients with LT Trust as a recordkeeper.
All-In Bundled Fees

High employee participation rates are hallmarks of the country's top 401(k) plans in 2016. With the option to put away $19,500 pre-tax a year, the 401(k) plan offers Americans the highest maximum contribution limit of all typical retirement plans. No wonder it's the retirement plan of choice for over 750,000 companies in the United States.

National Average
1.41%
Source: 401(k) Book of Averages, 20th Edition
ForUsAll Average
0.78%
ForUsAll clients with 1000 employees and $10m
Fund Fees

Regardless of plan size, funds in the 401(k) plan can be rife with commissions and other fees that line the pockets of recordkeepers and advisors. In fact, a recent study of John Hancock clients confirmed that pricing varies drastically, even among similar sized plans. Keep an eye on your average fund fees and make sure there’s a good selection of passively management index funds to keep employees happy.

National Average
1.10%
Source: 401(k) Book of Averages, 20th Edition
ForUsAll Average
0.13%
Source: ForUsAll clients with standard fund lineup.
Savings Rate

While participation rates have gone up over the past few years, primarily due to plan design features like automatic enrollment, average deferral rates haven’t seen the same momentum. The average savings rate for an employee is still around 3%. If your employees’ deferral rates are on the low side, consider implementing automatic escalation, an option for an employee to automatically increase their 401(k) contribution by 1% every year.

National Average
3.3%
ForUsAll Average
8.0%
Source: ForUsAll clients with LT Trust as a recordkeeper.
Automatic Enrollment

Automatic enrollment is more popular with larger companies, and most widely used by some of the largest 401(k) plans in America. The benefits are many, including helping:
- Americans participate in retirement plans and save for their retirement
- Pass IRS nondiscrimination testing- Companies lower per employee costs for the 401(k) plan.
- Senior executives save more in the plan, potentially maxing out contributions
- Hard to reach employees and first-time savers save for retirement

National Average
69.7%
Source: 401(k) Book of Averages, 20th Edition
ForUsAll Average
99%
Source: ForUsAll clients with LT Trust as a recordkeeper.
Employee Participation

High employee participation rates are hallmarks of the country's top 401(k) plans in 2016. With the option to put away $19,500 pre-tax a year, the 401(k) plan offers Americans the highest maximum contribution limit of all typical retirement plans. No wonder it's the retirement plan of choice for over 750,000 companies in the United States.

National Average
80.3%
ForUsAll Average
88.0%
Source: ForUsAll clients with LT Trust as a recordkeeper.
All-In Bundled Fees

High employee participation rates are hallmarks of the country's top 401(k) plans in 2016. With the option to put away $19,500 pre-tax a year, the 401(k) plan offers Americans the highest maximum contribution limit of all typical retirement plans. No wonder it's the retirement plan of choice for over 750,000 companies in the United States.

National Average
1.30%
Source: 401(k) Book of Averages, 20th Edition
ForUsAll Average
0.72%
Source: ForUsAll clients with 2000 employees and $20m.
Step 3

Evaluate alternative low-cost providers

After getting a sense for how your 401(k) stacks up to your peers (and where it could use a bit of tuning), the next step is to evaluate alternatives. Even if your plan is above average in every category, you and your employees could still gain a lot by switching providers. Use a resource below to find out!

Provider Comparison Worksheet

Learn what questions to ask as you compare alternative providers.

Compare Cost On Three Recordkeepers

Compare your fees across several low-cost recordkeepers.

401(K) Provider RFP Template

Issue an RFP to compare top low-cost providers head to head.

Step 4

Talk to an expert

After identifying a few areas that you might want to improve, it's best to talk with an advisor. ForUsAll is independent, which means that we don't take commissions or kickbacks. We exist to provide Fortune 500-level retirement plan expertise to small and medium-sized organizations.
Talk to us today to schedule a free, comprehensive plan health assessment!

Talk to an expert and optimize your 401(k) plan.
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This material has been prepared for informational and educational purposes only and should not be construed as a recommendation by ForUsAll, Inc., its affiliates or employees (collectively, “ForUsAll”)  to activate a cryptocurrency window or invest in crypto.  Investing in crypto can be risky and investors must be able to afford to lose their entire investment.  You should consult with your own advisers before activating a cryptocurrency window or investing in crypto.  ForUsAll does not provide legal, tax, or accounting advice. Please refer to your Plan's fee disclosure for more details.© 2023 ForUsAll, Inc. All rights reserved.
1 Schwab 2022 401(k) Participant Study - Gen Z/Millenial Focus, October 2022.
2 As of 12/31/2022. Employees include both current employees and terminated participants with a balance.
3 "Morgan Stanley At Work: The Value of a Financial Advisor" Morgan Stanley, March 2022.
4 Sarah Britton was a client when she provided this testimonial through an independent third party review website. She received no compensation for her remarks. There are no known conflicts of interest in the provision of her comments related to the services provided.