This report ranks the recordkeepers that serve large 401(k) plans in Arizona, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 734 large 401(k) plans in Arizona that disclosed a recordkeeper — covering 990,884 active participants and $63.2B 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 137 plans (18.7% of the recordkeeper-served market), followed by Empower with 113 plans (15.4%). Ranked by assets on the plans they serve, Fidelity leads with $22.1B.
Primary recordkeeper per plan · 2024 plan year · share of the 734 large 401(k) plans in Arizona that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 137 | +3.8% | 337,922 | $22.1B | 18.7% |
| 2 | Empower | 113 | +0.9% | 183,656 | $14.0B | 15.4% |
| 3 | Principal | 88 | -11.1% | 106,523 | $5.9B | 12.0% |
| 4 | John Hancock | 65 | -13.3% | 37,642 | $1.5B | 8.9% |
| 5 | ADP | 65 | +3.2% | 25,931 | $691.4M | 8.9% |
| 6 | Vanguard | 43 | 0.0% | 53,203 | $5.4B | 5.9% |
| 7 | Transamerica | 32 | -8.6% | 30,435 | $1.4B | 4.4% |
| 8 | The Standard (StanCorp) | 25 | +8.7% | 20,063 | $646.2M | 3.4% |
| 9 | Voya | 23 | +4.5% | 87,169 | $1.3B | 3.1% |
| 10 | Mutual of America | 14 | -6.7% | 4,199 | $83.2M | 1.9% |
| 11 | Ascensus | 13 | -18.8% | 11,877 | $118.0M | 1.8% |
| 12 | Schwab | 10 | 0.0% | 23,026 | $3.8B | 1.4% |
| 13 | Capital Group (American Funds) | 10 | -9.1% | 2,258 | $141.6M | 1.4% |
| 14 | Nationwide | 10 | -33.3% | 3,532 | $111.7M | 1.4% |
| 15 | Paychex | 10 | 0.0% | 1,788 | $48.4M | 1.4% |
| 16 | T. Rowe Price | 8 | +14.3% | 12,221 | $1.5B | 1.1% |
| 17 | Lincoln Financial | 8 | -11.1% | 8,236 | $254.5M | 1.1% |
| 18 | Newport Group | 8 | -33.3% | 5,259 | $199.3M | 1.1% |
| 19 | OneAmerica | 5 | -16.7% | 5,480 | $550.5M | 0.7% |
| 20 | Merrill (Bank of America) | 4 | 0.0% | 18,853 | $3.0B | 0.5% |
| 21 | Ameritas Life Insurance(as filed) | 4 | -20.0% | 1,123 | $51.0M | 0.5% |
| 22 | Futurebenefits Of America(as filed) | 4 | 0.0% | 1,336 | $31.6M | 0.5% |
| 23 | Guideline | 4 | +33.3% | 685 | $23.7M | 0.5% |
| 24 | EPIC Retirement Plan Services | 3 | 0.0% | 1,066 | $30.9M | 0.4% |
| 25 | American Trust(as filed) | 2 | +100.0% | 287 | $19.1M | 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.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Assets share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 137 | +3.8% | 337,922 | $22.1B | 34.9% |
| 2 | Empower | 113 | +0.9% | 183,656 | $14.0B | 22.1% |
| 3 | Principal | 88 | -11.1% | 106,523 | $5.9B | 9.3% |
| 4 | Vanguard | 43 | 0.0% | 53,203 | $5.4B | 8.6% |
| 5 | Schwab | 10 | 0.0% | 23,026 | $3.8B | 6.1% |
| 6 | Merrill (Bank of America) | 4 | 0.0% | 18,853 | $3.0B | 4.7% |
| 7 | John Hancock | 65 | -13.3% | 37,642 | $1.5B | 2.4% |
| 8 | T. Rowe Price | 8 | +14.3% | 12,221 | $1.5B | 2.3% |
| 9 | Transamerica | 32 | -8.6% | 30,435 | $1.4B | 2.3% |
| 10 | Voya | 23 | +4.5% | 87,169 | $1.3B | 2.0% |
| 11 | ADP | 65 | +3.2% | 25,931 | $691.4M | 1.1% |
| 12 | The Standard (StanCorp) | 25 | +8.7% | 20,063 | $646.2M | 1.0% |
| 13 | OneAmerica | 5 | -16.7% | 5,480 | $550.5M | 0.9% |
| 14 | Lincoln Financial | 8 | -11.1% | 8,236 | $254.5M | 0.4% |
| 15 | Newport Group | 8 | -33.3% | 5,259 | $199.3M | 0.3% |
| 16 | Capital Group (American Funds) | 10 | -9.1% | 2,258 | $141.6M | 0.2% |
| 17 | Ascensus | 13 | -18.8% | 11,877 | $118.0M | 0.2% |
| 18 | Nationwide | 10 | -33.3% | 3,532 | $111.7M | 0.2% |
| 19 | Mutual of America | 14 | -6.7% | 4,199 | $83.2M | 0.1% |
| 20 | Sentry Life Insurance(as filed) | 1 | -50.0% | 758 | $68.9M | 0.1% |
| 21 | TIAA | 1 | 0.0% | 343 | $52.2M | 0.1% |
| 22 | Ameritas Life Insurance(as filed) | 4 | -20.0% | 1,123 | $51.0M | 0.1% |
| 23 | Paychex | 10 | 0.0% | 1,788 | $48.4M | 0.1% |
| 24 | Mvp Plan Administrators(as filed) | 1 | — | 222 | $32.7M | 0.1% |
| 25 | Futurebenefits Of America(as filed) | 4 | 0.0% | 1,336 | $31.6M | 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 Arizona. 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.
