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 573 large 401(k) plans that disclosed a recordkeeper — covering 244,411 active participants and $23.1B in plan assets — the market remains highly concentrated at the top.
Empower is the most widely used recordkeeper by number of plans served, named as the primary recordkeeper on 110 plans (19.2% of the recordkeeper-served market), followed by Fidelity with 104 plans (18.2%). Ranked by assets on the plans they serve, Fidelity leads with $17.5B.
Primary recordkeeper per plan · 2025 plan year · share of the 573 large 401(k) plans that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Empower | 110 | -98.6% | 22,711 | $1.5B | 19.2% |
| 2 | Fidelity | 104 | -99.0% | 145,607 | $17.5B | 18.2% |
| 3 | Principal | 93 | -98.2% | 20,523 | $1.0B | 16.2% |
| 4 | ADP | 34 | -99.1% | 5,120 | $121.8M | 5.9% |
| 5 | John Hancock | 33 | -98.7% | 4,023 | $339.2M | 5.8% |
| 6 | Transamerica | 32 | -98.2% | 5,268 | $183.1M | 5.6% |
| 7 | Vanguard | 23 | -99.1% | 3,308 | $434.2M | 4.0% |
| 8 | Voya | 15 | -99.0% | 1,524 | $63.6M | 2.6% |
| 9 | Capital Group (American Funds) | 13 | -98.3% | 4,019 | $72.6M | 2.3% |
| 10 | Ascensus | 12 | -98.9% | 832 | $6.3M | 2.1% |
| 11 | The Standard (StanCorp) | 10 | -99.1% | 82 | $15.4M | 1.7% |
| 12 | Nationwide | 9 | -98.2% | 3,005 | $29.3M | 1.6% |
| 13 | OneAmerica | 8 | -98.7% | 882 | $36.7M | 1.4% |
| 14 | Paychex | 8 | -98.6% | 1,235 | $10.1M | 1.4% |
| 15 | Mutual of America | 7 | -98.7% | 2,419 | $109.2M | 1.2% |
| 16 | Lincoln Financial | 6 | -98.7% | 607 | $17.8M | 1.0% |
| 17 | Newport Group | 6 | -99.1% | 140 | $10.7M | 1.0% |
| 18 | Merrill (Bank of America) | 5 | -99.0% | 1,744 | $7.2M | 0.9% |
| 19 | Human Interest | 4 | -97.1% | 546 | $17.0M | 0.7% |
| 20 | Jpmorgan Invest Holdings(as filed) | 3 | -98.6% | 873 | $27.4M | 0.5% |
| 21 | Vestwell | 3 | -94.8% | 113 | $5.9M | 0.5% |
| 22 | Alerus | 3 | -99.2% | 0 | $0 | 0.5% |
| 23 | Admin Group Dba Tag Resources(as filed) | 3 | -95.2% | 0 | $0 | 0.5% |
| 24 | T. Rowe Price | 3 | -99.5% | 0 | $0 | 0.5% |
| 25 | Schwab | 2 | -99.7% | 14,626 | $1.3B | 0.3% |
Sum of each plan’s end-of-year total plan assets, pooled investment vehicles excluded. “Assets on plans served,” not assets under administration.
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 June 20, 2026.
| 4.4% |
| 5 | Vanguard | 23 | -99.1% | 3,308 | $434.2M | 1.9% |
| 6 | John Hancock | 33 | -98.7% | 4,023 | $339.2M | 1.5% |
| 7 | Transamerica | 32 | -98.2% | 5,268 | $183.1M | 0.8% |
| 8 | ADP | 34 | -99.1% | 5,120 | $121.8M | 0.5% |
| 9 | Mutual of America | 7 | -98.7% | 2,419 | $109.2M | 0.5% |
| 10 | Capital Group (American Funds) | 13 | -98.3% | 4,019 | $72.6M | 0.3% |
| 11 | Voya | 15 | -99.0% | 1,524 | $63.6M | 0.3% |
| 12 | Northwest Plan Services(as filed) | 2 | -80.0% | 1,389 | $56.5M | 0.2% |
| 13 | Bnc National Bank(as filed) | 1 | -66.7% | 130 | $48.9M | 0.2% |
| 14 | Prudential / PGIM | 2 | -33.3% | 454 | $39.7M | 0.2% |
| 15 | OneAmerica | 8 | -98.7% | 882 | $36.7M | 0.2% |
| 16 | Usi Consulting Group(as filed) | 1 | -97.2% | 219 | $32.0M | 0.1% |
| 17 | Nationwide | 9 | -98.2% | 3,005 | $29.3M | 0.1% |
| 18 | Jpmorgan Invest Holdings(as filed) | 3 | -98.6% | 873 | $27.4M | 0.1% |
| 19 | Guideline | 2 | -99.1% | 789 | $21.6M | 0.1% |
| 20 | Lincoln Financial | 6 | -98.7% | 607 | $17.8M | 0.1% |
| 21 | Human Interest | 4 | -97.1% | 546 | $17.0M | 0.1% |
| 22 | The Standard (StanCorp) | 10 | -99.1% | 82 | $15.4M | 0.1% |
| 23 | Newport Group | 6 | -99.1% | 140 | $10.7M | 0.0% |
| 24 | Paychex | 8 | -98.6% | 1,235 | $10.1M | 0.0% |
| 25 | E Plan Services(as filed) | 1 | 0.0% | 104 | $8.5M | 0.0% |
