This report ranks the recordkeepers that serve large 401(k) plans in Colorado, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 892 large 401(k) plans in Colorado that disclosed a recordkeeper — covering 815,266 active participants and $65.9B 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 195 plans (21.9% of the recordkeeper-served market), followed by Fidelity with 177 plans (19.8%). Ranked by assets on the plans they serve, Fidelity leads with $21.2B.
Primary recordkeeper per plan · 2024 plan year · share of the 892 large 401(k) plans in Colorado that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Empower | 195 | +0.5% | 238,436 | $13.4B | 21.9% |
| 2 | Fidelity | 177 | +3.5% | 190,043 | $21.2B | 19.8% |
| 3 | Principal | 131 | -4.4% | 86,409 | $5.3B | 14.7% |
| 4 | ADP | 73 | +7.4% | 30,423 | $932.8M | 8.2% |
| 5 | Vanguard | 42 | 0.0% | 26,866 | $4.9B | 4.7% |
| 6 | The Standard (StanCorp) | 40 | +37.9% | 15,645 | $577.1M | 4.5% |
| 7 | Voya | 34 | 0.0% | 78,633 | $7.7B | 3.8% |
| 8 | Transamerica | 30 | -16.7% | 17,420 | $751.4M | 3.4% |
| 9 | John Hancock | 26 | 0.0% | 19,024 | $581.0M | 2.9% |
| 10 | T. Rowe Price | 20 | -9.1% | 48,491 | $4.5B | 2.2% |
| 11 | Schwab | 19 | +18.8% | 26,511 | $4.2B | 2.1% |
| 12 | Ascensus | 16 | -5.9% | 3,312 | $194.4M | 1.8% |
| 13 | Newport Group | 13 | -23.5% | 7,045 | $468.0M | 1.5% |
| 14 | OneAmerica | 13 | -18.8% | 8,219 | $293.7M | 1.5% |
| 15 | Paychex | 10 | +11.1% | 2,101 | $59.0M | 1.1% |
| 16 | Nationwide | 5 | -37.5% | 3,186 | $111.8M | 0.6% |
| 17 | Guideline | 5 | 0.0% | 2,468 | $49.4M | 0.6% |
| 18 | Lincoln Financial | 4 | -50.0% | 1,193 | $141.0M | 0.4% |
| 19 | Alerus | 4 | -33.3% | 847 | $70.0M | 0.4% |
| 20 | Mutual of America | 4 | +100.0% | 798 | $15.3M | 0.4% |
| 21 | July Business Services(as filed) | 3 | +50.0% | 527 | $59.3M | 0.3% |
| 22 | Human Interest | 3 | +200.0% | 809 | $23.0M | 0.3% |
| 23 | Capital Group (American Funds) | 3 | +50.0% | 1,083 | $20.3M | 0.3% |
| 24 | Vestwell | 3 | +50.0% | 637 | $12.8M | 0.3% |
| 25 | Admin Group Dba Tag Resources(as filed) | 3 | 0.0% | 548 | $4.2M | 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 | 177 | +3.5% | 190,043 | $21.2B | 32.2% |
| 2 | Empower | 195 | +0.5% | 238,436 | $13.4B | 20.3% |
| 3 | Voya | 34 | 0.0% | 78,633 | $7.7B | 11.7% |
| 4 | Principal | 131 | -4.4% | 86,409 | $5.3B | 8.0% |
| 5 | Vanguard | 42 | 0.0% | 26,866 | $4.9B | 7.5% |
| 6 | T. Rowe Price | 20 | -9.1% | 48,491 | $4.5B | 6.8% |
| 7 | Schwab | 19 | +18.8% | 26,511 | $4.2B | 6.4% |
| 8 | ADP | 73 | +7.4% | 30,423 | $932.8M | 1.4% |
| 9 | Transamerica | 30 | -16.7% | 17,420 | $751.4M | 1.1% |
| 10 | John Hancock | 26 | 0.0% | 19,024 | $581.0M | 0.9% |
| 11 | The Standard (StanCorp) | 40 | +37.9% | 15,645 | $577.1M | 0.9% |
| 12 | Newport Group | 13 | -23.5% | 7,045 | $468.0M | 0.7% |
| 13 | OneAmerica | 13 | -18.8% | 8,219 | $293.7M | 0.4% |
| 14 | Ascensus | 16 | -5.9% | 3,312 | $194.4M | 0.3% |
| 15 | Lincoln Financial | 4 | -50.0% | 1,193 | $141.0M | 0.2% |
| 16 | Nationwide | 5 | -37.5% | 3,186 | $111.8M | 0.2% |
| 17 | Jpmorgan Invest Holdings(as filed) | 2 | -33.3% | 316 | $70.1M | 0.1% |
| 18 | Alerus | 4 | -33.3% | 847 | $70.0M | 0.1% |
| 19 | Merrill (Bank of America) | 2 | 0.0% | 1,088 | $68.9M | 0.1% |
| 20 | July Business Services(as filed) | 3 | +50.0% | 527 | $59.3M | 0.1% |
| 21 | Paychex | 10 | +11.1% | 2,101 | $59.0M | 0.1% |
| 22 | Guideline | 5 | 0.0% | 2,468 | $49.4M | 0.1% |
| 23 | Usi Consulting Group(as filed) | 1 | 0.0% | 296 | $39.7M | 0.1% |
| 24 | Human Interest | 3 | +200.0% | 809 | $23.0M | 0.0% |
| 25 | Tpa Services(as filed) | 1 | 0.0% | 825 | $20.8M | 0.0% |
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 Colorado. 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.
