Annual salaries for licensed funeral home owners in New Jersey remained stable in 2024, topping $133,000 and mirroring the compensation from previous years, according to the figures gathered for the Thanexus 2024 Year in Review.
The average annual compensation for Thanexus licensed funeral home owners is $133,596, slightly below the $133,652 reported in 2023, but on par and slightly ahead of previous years, except for an outlier year in 2022 when an average of $145,007 was reported.
The nation’s first funeral practice management cooperative, Thanexus gathers information that details average yearly compensation for employees of shareholders for whom Thanexus provides payroll and benefits services.
Licensed non-owners realized an increase in annual salary from $87,967 reported in 2023 to $88,811 in 2024. The salaries for newly licensed non-owners, however, decreased from $69,765 to $67,829, according to the report.
Clerical and administrative staff and interns saw slight to moderate increases in hourly wages, the report showed, but funeral attendants’ hourly wage decreased.
The salaries of New Jersey’s funeral directors remain far above the national average, according to the federal Bureau of Labor Statistics. Morticians, undertakers and funeral arrangers nationally had an average salary of $59,420 per year in 2024, the BLS reports.
Thanexus uses actual W-2 wage data to calculate average and median salaries for several categories of employees, making it one of the most accurate barometers of funeral home employee compensation available. In 2024, Thanexus shared employment with and administered benefits for the 791 employees of its 66 shareholders in 119 registered mortuaries across 101 worksites, for a combined annual payroll of $33 million. A total of 259 of those workers are licensed funeral directors.
The Thanexus retirement plan posted gains as well. At the end of 2024, the plan had total assets of $123 million, an increase of $3 million over the 2023 figure. The retirement plan has 438 participants. The average account balance for participants between the ages of 40 and 59 is $339,094, according to the report. The average weighted expense ratio of the retirement plan is .3 percent, well below the national average, according to the Investment Company Institute.
Thanexus also declared $275,578 in patronage dividends in 2024, $205,684 of which will be returned to its shareholders is cash distributions with the remaining $68,895 allocated as member equity. In the past 24 years, Thanexus has declared nearly $3.3 million in patronage dividends, and more than $2 million has been returned in cash distributions.
Those seeking more details concerning Thanexus can find the 2024 Thanexus State of the Industry report here.
Interested in learning more about the Thanexus advantage?
Contact Chris Murphy at 888.309.5137 for a confidential discussion about how Thanexus can help your funeral home with its benefit offerings and staff oversight.