Lowest-cost large 401(k) plans

Plans with at least 5,000 active participants, ranked by administrative expenses paid from plan assets as a share of average assets (2024).

#	Employer	State	Active participants	Net assets	Admin expenses	Cost % of assets	Grade
1	Capital Group Companies, Inc.	CA	7,978	$8.1B	$2,225	<0.01%	A
2	Empower Retirement, LLC	CO	10,223	$2.2B	$3,211	<0.01%	A
3	Blackrock, Inc.	NY	8,975	$4.8B	$7,950	<0.01%	A
4	Voya Services Company	GA	7,136	$2.7B	$4,697	<0.01%	B
5	Transamerica Corporation	IA	7,912	$2.7B	$10,840	<0.01%	B
6	Burlington Northern Santa Fe, LLC	TX	6,220	$2.5B	$11,500	<0.01%	A
7	Bnsf Railway Company	TX	27,217	$4.8B	$37,500	<0.01%	C
8	Merck & Co., Inc.	NJ	28,567	$15.0B	$123,978	<0.01%	B
9	Intel Corporation	CA	50,996	$24.8B	$268,048	<0.01%	A
10	Meta Platforms, Inc.	CA	55,018	$16.5B	$206,548	<0.01%	A
11	Catalent Pharma Solutions, Inc.	NJ	8,718	$870.8M	$12,195	<0.01%	C
12	Visa Inc.	CA	13,298	$5.2B	$76,809	<0.01%	A
13	Iheart Communications, Inc.	TX	8,934	$1.4B	$25,612	<0.01%	D
14	Novartis Corporation	NJ	12,102	$9.9B	$186,992	<0.01%	A
15	GE Healthcare Technologies Inc.	IL	16,474	$10.5B	$209,000	<0.01%	A
16	Deere & Company	IL	17,679	$12.9B	$297,539	<0.01%	A
17	Nisource Inc	IN	7,800	$2.0B	$54,836	<0.01%	B
18	State Farm Mutual Automobile Insurance Company	IL	65,386	$19.0B	$585,741	<0.01%	F
19	Old Republic International Corp.	IL	9,761	$2.1B	$65,124	<0.01%	B
20	American Public Education Inc.	WV	5,808	$303.2M	$9,425	<0.01%	C
21	Gilead Sciences, Inc.	CA	11,104	$4.3B	$139,840	<0.01%	A
22	Paccar Inc	WA	11,293	$2.9B	$113,140	<0.01%	C
23	Nestle USA, Inc. Savings Plan Administration	OH	30,769	$7.5B	$300,695	<0.01%	B
24	Bloomberg L.P.	NY	14,806	$5.7B	$247,054	<0.01%	A
25	Bread Financial Payments, Inc.	OH	5,527	$932.0M	$41,851	<0.01%	B
26	Qualcomm Incorporated	CA	13,638	$9.7B	$425,489	<0.01%	C
27	United Services Automobile Association	TX	37,615	$10.9B	$501,455	<0.01%	A
28	Solventum Corporation	MN	11,084	$2.6B	$128,381	<0.01%	C
29	Lincoln National Corporation	PA	10,554	$3.5B	$182,511	<0.01%	A
30	Federal Home Loan Mortgage Corp	VA	8,019	$3.7B	$192,862	<0.01%	A
31	Philips North America LLC	MA	17,727	$6.4B	$352,392	<0.01%	B
32	Parexel International Corporation	MA	5,009	$899.9M	$49,130	<0.01%	A
33	The Progressive Corporation & Its Participating Subsidiaries	OH	64,939	$11.5B	$632,960	<0.01%	D
34	Google LLC	CA	115,516	$48.7B	$2,685,747	<0.01%	A
35	Cleveland-Cliffs Steel LLC	OH	12,958	$1.7B	$98,033	<0.01%	D
36	Astrazeneca Pharmaceuticals LP	DE	17,509	$8.6B	$521,746	<0.01%	A
37	PWC US Group LLP	FL	50,389	$13.2B	$795,491	<0.01%	B
38	The Crawford Group, Inc.	MO	71,702	$6.5B	$402,094	<0.01%	C
39	Intuit Inc.	CA	22,418	$3.7B	$226,512	<0.01%	B
40	RBC USA Holdco Corporation	MN	10,518	$4.3B	$312,239	<0.01%	A
41	Mohawk Carpet, LLC	GA	7,339	$912.0M	$69,379	<0.01%	D
42	BP Corporation North America Inc.	TX	9,318	$8.3B	$633,355	<0.01%	A
43	Skechers USA, Inc.	CA	10,332	$237.0M	$17,363	<0.01%	F
44	Netapp Inc	CA	5,554	$2.2B	$184,134	<0.01%	A
45	Western Digital Corporation	CA	6,578	$2.5B	$213,646	<0.01%	A
46	Capgemini America, Inc.	NY	11,379	$2.5B	$213,593	<0.01%	C
47	Twdc Enterprises 18 Corp.	CA	50,478	$12.7B	$1,104,307	<0.01%	D
48	Eaton Corporation	OH	24,884	$8.4B	$731,609	<0.01%	B
49	Genentech, Inc.	CA	22,302	$14.3B	$1,303,704	<0.01%	A
50	The Turner Corporation	NY	7,670	$2.8B	$253,796	<0.01%	A
51	Lockheed Martin Corporation	MD	8,693	$1.2B	$132,539	<0.01%	C
52	Wintrust Financial Corporation	IL	5,600	$797.6M	$73,827	0.01%	C
53	Bae Systems, Inc.	VA	34,518	$10.6B	$1,032,322	0.01%	B
54	Epic Systems Corporation	WI	13,976	$2.9B	$271,253	0.01%	B
55	Federal Express Corporation	TN	5,620	$5.3B	$526,612	0.01%	A
56	Health Care Service Corporation	TX	32,760	$3.9B	$394,380	0.01%	D
57	Edward D. Jones & Co., L.P.	MO	48,872	$12.4B	$1,245,386	0.01%	A
58	Deere & Company	IL	12,070	$2.1B	$210,212	0.01%	D
59	Massachusetts Institute of Technology	MA	14,944	$7.7B	$801,144	0.01%	A
60	Analog Devices, Inc.	MA	6,860	$4.3B	$460,974	0.01%	A
61	Wegmans Food Markets Inc.	NY	48,542	$3.4B	$360,850	0.01%	B
62	Teachers Insurance and Annuity Association of America	NY	11,656	$4.6B	$498,406	0.01%	B
63	Becton, Dickinson and Company	NJ	22,307	$5.8B	$654,012	0.01%	B
64	Mutual of Omaha Insurance Company	NE	5,932	$1.0B	$110,021	0.01%	B
65	Lockheed Martin Corporation	MD	95,628	$51.4B	$5,823,212	0.01%	A
66	Palo Alto Networks, Inc.	CA	8,484	$1.3B	$137,182	0.01%	C
67	CRC Insurance Group, LLC	NC	8,234	$1.6B	$200,012	0.01%	D
68	Deseret Mutual Benefit Administrators	UT	25,526	$6.1B	$716,886	0.01%	B
69	Sanofi-Aventis US LLC	NJ	13,472	$8.5B	$1,019,893	0.01%	A
70	Archer Daniels Midland Company	IL	8,518	$2.3B	$287,581	0.01%	A
71	Lockheed Martin Corporation	MD	18,469	$3.0B	$338,092	0.01%	B
72	Lowe's Companies, Inc.	NC	271,956	$8.6B	$1,136,505	0.01%	B
73	Southern California Gas Company	CA	8,922	$3.1B	$398,326	0.01%	C
74	Thrivent Financial for Lutherans	MN	6,512	$1.7B	$225,388	0.01%	B
75	Altman Specialty Plants LLC	CA	5,935	$17.1M	$2,250	0.01%	F
76	Pepsico, Inc.	NY	136,014	$14.9B	$2,025,000	0.01%	C
77	Altec Industries, Inc.	AL	10,086	$986.4M	$129,151	0.01%	D
78	Freeport-Mcmoran Inc.	AZ	13,985	$2.7B	$359,638	0.01%	A
79	The Dow Chemical Company	MI	17,172	$10.7B	$1,502,745	0.01%	A
80	Ebay Inc.	CA	7,328	$2.0B	$265,371	0.01%	A
81	Kyndryl, Inc.	NY	6,300	$764.4M	$100,822	0.02%	A
82	Chevron Corporation	TX	21,850	$20.4B	$2,987,346	0.02%	A
83	Eli Lilly and Company	IN	20,890	$13.0B	$1,856,531	0.02%	A
84	Lumen Technologies, Inc.	LA	23,892	$7.3B	$1,117,525	0.02%	C
85	Corteva Agriscience, LLC	DE	9,583	$7.0B	$1,085,176	0.02%	A
86	Adobe Inc.	CA	15,031	$5.0B	$719,547	0.02%	A
87	Marshfield Clinic, Inc.	WI	9,789	$1.8B	$279,376	0.02%	B
88	Costco Wholesale Corporation	WA	207,722	$41.0B	$5,970,210	0.02%	A
89	The Cigna Group	PA	65,083	$14.1B	$2,203,117	0.02%	C
90	Expeditors International of Washington, Inc.	WA	6,380	$1.2B	$181,829	0.02%	A
91	W.R. Berkley Corporation	CT	6,242	$2.3B	$349,834	0.02%	A
92	Atrius Mso, LLC	MN	5,510	$1.6B	$260,276	0.02%	A
93	Brightview Landscapes, LLC	PA	15,544	$378.4M	$62,086	0.02%	B
94	Air Products & Chemicals, Inc.	PA	6,542	$2.7B	$457,369	0.02%	A
95	Bytedance Inc	CA	11,442	$918.9M	$123,021	0.02%	A
96	Genesco Inc.	TN	10,857	$190.2M	$31,899	0.02%	F
97	Reliance, Inc.	AZ	11,690	$1.7B	$279,364	0.02%	C
98	The Boston Consulting Group, Inc.	MA	9,943	$2.9B	$467,670	0.02%	A
99	RTX Corporation	CT	124,102	$58.6B	$9,889,000	0.02%	B
100	Wells Fargo & Company	MN	173,126	$57.9B	$9,818,207	0.02%	A

Excludes 52 large plans that reported $0 in direct expenses (we can't tell whether the employer pays or fees are inside the funds). Fund expense ratios are not in Form 5500.

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