# How Much Does a Pension Actuary Cost? Fee Evidence for 2026

Canonical: https://finbryn.com/us/guides/what-a-pension-actuary-costs

A pension actuary's fee depends on headcount and plan type; no official price list exists. One published small-plan schedule charges $1,125 plus $60 per participant for a valuation (page undated, opened 2026-10-18). In 2024 Form 5500 data, plans with 100 to 249 participants that paid actuarial fees from plan assets reported a median of $39,750. Finbryn publishes no actuarial price.

## Key takeaways

- We found no official fee schedule for pension actuarial work. This guide assembles three kinds of public evidence, each labelled with what it is and is not: published provider price pages, Form 5500 filings, and government engagement letters. None is a quote, and none is a Finbryn price.

- In DOL Form 5500 data for plan years beginning in 2024, 4,401 defined benefit plans filed both Schedule SB and Schedule H. Half (2,208) reported actuarial fees paid from plan assets on Schedule H line 2i(7). The median was $39,750 for plans with 100 to 249 participants, $63,813 for 250 to 999 and $214,188 for 1,000 or more.

- Most defined benefit plans are small, and small plans do not report actuarial fees. Of 40,747 Schedule SB plan years with a participant count, 36,202 (89%) reported fewer than 100 participants. Schedule I has no actuarial line, so small-plan cost evidence comes from price pages.

- Three published small-plan schedules (opened 2026-10-18): a $1,125 valuation fee plus $60 per participant, a group plan base of $3,000 a year plus $200 per participant, and a solo cash balance plan at $2,000 setup plus $170 a month. For a 10-participant plan the first schedule adds up to $4,625 a year before documents and PBGC premiums.

- PBGC premiums are not actuary fees. The single-employer flat rate is $111 per participant for plan years beginning in 2026 and $116 for 2027 (PBGC, updated 2026-10-14).

## What does a pension actuary cost, and why is there no price list?

The question has a short honest answer: it depends, and the people who know publish little. We looked for an official fee schedule and for an association survey, as the tax preparation field has with NATP and NSA, and found neither for actuarial work (checked 2026-10-18). The closest public number is an accountant's fee for filing the Form 5500: the NSA Income and Fees study reported an average of $615 in 2018 and no figure for 2020. That is the filing, not the actuarial valuation.

What exists is three kinds of evidence, and each one answers a slightly different question.

**Form 5500 filings** show what larger plans paid their actuaries from plan assets. They are real, dated and complete, but they cover plans with 100 or more participants.

**Provider price pages** show what some firms charge small cash balance and defined benefit plans today. They are prices, not quotes, and none of the pages carries an effective date.

**Public engagement letters** show what local governments agreed to pay actuaries for valuations of retiree benefits. The work is OPEB under GASB 75, not an ERISA pension plan, but the unit of work is similar.

The IRS says an actuary must determine how well a defined benefit plan is funded each year, including the required minimum contribution (IRS, page reviewed 2026-10-16). That annual valuation, plus the signature on Schedule SB, is what the fee mostly buys.

## What does the Form 5500 show about actuarial fees paid by plans?

Schedule H of the Form 5500 has a line for actuarial fees. The DOL instructions say line 2i(7) is for fees for actuarial services rendered to the plan, including preparation of Schedule SB. Plans with 100 or more participants at the start of the plan year file Schedule H, so the line covers larger plans only.

We joined three DOL data sets for form year 2024 (Schedule H, Schedule SB and the main Form 5500 file, matched on the filing ID) and kept plan years beginning in 2024. That gives 4,401 defined benefit plans with both schedules. Half of them reported nothing on line 2i(7). That can mean the sponsor paid the actuary outside the trust or the plan reported the fee on another expense line, so the table shows what plans paid from their assets and not what every plan pays. Line 2i(7) also counts every actuarial service paid in the year, which can include termination or consulting work beyond the annual valuation. The table covers the 2,208 plans that reported a fee.

| Participants at start of year | Plans with Schedules SB and H | Reporting a plan-paid actuarial fee | 25th percentile | Median | 75th percentile | Median per participant |
| --- | --- | --- | --- | --- | --- | --- |
| 100 to 249 | 1,161 | 405 (35%) | $22,570 | $39,750 | $67,552 | $234 |
| 250 to 999 | 1,504 | 709 (47%) | $38,598 | $63,813 | $127,488 | $136 |
| 1,000 or more | 1,703 | 1,083 (64%) | $97,704 | $214,188 | $414,427 | $51 |
| All sizes | 4,401 | 2,208 (50%) | $44,943 | $98,928 | $238,014 | $104 |

The 4,401 total includes 33 plans below 100 participants that file Schedule H under the 80 to 120 participant rule. Plans reporting a cash balance feature (pension feature code 1C) are 1,083 of the 4,401, and 541 of those reported a fee, with a median of $161,773. In the 100 to 249 band, 50 of 241 cash balance plans reported one, with a median of $47,856.

Two patterns matter. Fees rise with plan size but fall per participant. And the fee depends heavily on who is paying, because a sponsor that pays outside the trust leaves line 2i(7) empty.

## What do small-plan providers publish?

Most small defined benefit and cash balance plans are owner-heavy plans with a handful of participants. Of the 40,747 Schedule SB plan years with a participant count in the 2024 data, 36,202 (89%) reported fewer than 100 participants and 22,132 (54%) fewer than ten. These plans file the small-plan Schedule I or the Form 5500-SF, and neither breaks out actuarial fees. So we opened the price pages of three firms that publish small-plan prices.

| Provider (page opened 2026-10-18) | Published price | What the page says |
| --- | --- | --- |
| Cash Balance Actuaries | Annual valuation $1,125 plus $60 per participant up to 100 and $30 above 100. Form 5500-SF $1,000 plus $400 per schedule such as Schedule SB. Actuary $400 an hour | Valuation includes instructions and a one-hour annual meeting |
| Emparion | Group plan with non-owner participants: $3,000 base annual administration plus a $200 participant fee. Setup $2,100 for 2 to 3 participants and $2,600 for 4 to 10 | Lists the actuarial report, Schedule SB and Form 5500 as included. States that prices reflect minimum amounts |
| JULY | Solo cash balance plan: $2,000 setup and $170 a month for one owner | Does not mention actuarial work, Schedule SB or PBGC |

None of the three pages shows an effective date, and each carries a 2026 copyright notice. Prices can change, and providers differ in what a price includes. Last verified 2026-10-18.

A worked example from the first schedule, using its own formulas for a cash balance plan with 10 participants and a Form 5500-SF: valuation $1,725 ($1,125 plus $600), nondiscrimination testing $1,100 ($600 plus $500), census reconciliation $400 ($300 plus $100) and the Form 5500-SF with Schedule SB $1,400, for $4,625 a year. It excludes the one-time plan documents ($2,500 for owner-only and $3,500 with rank-and-file employees in that schedule), participant statements, trust accounting and PBGC filings. This is arithmetic on one provider's rate card, not a quote.

## What do actuaries charge by the hour, and what do local governments pay?

Two sources publish hourly rates. The Town of Canterbury, New Hampshire, received a proposal letter dated August 26, 2024 from KMS Actuaries for GASB 75 valuations of its retiree benefits. It lists work outside the fixed fee at $375 to $450 an hour for consulting actuaries, $275 to $350 for associate actuaries, $175 to $250 for analysts and $95 to $175 for other technical and administrative staff. Cash Balance Actuaries lists $400 an hour for an actuary, $300 for an actuarial associate and $200 for support staff on its undated price page.

The two public letters also show what a fixed valuation fee looks like.

| Record | Date | Scope | Fee |
| --- | --- | --- | --- |
| Town of Canterbury, NH, KMS Actuaries proposal letter | August 26, 2024 | GASB 75 retiree benefit valuations | $3,500 full valuation, $1,500 roll-forward, same fees repeated for 2026 |
| Ravalli County, MT, Leif Associates engagement letter | May 24, 2022 | GASB 75 valuations for fiscal years 2023 to 2025 | $7,800 full valuation (fiscal 2024), $1,750 and $2,000 roll-forward |

GASB 75 requires an actuarial valuation at least every two years, with a roll-forward allowed in between, which is why each letter prices both; a plan with fewer than 100 employees may use the alternative measurement method instead (GASB 75 paragraphs 28 and 224). These are government retiree medical valuations, not ERISA pension plans, so treat them as a sense of scale for a small valuation and not as a pension fee. The KMS letter also warns that fees may change if the data needed is hard to collect or the data arrives incomplete.

## What drives the fee up or down?

The price pages and the letters agree on what moves a fee, and they say so in their line items.

**Headcount.** Cash Balance Actuaries charges per participant on the valuation, the testing and the statements, with a lower rate above 100. Emparion adds a participant fee to its group base.

**Data quality.** Cash Balance Actuaries charges $300 plus $10 per participant for census reconciliation, and $50 for each data inconsistency it finds. The Canterbury letter says fees may be adjusted if usable data takes significant time to collect.

**Deadlines.** The same schedule adds $500 if information arrives after the last day of the sixth month following the plan year, and $1,000 after the eighth month. A calendar-year plan's Form 5500 is due July 31 (DOL instructions, 2025 edition).

**Testing and the filings.** Nondiscrimination testing, Schedule SB and the Form 5500 are separate lines in one schedule and bundled in another. Ask which.

**Projections and changes.** An updated or projected contribution calculation is priced at half of the full calculation, plan amendments at $500 each, and the PBGC termination filings at $2,500 plus $40 per participant up to 100 in the same schedule.

**PBGC premiums.** These are not an actuary's fee. The single-employer flat rate is $111 per participant for plan years beginning in 2026 and $116 for 2027, and the variable rate is $52 per $1,000 of unfunded vested benefits (PBGC, updated October 14, 2026). Plans of professional service employers that never exceeded 25 active participants are exempt from coverage under ERISA section 4021(b)(13). Our guide on [whether a retirement plan needs an actuary](/guides/does-my-retirement-plan-need-an-actuary) explains that exemption.

## What are the warning signs when you compare quotes?

Six things to look for before signing.

1. A price that does not say what it includes. One published schedule bundles the actuarial report, Schedule SB and Form 5500, another prices Schedule SB as a $400 add-on to the filing fee, and one page says its prices are minimums.
2. No named signer. Schedule SB must be signed by the plan's enrolled actuary, and the DOL instructions call an enrolled actuary an individual, not a firm. The IRS publishes a roster of active enrolled actuaries, current as of September 15, 2026. Check the person, not the letterhead.
3. An asset-based fee layered on top. Some providers charge a percentage of assets on some plan types. Ask any provider whether a percentage of assets applies to your plan and what it pays for.
4. Setup fee and annual fee blurred together. Ask for the first-year total and the ongoing annual figure, separately.
5. Late-data and rush charges. Know the date the actuary needs your census.
6. Exit costs. One published schedule lists a $250 deconversion fee on termination or transfer. Ask every provider what leaving costs.

If a quote answers all six in writing, you can compare it with another. Our [guide to choosing an actuarial support provider](/guides/how-to-choose-actuarial-support-provider) has twelve checks for the wider decision.

## What does Finbryn charge, and what does it do?

Finbryn does not publish an actuarial price. It quotes in writing after reviewing a sample of the plan's data, and the quote names who signs. That is consistent with what this guide found: the evidence shows ranges that move with headcount, plan type and data quality, and a public number would mislead.

For retirement plans, Finbryn prepares valuation workpapers, design illustrations and Schedule SB support schedules for the plan's enrolled actuary, who is engaged by the plan sponsor and signs Schedule SB. Nothing from Finbryn goes to the IRS, the DOL or the PBGC under its own name. For employer accounting under ASC 715 and for IBNR and reserve work, the reports are prepared for review and signature by a credentialed signing actuary. See [cash balance and defined benefit plan support](/services/actuarial-services/cash-balance-defined-benefit-plans) and [ASC 715 valuation support](/services/actuarial-services/asc-715-pension-opeb-valuations).

The method behind the Form 5500 table is simple enough to repeat. Download the Schedule H, Schedule SB and Form 5500 data sets for form year 2024 from the DOL's Form 5500 data page, match them on the filing ID, keep plan years beginning in 2024 and read the actuarial fees field. If your numbers differ from ours, tell us and we will check.

## Frequently asked questions

**Q: How much does a pension actuary cost?**

A: No official price list exists. In DOL Form 5500 data for plan year 2024, plans with 100 to 249 participants that paid actuarial fees from plan assets had a median of $39,750, and plans with 1,000 or more had $214,188. One published small-plan schedule charges $1,125 plus $60 per participant for a valuation (opened 2026-10-18).

**Q: How much does a cash balance plan cost to run each year?**

A: Published small-plan schedules opened 2026-10-18 show $2,040 a year at one solo provider ($170 a month, plus $2,000 setup), $3,000 plus $200 per participant for a group plan at another, and $4,625 for a 10-participant plan on a third provider's formulas. PBGC premiums, documents and investment fees come on top.

**Q: How much does an actuarial valuation cost?**

A: Public engagement letters show $3,500 for a full GASB 75 retiree benefit valuation and $1,500 for a roll-forward (Canterbury, NH, August 26, 2024), and $7,800 for a full valuation (Ravalli County, MT, May 24, 2022). Those are government retiree medical valuations, not ERISA pension plans.

**Q: Does the company or the plan pay the actuary?**

A: Either. In the 2024 Form 5500 data, half of the 4,401 defined benefit plans filing Schedules SB and H reported no actuarial fees paid from plan assets, which can mean the sponsor paid the actuary directly or the plan reported the fee on another line. The Schedule H instructions put actuarial fees on line 2i(7), including preparation of Schedule SB.

**Q: What does Schedule SB cost?**

A: One published schedule charges $400 for each required schedule, such as Schedule SB, on top of $1,000 for a Form 5500-SF. Another lists Schedule SB as included in its annual administration fee. NSA's survey averaged $615 for accountants preparing a Form 5500 in 2018. An enrolled actuary must sign Schedule SB.

**Q: Do PBGC premiums count as part of the cost?**

A: They are separate from the actuary's fee. The single-employer flat rate is $111 per participant for plan years beginning in 2026 and $116 for 2027, and the variable rate is $52 per $1,000 of unfunded vested benefits (PBGC, updated 2026-10-14). Professional service employers that never exceeded 25 active participants are exempt under ERISA 4021(b)(13).

**Q: How much does an actuary charge per hour?**

A: KMS Actuaries' August 26, 2024 proposal letter lists $375 to $450 for consulting actuaries, $275 to $350 for associate actuaries and $175 to $250 for analysts. Cash Balance Actuaries lists $400 for an actuary and $300 for an associate on its price page, which carries no effective date.

**Q: Does Finbryn publish a price for actuarial work?**

A: No. Finbryn quotes in writing after reviewing a sample of the plan's data, and the quote names who signs. The plan's enrolled actuary, engaged by the plan sponsor, signs Schedule SB; Finbryn prepares valuation workpapers for that actuary's review.

## Sources

1. [DOL EBSA, Form 5500 data sets (Schedule C, Schedule H, Schedule SB and main file layouts)](https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/public-disclosure/foia/form-5500-datasets) (2026-10-18)
2. [DOL EBSA, F_SCH_H_2024_Latest data set (Schedule H, form year 2024)](https://askebsa.dol.gov/FOIA%20Files/2024/Latest/F_SCH_H_2024_Latest.zip) (2026-10-18)
3. [DOL EBSA, F_SCH_SB_2024_Latest data set (Schedule SB, form year 2024)](https://askebsa.dol.gov/FOIA%20Files/2024/Latest/F_SCH_SB_2024_Latest.zip) (2026-10-18)
4. [DOL EBSA, F_5500_2024_Latest data set (Form 5500, form year 2024)](https://askebsa.dol.gov/FOIA%20Files/2024/Latest/F_5500_2024_Latest.zip) (2026-10-18)
5. [DOL EBSA, 2024 Instructions for Form 5500 (Schedule H line 2i(7), Schedule SB)](https://www.dol.gov/sites/dolgov/files/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500/2024-instructions.pdf) (2026-10-18)
6. [DOL EBSA, 2025 Instructions for Form 5500 (Schedule C codes, Schedule SB enrolled actuary)](https://www.dol.gov/sites/dolgov/files/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500/2025-instructions.pdf) (2026-10-18)
7. [Cash Balance Actuaries, Fees and services (page undated, opened 2026-10-18)](https://cashbalanceactuaries.com/fees-and-services) (2026-10-18)
8. [Emparion, Cash balance and defined benefit plan pricing (page undated, opened 2026-10-18)](https://www.emparion.com/plan-pricing/) (2026-10-18)
9. [JULY, Fee details for solo 401k, solo cash balance and solo combo plans (page undated, opened 2026-10-18)](https://www.julyservices.com/fee-details-for-solo-401k-solo-cash-balance-and-solo-combo-plans/) (2026-10-18)
10. [Town of Canterbury, NH, KMS Actuaries GASB 75 proposal letter (August 26, 2024)](https://canterburynh.gov/wp-content/uploads/2024/10/Canterbury-NH-GASB-75-KMS-Proposal-Letter-8-26-2024.pdf) (2026-10-18)
11. [Ravalli County, MT, Leif Associates GASB 75 engagement letter (May 24, 2022)](https://ravallicounty.gov/Archive.aspx?ADID=17437) (2026-10-18)
12. [PBGC, Premium rates (last updated October 14, 2026)](https://www.pbgc.gov/employers-practitioners/premium-filings/rates) (2026-10-18)
13. [29 U.S.C. 1321 (ERISA section 4021), plans covered, including professional service employers](https://www.law.cornell.edu/uscode/text/29/1321) (2026-10-18)
14. [IRS, Choosing a defined benefit plan (reviewed 2026-10-16)](https://www.irs.gov/newsroom/choosing-a-defined-benefit-plan) (2026-10-18)
15. [IRS, Enrolled actuaries, news from the Joint Board (roster current as of 2026-09-15)](https://www.irs.gov/tax-professionals/enrolled-actuaries/news-from-the-joint-board) (2026-10-18)
16. [National Society of Accountants, 2020-2021 Income and Fees of Accountants and Tax Preparers in Public Practice (Form 5500 fee series)](https://higherlogicdownload.s3.amazonaws.com/NSACCT/725010a8-142f-4092-8b5d-077c2618c728/UploadedImages/Membership/IncomeandFeeSurvey/NSA2020-2021_IncomeandFeesStudy_NationalAverages.pdf) (2026-10-18)

Reviewed October 2026

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