This report ranks the recordkeepers that serve large 401(k) plans in Alabama, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 518 large 401(k) plans in Alabama that disclosed a recordkeeper — covering 485,243 active participants and $34.4B 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 125 plans (24.1% of the recordkeeper-served market), followed by Empower with 94 plans (18.1%). Ranked by assets on the plans they serve, Fidelity leads with $9.3B.
Primary recordkeeper per plan · 2024 plan year · share of the 518 large 401(k) plans in Alabama that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 125 | +3.3% | 117,248 | $9.3B | 24.1% |
| 2 | Empower | 94 | 0.0% | 81,714 | $9.1B | 18.1% |
| 3 | Principal | 69 | +7.8% | 91,881 | $3.3B | 13.3% |
| 4 | ADP | 32 | 0.0% | 11,844 | $482.4M | 6.2% |
| 5 | John Hancock | 25 | -10.7% | 19,642 | $705.1M | 4.8% |
| 6 | Newport Group | 20 | -4.8% | 6,138 | $724.3M | 3.9% |
| 7 | Vanguard | 18 | +12.5% | 10,526 | $2.4B | 3.5% |
| 8 | Transamerica | 18 | -10.0% | 34,742 | $224.8M | 3.5% |
| 9 | Voya | 13 | -13.3% | 17,960 | $1.7B | 2.5% |
| 10 | Schwab | 12 | +20.0% | 41,180 | $3.3B | 2.3% |
| 11 | The Standard (StanCorp) | 12 | 0.0% | 10,518 | $273.3M | 2.3% |
| 12 | Ascensus | 10 | -28.6% | 2,932 | $142.5M | 1.9% |
| 13 | Mutual of America | 8 | 0.0% | 2,517 | $47.2M | 1.5% |
| 14 | Nationwide | 7 | -46.2% | 2,278 | $117.8M | 1.4% |
| 15 | Merrill (Bank of America) | 6 | 0.0% | 17,661 | $1.2B | 1.2% |
| 16 | EPIC Retirement Plan Services | 6 | +50.0% | 2,037 | $184.0M | 1.2% |
| 17 | Capital Group (American Funds) | 6 | +20.0% | 3,348 | $167.5M | 1.2% |
| 18 | OneAmerica | 6 | 0.0% | 1,441 | $53.9M | 1.2% |
| 19 | T. Rowe Price | 5 | -16.7% | 3,088 | $618.4M | 1.0% |
| 20 | Lincoln Financial | 4 | -33.3% | 1,010 | $37.9M | 0.8% |
| 21 | Alerus | 3 | +200.0% | 1,150 | $33.5M | 0.6% |
| 22 | TIAA | 2 | 0.0% | 784 | $140.6M | 0.4% |
| 23 | Jpmorgan Invest Holdings(as filed) | 2 | 0.0% | 556 | $70.7M | 0.4% |
| 24 | Pcs Retirement(as filed) | 2 | 0.0% | 253 | $27.7M | 0.4% |
| 25 | Pcs(as filed) | 2 | +100.0% | 366 | $19.6M | 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 | 125 | +3.3% | 117,248 | $9.3B | 26.9% |
| 2 | Empower | 94 | 0.0% | 81,714 | $9.1B | 26.4% |
| 3 | Principal | 69 | +7.8% | 91,881 | $3.3B | 9.6% |
| 4 | Schwab | 12 | +20.0% | 41,180 | $3.3B | 9.5% |
| 5 | Vanguard | 18 | +12.5% | 10,526 | $2.4B | 7.0% |
| 6 | Voya | 13 | -13.3% | 17,960 | $1.7B | 4.8% |
| 7 | Merrill (Bank of America) | 6 | 0.0% | 17,661 | $1.2B | 3.5% |
| 8 | Newport Group | 20 | -4.8% | 6,138 | $724.3M | 2.1% |
| 9 | John Hancock | 25 | -10.7% | 19,642 | $705.1M | 2.0% |
| 10 | T. Rowe Price | 5 | -16.7% | 3,088 | $618.4M | 1.8% |
| 11 | ADP | 32 | 0.0% | 11,844 | $482.4M | 1.4% |
| 12 | The Standard (StanCorp) | 12 | 0.0% | 10,518 | $273.3M | 0.8% |
| 13 | Transamerica | 18 | -10.0% | 34,742 | $224.8M | 0.7% |
| 14 | EPIC Retirement Plan Services | 6 | +50.0% | 2,037 | $184.0M | 0.5% |
| 15 | Capital Group (American Funds) | 6 | +20.0% | 3,348 | $167.5M | 0.5% |
| 16 | Ascensus | 10 | -28.6% | 2,932 | $142.5M | 0.4% |
| 17 | TIAA | 2 | 0.0% | 784 | $140.6M | 0.4% |
| 18 | Nationwide | 7 | -46.2% | 2,278 | $117.8M | 0.3% |
| 19 | Jpmorgan Invest Holdings(as filed) | 2 | 0.0% | 556 | $70.7M | 0.2% |
| 20 | OneAmerica | 6 | 0.0% | 1,441 | $53.9M | 0.2% |
| 21 | Mutual of America | 8 | 0.0% | 2,517 | $47.2M | 0.1% |
| 22 | MassMutual | 1 | 0.0% | 287 | $38.1M | 0.1% |
| 23 | Lincoln Financial | 4 | -33.3% | 1,010 | $37.9M | 0.1% |
| 24 | Wellington Retirement Solutions(as filed) | 1 | 0.0% | 277 | $36.3M | 0.1% |
| 25 | Alerus | 3 | +200.0% | 1,150 | $33.5M | 0.1% |
Largest changes in plans served among recordkeepers with 100+ plans in either year.
Scope is limited to 401(k) plans whose sponsor is based in Alabama. Each plan is attributed to its sponsor's state from the Form 5500, so a multi-state employer's plan is counted once, in its filing state. 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 October 18, 2026.
