The average 401(k) match employers promised was 4.7% of pay in 2025 (median 4.0%), according to Vanguard’s How America Saves 2026. In dollars, a Q3 tabulation of 45,562 Form 5500 filings for plan year 2024 found a median of $2,064 in employer contributions per active participant, from $488 in accommodation and food services to $5,366 in utilities.
Key findings
The 2024 Form 5500 filings show an 11 to 1 spread between the industry with the most employer money per active participant and the industry with the least. Each finding below names its year, scope and source; the Q3 figures cover single-employer 401(k) plans with at least 100 active participants at year end.
- The median plan put $2,064 of employer contributions into accounts per active participant in plan year 2024 (Q3 tabulation of DOL Form 5500 and Schedule H data, 45,562 plans).
- Utilities had the highest industry median at $5,366 per active participant in 2024, followed by mining, oil and gas at $3,872 and finance and insurance at $3,610 (same tabulation).
- Accommodation and food services had the lowest industry median at $488 in 2024, and retail trade was second lowest at $960 (same tabulation).
- The 45,562 plans covered 60,442,875 active participants and reported $173.1 billion of employer contributions on Schedule H line 2a(1)(A) for plan year 2024.
- Pooled across all plans, employers added $0.54 for every $1.00 that participants contributed in plan year 2024 (Schedule H lines 2a(1)(A) and 2a(1)(B)).
- Only 2.9% of these 401(k) plans reported zero employer contributions for plan year 2024, while 91.0% carried feature code 2K for a section 401(m) arrangement.
- The median per active participant rose 4.7%, from $1,971 in plan year 2023 to $2,064 in plan year 2024, and every one of the 19 industry medians rose.
- Among Vanguard plans with a match formula, the average promised match was 4.7% of pay and the median 4.0% in 2025 (Vanguard, How America Saves 2026, Figure 7).
What is the average 401(k) employer contribution in each industry?
Per active participant, the median 401(k) plan in plan year 2024 received $2,064 of employer money, and industry medians ran from $488 in accommodation and food services to $5,366 in utilities. These are dollars actually reported as contributed on Schedule H, so they include matching, profit-sharing and other nonelective money, not just a match.
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| Industry (2-digit NAICS) | Plans | Active participants | 25th pct. | Median | 75th pct. | Pooled average | Employer $ per $1 employee |
|---|---|---|---|---|---|---|---|
| Utilities | 355 | 616,342 | $3,026 | $5,366 | $8,237 | $6,257 | $0.57 |
| Mining, oil and gas | 413 | 368,816 | $2,088 | $3,872 | $7,035 | $6,262 | $0.79 |
| Finance and insurance | 3,468 | 4,360,699 | $2,281 | $3,610 | $5,867 | $5,566 | $0.62 |
| Professional, scientific, technical services | 7,298 | 7,328,451 | $1,697 | $3,130 | $5,138 | $3,057 | $0.41 |
| Information | 1,366 | 1,992,394 | $1,440 | $2,884 | $4,552 | $4,743 | $0.40 |
| Management of companies | 516 | 1,343,577 | $1,399 | $2,494 | $4,472 | $4,805 | $0.61 |
| Construction | 2,652 | 1,510,912 | $1,215 | $2,161 | $3,645 | $2,842 | $0.57 |
| Manufacturing | 9,652 | 10,541,154 | $1,189 | $2,098 | $3,583 | $4,518 | $0.60 |
| Wholesale trade | 2,884 | 2,422,452 | $1,161 | $1,999 | $3,199 | $2,816 | $0.54 |
| Other services | 1,515 | 1,052,342 | $758 | $1,666 | $3,361 | $1,881 | $0.57 |
| Educational services | 689 | 592,759 | $832 | $1,658 | $3,130 | $1,559 | $0.52 |
| Agriculture, forestry, fishing | 495 | 466,223 | $762 | $1,594 | $2,867 | $1,298 | $0.54 |
| Health care and social assistance | 5,564 | 7,359,820 | $652 | $1,573 | $3,138 | $2,147 | $0.55 |
| Real estate and rental | 1,280 | 1,023,771 | $791 | $1,554 | $2,802 | $2,027 | $0.45 |
| Arts, entertainment, recreation | 718 | 945,465 | $710 | $1,336 | $2,226 | $1,075 | $0.43 |
| Transportation and warehousing | 1,543 | 2,795,124 | $600 | $1,323 | $2,446 | $3,443 | $0.73 |
| Administrative and waste services | 1,185 | 2,418,310 | $460 | $1,184 | $2,344 | $836 | $0.39 |
| Retail trade | 2,982 | 10,558,872 | $464 | $960 | $1,829 | $959 | $0.47 |
| Accommodation and food services | 987 | 2,745,392 | $196 | $488 | $1,023 | $518 | $0.43 |
| All industries | 45,562 | 60,442,875 | $974 | $2,064 | $3,790 | $2,864 | $0.54 |
Source: Q3 tabulation of DOL Form 5500 and Schedule H public data, plan year 2024 (latest release). Dollar columns are employer contributions (Schedule H line 2a(1)(A)) divided by active participants at year end (Form 5500 line 6a(2)). Percentiles are across plans. Pooled average is total employer dollars divided by total active participants. The last column is total employer dollars divided by total participant contributions (Schedule H line 2a(1)(B)).
The median and the pooled average answer different questions. The median describes the typical plan in an industry, while the pooled average is weighted toward the largest employers because it divides all employer dollars by all active participants. In transportation and warehousing the gap is widest: the median plan reported $1,323 per active participant, but the pooled figure is $3,443, because a few very large plans in the 2024 filings contribute far more per head than the typical trucking or logistics plan.
The last column is the closest the filings come to a match ratio. Across all 45,562 plans, employers contributed $0.54 for each $1.00 participants put in during plan year 2024, which sits near the $0.50 per dollar on the first 6% of pay that Vanguard reports as the most common single formula (12% of its matching plans in 2025, Figure 6). Participant contributions include Roth, catch-up and after-tax money, so the ratio understates the match rate on ordinary deferrals.
Why is $2,064 per participant so far below a 4.7% match?
A promised match is a ceiling that only an employee who defers enough pay collects, while the Form 5500 divides the dollars actually deposited by every active participant, including people who are eligible but contribute nothing. Low pay, part-year service, vesting forfeitures and nonparticipation all pull the per-participant figure below the formula’s face value.
The definition of “active participant” drives most of the gap. The 2024 Instructions for Form 5500 count as active participants any individuals eligible to elect deferrals under a section 401(k) arrangement, so an eligible employee who defers $0 and receives no match still sits in the denominator. Vanguard’s 2025 participation rate for wholesale and retail trade was 55% on a participant-weighted basis, against 96% in finance, insurance and real estate (How America Saves 2026, Figure 26), which lines up with retail’s $960 median.
Pay levels do the rest. The Form 5500 has no payroll field, so these dollars cannot be converted into a percent of pay, but the same 3% match produces $750 on $25,000 of part-year wages and $3,000 on $100,000. Service and pay caps also matter: matching formulas apply only to compensation up to the section 401(a)(17) limit, and a formula with a dollar cap (5% of Vanguard matching plans in 2025, Figure 5) stops at that cap regardless of pay.
The dollars are also broader than a match. Under Treas. Reg. 1.401(m)-1(a)(2), a matching contribution is an employer contribution made on account of an employee’s elective deferral or employee contribution, but Schedule H line 2a(1)(A) reports all employer contributions, including profit-sharing and safe harbor nonelective money that is paid whether or not the employee defers. That is why the 4,094 plans in the 2024 file without code 2K still show a median of $2,554 per active participant, higher than the $2,045 median for the 39,596 plans carrying both codes 2K and 2E.
Worked example: one $55,000 salary under three 2026 formulas
Consider a hypothetical employee earning $55,000 in 2026 who defers 6% of pay, or $3,300, well under the 2026 elective deferral limit of $24,500 (IRS cost-of-living limits). The table shows what each formula pays this one person; the figures are Q3 calculations using 2026 IRS figures for a hypothetical employee, not a projection for any plan.
| Formula (2026) | Where the formula comes from | Employer match on $55,000 at 6% deferral | Match if deferral is only 3% |
|---|---|---|---|
| $0.50 per $1 on the first 6% of pay | Most common Vanguard formula, 12% of matching plans (2025) | $1,650 (3.0% of pay) | $825 |
| 100% of the first 3%, 50% of the next 2% | Safe harbor basic match, IRC 401(k)(12)(B)(i) | $2,200 (4.0% of pay) | $1,650 |
| 100% of the first 6% of pay | 9% of Vanguard matching plans (2025) | $3,300 (6.0% of pay) | $1,650 |
Under all three formulas, this one employee would receive more than the $960 retail median or the $488 accommodation and food services median, because those medians average in eligible people who defer little or nothing. The safe harbor row is written into the statute: 26 U.S.C. 401(k)(12)(B)(i) requires a match of 100% of deferrals up to 3% of compensation plus 50% of deferrals between 3% and 5% for each non-highly compensated employee, which caps out at 4% of pay. The design trade-offs of that formula are covered in the guide to how a safe harbor 401(k) works.
The match does not reduce the $24,500 deferral limit; both count toward the $72,000 section 415(c) total for 2026, as explained in the page on whether employer contributions count toward the 401(k) limit. Whether that money is yours if you leave depends on the plan’s vesting schedule, and the statutory maximum schedules are set out in the 401(k) vesting schedule guide.
The tax character of the match is a separate choice. Under SECURE 2.0 section 604, a plan may let a fully vested employee designate matching contributions as Roth, and IRS Notice 2024-2, Q&A L-2, makes that designated Roth match includible in gross income for the year it is allocated to the account. Someone weighing that election against a later in-plan Roth conversion is comparing the tax rate on the match now with the rate on the converted balance later, and the plan-level rules are covered in how employers match a Roth 401(k).
Do larger 401(k) plans put in more per participant, and did 2024 rise over 2023?
Plan size barely moves the median: plans with 100 to 249 active participants reported $2,251 per active participant in 2024, and plans with 5,000 or more reported $2,167. Between plan years 2023 and 2024 the all-industry median rose 4.7%, from $1,971 to $2,064, and all 19 industry medians increased.
| Active participants at year end | Plans (2024) | Median employer $ per active | Plans with $0 employer money |
|---|---|---|---|
| 100 to 249 | 20,438 | $2,251 | 3.3% |
| 250 to 999 | 17,474 | $1,864 | 2.8% |
| 1,000 to 4,999 | 5,964 | $1,945 | 2.3% |
| 5,000 or more | 1,686 | $2,167 | 2.0% |
Source: Q3 tabulation of DOL Form 5500 and Schedule H, plan year 2024.
| Industry | Median 2023 | Median 2024 | Change |
|---|---|---|---|
| Utilities | $5,032 | $5,366 | +6.6% |
| Finance and insurance | $3,433 | $3,610 | +5.2% |
| Professional, scientific, technical services | $2,987 | $3,130 | +4.8% |
| Construction | $2,025 | $2,161 | +6.7% |
| Manufacturing | $2,005 | $2,098 | +4.6% |
| Educational services | $1,477 | $1,658 | +12.2% |
| Health care and social assistance | $1,503 | $1,573 | +4.7% |
| Transportation and warehousing | $1,313 | $1,323 | +0.8% |
| Retail trade | $945 | $960 | +1.7% |
| Accommodation and food services | $483 | $488 | +1.0% |
| All industries | $1,971 | $2,064 | +4.7% |
Source: Q3 tabulation of DOL Form 5500 and Schedule H, plan years 2023 (45,726 plans) and 2024 (45,562 plans), same filters both years. Ten of 19 industries shown; the script output lists all 19.
The smallest size band has the highest median because its industry mix differs. Professional, scientific and technical firms make up 18.3% of plans with 100 to 249 active participants but 8.9% of plans with 5,000 or more, while retail is 6.0% of the small band and 11.4% of the largest, and 10.8% of the small plans lack code 2K versus 5.5% of the largest (Q3 tabulation, 2024). The 2024 increases also track pay growth, because a percent-of-pay formula pays more dollars when wages rise even if the formula does not change; Vanguard’s average promised match moved only from 4.6% in 2023 to 4.7% in 2025 (Figure 8).
Do BLS and Vanguard figures agree with the Form 5500 ranking?
Yes on direction, not on level. The Bureau of Labor Statistics measures employer retirement cost per hour worked, and in June 2026 it was lowest in leisure and hospitality ($0.27) and retail trade ($0.54) and higher in information ($3.26) and financial activities ($2.44), the same pattern the Form 5500 medians show.
| BLS industry group | BLS retirement and savings cost per hour, June 2026 | Share of total compensation | Closest Form 5500 median, 2024 |
|---|---|---|---|
| All private industry | $1.57 | 3.3% | All industries $2,064 |
| Information | $3.26 | 3.9% | Information $2,884 |
| Transportation and warehousing | $2.72 | 5.5% | $1,323 (pooled $3,443) |
| Financial activities | $2.44 | 3.7% | Finance and insurance $3,610 |
| Wholesale trade | $1.79 | 3.3% | Wholesale trade $1,999 |
| Manufacturing | $1.60 | 3.3% | Manufacturing $2,098 |
| Health care and social assistance | $1.48 | 3.0% | Health care $1,573 |
| Retail trade | $0.54 | 2.0% | Retail trade $960 |
| Leisure and hospitality | $0.27 | 1.3% | Accommodation and food $488 |
Source: BLS Employer Costs for Employee Compensation, Table 6, private industry, June 2026 (released September 9, 2026), shown beside the Q3 Form 5500 tabulation. BLS “retirement and savings” includes defined benefit pension costs.
The one row that breaks the pattern is transportation and warehousing, at $2.72 per hour and 5.5% of compensation in the BLS series. The BLS figure includes defined benefit pension costs, which never appear on a 401(k) Schedule H, and the 2024 tabulation cannot say how much of the gap that explains. The pooled Form 5500 figure for the industry, $3,443, sits much closer to the BLS ranking than the $1,323 median does.
Vanguard’s figures measure a third thing: the formula. Among its plans with a single-tier or multitier match, the average promised value was 4.7% of pay and the median 4.0% in 2025, and 48% of its plans offered only a match while 37% offered both a match and nonmatching money (Figure 4). Plans with both types promised a median combined 8.0% of pay (Figure 13). None of the three sources is wrong; they divide different numerators by different denominators.
What the data cannot tell you
The Form 5500 cannot produce a match rate or a percent of pay, because the return has no payroll field and Schedule H reports one combined employer contribution line. Every dollar figure on this page is employer contributions per active participant, and it should not be quoted as a matching percentage.
- Small plans are excluded. Plans with fewer than 100 participants with account balances at the start of the year generally file Schedule I or Form 5500-SF instead of Schedule H under the large-plan rule in 29 CFR 2520.103-1, so this tabulation describes plans with at least 100 active participants only.
- Industry is the sponsor’s code. Line 2d asks for the six-digit NAICS code that best describes a single-employer sponsor’s primary business, so a holding company may report management of companies (NAICS 55) even when most of its 401(k) participants work in another industry.
- Educational services is a partial view. Many nonprofit schools and universities sponsor 403(b) plans, and public schools file no Form 5500, so the 689 educational plans here are mostly private 401(k) sponsors.
- Year-end headcounts move. Mergers and spin-offs change the active count during the year. Dividing by the average of beginning and year-end active counts gives an all-industry median of $2,076, and keeping only the 39,639 plans whose active count changed by less than 25% gives $2,158, both close to the $2,064 headline.
- Timing. Schedule H reports contributions received or receivable for the plan year, so a true-up or profit-sharing deposit made after year end can fall into the next filing, and plan year 2024 is the latest complete file.
- No employer ranking. A higher figure reflects pay, participation and plan design together, so the $5,366 utilities median and the $488 accommodation and food median do not show which industry’s plan would pay a given worker more under the same 2026 deferral.
Method
Q3 Advisors compiled primary documents and public data only. The original tables come from the Department of Labor’s plan year 2024 and 2023 Form 5500 and Schedule H public data files (latest release), read in place by the Python script tab_average-401k-match-by-industry.py. Benchmarks come from Vanguard’s How America Saves 2026, BLS Employer Costs for Employee Compensation for June 2026 and the 2024 Form 5500 instructions. Anonymous forum and social media anecdotes were excluded because retirement decisions are high-stakes.
Filters, with counts for plan year 2024: 227,009 Form 5500 rows; 219,341 with a plan year beginning in 2024; 92,968 carrying feature code 2J (section 401(k) feature); 90,301 single-employer plans; 90,265 after keeping the latest-received filing per sponsor EIN and plan number; 54,081 joined to a Schedule H on ACK_ID; 47,691 with at least 100 active participants at year end (line 6a(2)); 45,632 with a valid, non-negative employer contribution; 45,562 after dropping 70 plans with no usable NAICS code. The same steps produced 45,726 plans for 2023.
Formulas: employer dollars per active participant equals Schedule H line 2a(1)(A) divided by Form 5500 line 6a(2). Industry is the first two digits of the line 2d business code, with NAICS 31 to 33, 44 to 45 and 48 to 49 combined. Medians and percentiles are across plans, unweighted. The pooled average and the employer-per-employee-dollar ratio divide industry totals. Feature codes 2E (profit-sharing), 2K (section 401(m) arrangement) and 2S (automatic enrollment) are read from line 8a.
How to cite this data
Q3 Advisors, “Average 401(k) Match by Industry: Employer Dollars per Participant From 45,562 Plan Filings,” https://q3adv.com/average-401k-match-by-industry/, November 8, 2026.
Frequently asked questions
What is a good 401(k) match?
Vanguard reports that most of its plans with a match formula promised between 3.00% and 6.99% of pay in 2025, with an average of 4.7% and a median of 4.0%. By that yardstick, a promised match above 4.7% of pay is above the Vanguard average, and the statutory safe harbor match under IRC 401(k)(12) equals 4.0% of pay.
Is a 6% 401(k) match good?
A formula worth 6% of pay, such as 100% of the first 6%, is above Vanguard’s 2025 average promised match of 4.7%. On a $55,000 salary in 2026 it adds $3,300 a year for an employee who defers at least 6%, which is $1,650 more than the common $0.50 per dollar on the first 6% formula.
What is the most common 401(k) match formula?
In Vanguard’s 2025 data the most common single formula was $0.50 per dollar on the first 6% of pay, used by 12% of plans with a match. Next came 100% of the first 3% plus 50% of the next 2% at 9%, and 100% of the first 6% at 9%. Vanguard administered more than 100 distinct formulas.
Do most employers offer a 401(k) match?
Among Vanguard plans in 2025, 85% offered a match: 48% offered only a match and 37% offered a match plus nonmatching money, while 11% gave only nonmatching contributions and 4% gave nothing. In the Q3 tabulation of 2024 Form 5500 filings, 91.0% of 401(k) plans with 100 or more active participants carried feature code 2K.
Are employer 401(k) contributions taxed?
A pre-tax employer match is not taxed when deposited and is taxed as ordinary income when withdrawn. If a plan allows it and the employee is fully vested, the match can be designated as Roth under SECURE 2.0 section 604, and IRS Notice 2024-2, Q&A L-2, includes it in gross income for the year it is allocated.
Plan-by-plan figures for 48 large employers, computed the same way, appear in the ranking of 401(k) match dollars by company, and the mechanics of a match formula are explained in what a 401(k) match is.
This article is for educational purposes only and is not individualized investment, tax, or legal advice. Consult a qualified professional about your specific situation.
