This report ranks the recordkeepers that serve America's large 401(k) plans, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2025. Across 3,259 large 401(k) plans that disclosed a recordkeeper — covering 5,239,345 active participants and $1.0T in plan assets — the market remains highly concentrated at the top.
Fidelity is the most widely used recordkeeper by number of plans served, named as the primary recordkeeper on 737 plans (22.6% of the recordkeeper-served market), followed by Empower with 602 plans (18.5%). Ranked by assets on the plans they serve, Fidelity leads with $551.7B.
Primary recordkeeper per plan · 2025 plan year · share of the 3,259 large 401(k) plans that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 737 | -93.2% | 2,220,416 | $551.7B | 22.6% |
| 2 | Empower | 602 | -92.8% | 662,127 | $101.1B | 18.5% |
| 3 | Principal | 460 | -91.2% | 342,157 | $40.7B | 14.1% |
| 4 | ADP | 201 | -95.0% | 47,281 | $2.4B | 6.2% |
| 5 | Vanguard | 192 | -92.5% | 256,823 | $118.9B | 5.9% |
| 6 | John Hancock | 189 | -93.1% | 113,155 | $8.9B | 5.8% |
| 7 | Transamerica | 125 | -93.2% | 56,770 | $5.9B | 3.8% |
| 8 | Voya | 103 | -93.5% | 295,933 | $33.0B | 3.2% |
| 9 | Ascensus | 57 | -94.7% | 10,758 | $1.3B | 1.7% |
| 10 | The Standard (StanCorp) | 55 | -95.0% | 10,912 | $1.1B | 1.7% |
| 11 | Capital Group (American Funds) | 54 | -93.3% | 16,688 | $1.4B | 1.7% |
| 12 | Paychex | 41 | -92.8% | 8,812 | $296.1M | 1.3% |
| 13 | Schwab | 40 | -94.9% | 122,813 | $18.1B | 1.2% |
| 14 | T. Rowe Price | 35 | -94.6% | 308,749 | $60.9B | 1.1% |
| 15 | Merrill (Bank of America) | 34 | -93.5% | 74,581 | $10.7B | 1.0% |
| 16 | Nationwide | 28 | -94.8% | 8,035 | $550.1M | 0.9% |
| 17 | Lincoln Financial | 26 | -94.7% | 7,780 | $953.2M | 0.8% |
| 18 | OneAmerica | 24 | -96.3% | 9,473 | $791.7M | 0.7% |
| 19 | Jpmorgan Invest Holdings(as filed) | 23 | -89.7% | 24,404 | $1.1B | 0.7% |
| 20 | Newport Group | 21 | -97.0% | 9,928 | $430.1M | 0.6% |
| 21 | Alerus | 17 | -95.5% | 4,164 | $918.5M | 0.5% |
| 22 | Mutual of America | 17 | -97.1% | 4,677 | $203.4M | 0.5% |
| 23 | Alight Solutions | 16 | -76.5% | 582,973 | $76.0B | 0.5% |
| 24 | Admin Group Dba Tag Resources(as filed) | 15 | -77.3% | 5,468 | $63.5M | 0.5% |
| 25 | EPIC Retirement Plan Services | 14 | -95.0% | 7,712 | $1.1B | 0.4% |
Sum of each plan’s end-of-year total plan assets, pooled investment vehicles excluded. “Assets on plans served,” not assets under administration.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Assets share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 737 | -93.2% | 2,220,416 | $551.7B | 53.0% |
| 2 | Vanguard | 192 | -92.5% | 256,823 | $118.9B | 11.4% |
| 3 | Empower | 602 | -92.8% | 662,127 | $101.1B | 9.7% |
| 4 | Alight Solutions | 16 | -76.5% | 582,973 | $76.0B | 7.3% |
| 5 | T. Rowe Price | 35 | -94.6% | 308,749 | $60.9B | 5.8% |
| 6 | Principal | 460 | -91.2% | 342,157 | $40.7B | 3.9% |
| 7 | Voya | 103 | -93.5% | 295,933 | $33.0B | 3.2% |
| 8 | Schwab | 40 | -94.9% | 122,813 | $18.1B | 1.7% |
| 9 | Merrill (Bank of America) | 34 | -93.5% | 74,581 | $10.7B | 1.0% |
| 10 | John Hancock | 189 | -93.1% | 113,155 | $8.9B | 0.9% |
| 11 | Transamerica | 125 | -93.2% | 56,770 | $5.9B | 0.6% |
| 12 | ADP | 201 | -95.0% | 47,281 | $2.4B | 0.2% |
| 13 | Capital Group (American Funds) | 54 | -93.3% | 16,688 | $1.4B | 0.1% |
| 14 | Ascensus | 57 | -94.7% | 10,758 | $1.3B | 0.1% |
| 15 | EPIC Retirement Plan Services | 14 | -95.0% | 7,712 | $1.1B | 0.1% |
| 16 | Jpmorgan Invest Holdings(as filed) | 23 | -89.7% | 24,404 | $1.1B | 0.1% |
| 17 | The Standard (StanCorp) | 55 | -95.0% | 10,912 | $1.1B | 0.1% |
| 18 | Lincoln Financial | 26 | -94.7% | 7,780 | $953.2M | 0.1% |
| 19 | Alerus | 17 | -95.5% | 4,164 | $918.5M | 0.1% |
| 20 | OneAmerica | 24 | -96.3% | 9,473 | $791.7M | 0.1% |
| 21 | Nationwide | 28 | -94.8% | 8,035 | $550.1M | 0.1% |
| 22 | Newport Group | 21 | -97.0% | 9,928 | $430.1M | 0.0% |
| 23 | Paychex | 41 | -92.8% | 8,812 | $296.1M | 0.0% |
| 24 | Northwest Plan Services(as filed) | 4 | -60.0% | 2,432 | $267.2M | 0.0% |
| 25 | Usi Consulting Group(as filed) | 2 | -94.6% | 2,334 | $232.5M | 0.0% |
Largest changes in plans served among recordkeepers with 100+ plans in either year.
Scope is 401(k) plans only — filings whose pension-benefit code carries the 401(k) feature and are not defined-benefit plans — so the figures are comparable to other 401(k) market benchmarks. Each plan is attributed to a single primary recordkeeper — the disclosed recordkeeper receiving the highest direct compensation — so figures are unduplicated and brand shares sum to 100%. Provider-name spellings are consolidated into brand families using a curated, published mapping. Assets are each plan's own end-of-year total plan assets, summed across the plans a recordkeeper is primary on, with pooled investment vehicles (master trusts and other Direct Filing Entities) excluded to avoid double-counting. Because Schedule C is filed almost exclusively by large (generally 100+ participant) plans, this is a large-plan 401(k) market view. See the methodology for full definitions and limitations.
Full definitions and limitations: Methodology §7.
Source: U.S. Department of Labor EFAST2 public release of Form 5500 & Form 5500-SF, Schedule C (service providers) and Schedule H (financials), plan years 2022–2025. Generated September 6, 2026.
