Investment management and securities 401(k) plans
The median 401(k) plan in investment management and securities paid $111.34 per participant per year in plan-paid administrative fees, computed from 882 of the 960 investment management and securities plans on file, form year 2024.
Computed from DOL EFAST2 Form 5500 bulk data, not surveys. All 57,824 large plans in the form-year-2024 data are read here, so the 960 plans in this industry are every plan of that size filed under its business codes. The median is taken over the 882 of them whose filing reports a plan-paid administrative cost, because a filing that reports none has no cost to rank. It still does not describe the whole industry: a plan with fewer than 100 participants files a shorter form and is not in this data at all.
$111.34
Median plan-paid administrative cost per participant per year among 882 investment management and securities plans with usable fee data, form year 2024.
$10.83 below the $122.17 median across all published plans.
How do investment management and securities 401(k) fees compare?
Plan size drives fees more than industry does: bigger plans pay less per head. See median fees by plan size before reading an industry gap as an industry effect.
40 of the biggest investment management and securities 401(k) plans
| Plan | Sponsor | Active participants | Assets | Fee ($) |
|---|---|---|---|---|
| Real Estate Commission Retirement Savings Plan | Burke Capital Vi, Inc. | 98,765 | $7.3M | 1.39 |
| Citi Retirement Savings Plan | Citigroup Inc. | 74,487 | $23.2B | 161.96 |
| Fidelity Retirement Savings Plan | Fmr LLC | 68,838 | $34.2B | n/a |
| Morgan Stanley 401(k) Plan | Morgan Stanley Domestic Holdings, LLC | 54,084 | $22.2B | 210.50 |
| Southern District UBC Defined Contribution Fund | Board Of Trustees Of The Southern District UBC Defined Contribution F | 51,643 | $1.2B | 124.63 |
| Edward D. Jones & Co. Profit Sharing And 401(k) Plan | Edward D. Jones & Co., L.P. | 50,491 | $12.4B | 22.77 |
| SchwabPlan Retirement Savings And Investment Plan | The Charles Schwab Corporation | 32,145 | $8.9B | 98.30 |
| Deseret 401(k) Plan | Deseret Mutual Benefit Administrators | 25,752 | $6.1B | 18.18 |
| UBS 401(k) Plan Trust | UBS Ag | 24,260 | $10.2B | 431.68 |
| The Goldman Sachs 401(k) Plan | The Goldman Sachs Group, Inc. | 23,891 | $12.8B | 331.98 |
| Eighth District Electrical Pension Fund Annuity Plan | Board Of Trustees, Eighth District Electrical Pension | 22,346 | $1.1B | 70.09 |
| The Bank Of New York Mellon Corporation 401(k) Savings Plan | The Bank Of New York Mellon Corporation | 22,098 | $9.9B | 92.96 |
| The Vanguard Retirement And Savings Plan | The Vanguard Group, Inc. | 17,477 | $11.1B | n/a |
| Raymond James Financial, Inc. 401(k) Plan | Raymond James Financial, Inc. | 16,088 | $2.9B | 38.16 |
| Fidelity Advantage 401(k) | Fidelity Workplace Services LLC | 13,825 | $184.6M | 133.66 |
| Tiaa Code Section 401(k) Plan | Teachers Insurance And Annuity Association Of America | 11,525 | $4.6B | 18.56 |
| Usi 401(k) Plan | Usi Insurance Services LLC | 10,494 | $1.5B | 29.67 |
| Rbc- U.S.A. Retirement And Savings Plan | Rbc USA Holdco Corporation | 10,111 | $4.3B | 20.47 |
| The 401(k) Plan | Pentegra Services, Inc. | 9,164 | $192.1M | 405.48 |
| Ameriprise Financial 401(k) Plan | Ameriprise Financial, Inc. | 8,958 | $3.6B | 123.80 |
| Lpl Financial LLC Profit Sharing 401(k) Plan | Lpl Financial LLC | 8,946 | $939.6M | 81.89 |
| Blackrock Retirement Savings Plan | Blackrock, Inc. | 8,882 | $4.8B | 0.56 |
| Stifel Financial Profit Sharing 401(k) Plan | Stifel Financial Corp. | 8,303 | $2.3B | 38.90 |
| Northwest Carpenters Individual Account Pension Plan | Board Of Trustees, Northwest Carpenters Individual Account Pension Pla | 8,251 | $707.8M | 121.69 |
| Capital Retirement Savings Plan | Capital Group Companies, Inc. | 8,086 | $8.2B | 0.18 |
| Federal Home Loan Mortgage Corp Thrift/401(k) Savings Plan | Federal Home Loan Mortgage Corp | 8,053 | $3.7B | 16.57 |
| Intercontinental Exchange, Inc. 401(k) Plan | Intercontinental Exchange, Inc. | 7,609 | $3.3B | 216.09 |
| Nelnet 401(k) Plan | Nelnet, Inc. | 7,432 | $755.3M | 65.45 |
| T. Rowe Price U.S. Retirement Program | T. Rowe Price Group, Inc. | 6,820 | $4.9B | n/a |
| Nfp Corp. 401(k) Plan | Nfp Corp. | 6,644 | $976.9M | 56.87 |
| Ivyrehab Physical Therapy Pllc 401(k) Profit Sharing Plan | Ivyrehab Pt, Ot & Speech Pllc | 6,154 | $110.7M | 97.03 |
| Cook Inlet Region 401(k) Retirement Plan | Cook Inlet Region, Inc. | 5,327 | $589.4M | 75.51 |
| Baird Profit Sharing & Savings Plan | Robert W. Baird & Co., Inc. | 5,264 | $2.2B | 75.11 |
| Profit Participation Plan Of Moody's Corporation | Moodys Corporation | 5,221 | $2.1B | 87.67 |
| Association Of Economic Collaboration And Growth Multiple Employer Retirement Plan | Association Of Economic Collaboration And Growth | 5,135 | $21.7M | 48.51 |
| 401(k) Simplified Flexible | Advisortrust, Inc. | 5,085 | $159.1M | 145.60 |
| Onedigital Open Pooled Employer Plan | Plan Fiduciary Services, Inc. | 4,946 | $93.6M | 228.67 |
| Choice Pooled Employer Plan I | Administrative Group, LLC Dba Transamerica Fiduciary Services | 4,941 | $47.2M | 190.02 |
| Fisher Investments 401(k) Plan | Fisher Asset Management, LLC Dba Fisher Investments | 4,886 | $1.2B | 18.38 |
| Ascensus, LLC 401(k) Savings Plan | Ascensus, LLC. | 4,858 | $621.8M | 1.76 |
The investment management and securities plans with a page of their own are listed below by size, and the same set is findable by employer name from the search on the home page.
Every Investment management and securities plan page, by size
The table above is the top of the list. These 4 pages hold the 45 published plan pages in investment management and securities, out of 960 filings of that kind in the data, split by how many people are in them, each ranked by active participants.
- 100 to 499 participants · 1 plans
- 500 to 999 participants · 1 plans
- 1,000 to 4,999 participants · 6 plans
- 5,000 or more participants · 37 plans
Which investment management and securities companies disclose their 401(k) match?
For these 7 employers we also read the SEC Form 11-K and extracted the match terms, matched to this industry by the plan’s EIN.
- Fulton Financial Corporation
100% (dollar-for-dollar) of the first 5% of pay
- Jefferies Financial Group Inc.
25% of the first 15% of pay
- Morgan Stanley
100% (dollar-for-dollar) of the first 5% of pay
- New Jersey Resources Corporation
100% (dollar-for-dollar) of the first 3% of pay, then 80% of the next 3% of pay
- Stifel Financial Corp.
100% (dollar-for-dollar) of the first 6% of pay
- The Charles Schwab Corporation
100% (dollar-for-dollar) of the first 5% of pay
- The Goldman Sachs Group, Inc.
100% (dollar-for-dollar) of the first 6% of pay
Which employers count as investment management and securities here?
Securities and commodity firms (codes 523110 to 523999) and funds and trusts (525100 to 525990). Sponsors here include Goldman Sachs, FMR (Fidelity) and Vanguard.
The code is the IRS principal business activity code the sponsor itself puts on Form 5500, line 2d. Medians count only plans whose Schedule H shows a positive plan-paid administrative expense (882 of 960 plans here). Plan-paid expenses exclude fund expense ratios and employer-paid bills, so every figure is a floor, not the all-in cost. Latest filing in this group received by the DOL July 22, 2026; source dataset last refreshed July 28, 2026. Full methodology
Cite this page
401(k) Monitor, “Investment management and securities 401(k) plans: median plan-paid administrative cost per participant”, computed from DOL EFAST2 Form 5500 bulk data, form year 2024.
