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 13,610 large 401(k) plans that disclosed a recordkeeper — covering 16,112,664 active participants and $2.5T 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 3,406 plans (25.0% of the recordkeeper-served market), followed by Empower with 2,476 plans (18.2%). Ranked by assets on the plans they serve, Fidelity leads with $1.2T.
Primary recordkeeper per plan · 2025 plan year · share of the 13,610 large 401(k) plans that disclose a recordkeeper.
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.
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 October 21, 2026.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 3,406 | -68.9% | 6,720,489 | $1.2T | 25.0% |
| 2 | Empower | 2,476 | -70.4% | 2,226,932 | $295.5B | 18.2% |
| 3 | Principal | 1,570 | -70.3% | 1,753,532 | $138.5B | 11.5% |
| 4 | ADP | 1,190 | -70.7% | 390,440 | $23.4B | 8.7% |
| 5 | Vanguard | 712 | -72.4% | 1,034,555 | $329.0B | 5.2% |
| 6 | John Hancock | 706 | -74.4% | 331,525 | $28.2B | 5.2% |
| 7 | Transamerica | 478 | -74.3% | 370,748 | $25.5B | 3.5% |
| 8 | Voya | 377 | -76.4% | 445,544 | $73.1B | 2.8% |
| 9 | The Standard (StanCorp) | 313 | -71.7% | 149,153 | $8.6B | 2.3% |
| 10 | Ascensus | 241 | -77.9% | 60,145 | $5.6B | 1.8% |
| 11 | Schwab | 235 | -70.1% | 488,295 | $117.1B | 1.7% |
| 12 | Capital Group (American Funds) | 229 | -71.8% | 138,934 | $10.7B | 1.7% |
| 13 | T. Rowe Price | 191 | -70.7% | 601,154 | $106.2B | 1.4% |
| 14 | Paychex | 159 | -72.3% | 34,033 | $1.5B | 1.2% |
| 15 | Merrill (Bank of America) | 123 | -76.5% | 249,467 | $43.0B | 0.9% |
| 16 | Newport Group | 123 | -82.9% | 44,099 | $4.6B | 0.9% |
| 17 | Lincoln Financial | 117 | -76.5% | 52,781 | $5.4B | 0.9% |
| 18 | Nationwide | 104 | -80.7% | 29,811 | $1.7B | 0.8% |
| 19 | Alerus | 90 | -76.1% | 32,050 | $4.4B | 0.7% |
| 20 | EPIC Retirement Plan Services | 85 | -70.1% | 32,471 | $3.8B | 0.6% |
| 21 | Jpmorgan Invest Holdings(as filed) | 75 | -66.5% | 41,440 | $2.8B | 0.6% |
| 22 | OneAmerica | 69 | -89.4% | 29,820 | $3.2B | 0.5% |
| 23 | Human Interest | 52 | -62.9% | 10,454 | $336.0M | 0.4% |
| 24 | Mutual of America | 48 | -91.8% | 12,979 | $442.8M | 0.4% |
| 25 | Betterment | 38 | -66.4% | 10,607 | $646.6M | 0.3% |
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Assets share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 3,406 | -68.9% | 6,720,489 | $1.2T | 46.8% |
| 2 | Vanguard | 712 | -72.4% | 1,034,555 | $329.0B | 12.9% |
| 3 | Empower | 2,476 | -70.4% | 2,226,932 | $295.5B | 11.6% |
| 4 | Principal | 1,570 | -70.3% | 1,753,532 | $138.5B | 5.4% |
| 5 | Schwab | 235 | -70.1% | 488,295 | $117.1B | 4.6% |
| 6 | Alight Solutions | 21 | -68.7% | 708,231 | $111.6B | 4.4% |
| 7 | T. Rowe Price | 191 | -70.7% | 601,154 | $106.2B | 4.2% |
| 8 | Voya | 377 | -76.4% | 445,544 | $73.1B | 2.9% |
| 9 | Merrill (Bank of America) | 123 | -76.5% | 249,467 | $43.0B | 1.7% |
| 10 | John Hancock | 706 | -74.4% | 331,525 | $28.2B | 1.1% |
| 11 | Transamerica | 478 | -74.3% | 370,748 | $25.5B | 1.0% |
| 12 | ADP | 1,190 | -70.7% | 390,440 | $23.4B | 0.9% |
| 13 | Capital Group (American Funds) | 229 | -71.8% | 138,934 | $10.7B | 0.4% |
| 14 | The Standard (StanCorp) | 313 | -71.7% | 149,153 | $8.6B | 0.3% |
| 15 | Ascensus | 241 | -77.9% | 60,145 | $5.6B | 0.2% |
| 16 | Lincoln Financial | 117 | -76.5% | 52,781 | $5.4B | 0.2% |
| 17 | Newport Group | 123 | -82.9% | 44,099 | $4.6B | 0.2% |
| 18 | Alerus | 90 | -76.1% | 32,050 | $4.4B | 0.2% |
| 19 | EPIC Retirement Plan Services | 85 | -70.1% | 32,471 | $3.8B | 0.1% |
| 20 | OneAmerica | 69 | -89.4% | 29,820 | $3.2B | 0.1% |
| 21 | Jpmorgan Invest Holdings(as filed) | 75 | -66.5% | 41,440 | $2.8B | 0.1% |
| 22 | Nationwide | 104 | -80.7% | 29,811 | $1.7B | 0.1% |
| 23 | Paychex | 159 | -72.3% | 34,033 | $1.5B | 0.1% |
| 24 | TIAA | 15 | -80.0% | 6,014 | $810.4M | 0.0% |
| 25 | Betterment | 38 | -66.4% | 10,607 | $646.6M | 0.0% |
