This report ranks the recordkeepers that serve large 401(k) plans in Connecticut, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 671 large 401(k) plans in Connecticut that disclosed a recordkeeper — covering 868,853 active participants and $178.0B 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 179 plans (26.7% of the recordkeeper-served market), followed by Empower with 139 plans (20.7%). Ranked by assets on the plans they serve, Alight Solutions leads with $82.4B.
Primary recordkeeper per plan · 2024 plan year · share of the 671 large 401(k) plans in Connecticut that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 179 | -1.6% | 306,564 | $55.0B | 26.7% |
| 2 | Empower | 139 | -1.4% | 98,208 | $7.8B | 20.7% |
| 3 | ADP | 63 | +3.3% | 31,030 | $1.3B | 9.4% |
| 4 | Principal | 42 | -4.5% | 60,203 | $6.8B | 6.3% |
| 5 | Voya | 36 | +9.1% | 37,153 | $5.6B | 5.4% |
| 6 | Vanguard | 35 | -16.7% | 20,643 | $4.3B | 5.2% |
| 7 | John Hancock | 34 | -8.1% | 12,785 | $1.2B | 5.1% |
| 8 | Transamerica | 20 | -13.0% | 12,481 | $1.3B | 3.0% |
| 9 | T. Rowe Price | 17 | -10.5% | 28,043 | $5.2B | 2.5% |
| 10 | Merrill (Bank of America) | 12 | +33.3% | 20,231 | $3.9B | 1.8% |
| 11 | Capital Group (American Funds) | 12 | +50.0% | 3,157 | $184.3M | 1.8% |
| 12 | Newport Group | 10 | -28.6% | 2,447 | $343.4M | 1.5% |
| 13 | Paychex | 10 | +25.0% | 2,439 | $93.4M | 1.5% |
| 14 | Schwab | 8 | +33.3% | 9,833 | $1.3B | 1.2% |
| 15 | Ascensus | 8 | 0.0% | 6,917 | $229.7M | 1.2% |
| 16 | The Standard (StanCorp) | 8 | +14.3% | 1,955 | $197.3M | 1.2% |
| 17 | Jpmorgan Invest Holdings(as filed) | 6 | +20.0% | 2,874 | $190.9M | 0.9% |
| 18 | Mutual of America | 6 | -53.8% | 1,617 | $38.8M | 0.9% |
| 19 | Alight Solutions | 4 | 0.0% | 202,066 | $82.4B | 0.6% |
| 20 | Lincoln Financial | 4 | -33.3% | 2,634 | $140.2M | 0.6% |
| 21 | Alerus | 3 | 0.0% | 1,474 | $56.7M | 0.4% |
| 22 | Prudential / PGIM | 1 | -87.5% | 255 | $82.3M | 0.1% |
| 23 | OneAmerica | 1 | 0.0% | 174 | $36.8M | 0.1% |
| 24 | Capital Research And Management(as filed) | 1 | 0.0% | 1,102 | $34.2M | 0.1% |
| 25 | Cap Group Retirement Plan Services(as filed) | 1 | 0.0% | 123 | $26.8M | 0.1% |
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 | Alight Solutions | 4 | 0.0% | 202,066 | $82.4B | 46.3% |
| 2 | Fidelity | 179 | -1.6% | 306,564 | $55.0B | 30.9% |
| 3 | Empower | 139 | -1.4% | 98,208 | $7.8B | 4.4% |
| 4 | Principal | 42 | -4.5% | 60,203 | $6.8B | 3.8% |
| 5 | Voya | 36 | +9.1% | 37,153 | $5.6B | 3.1% |
| 6 | T. Rowe Price | 17 | -10.5% | 28,043 | $5.2B | 2.9% |
| 7 | Vanguard | 35 | -16.7% | 20,643 | $4.3B | 2.4% |
| 8 | Merrill (Bank of America) | 12 | +33.3% | 20,231 | $3.9B | 2.2% |
| 9 | Schwab | 8 | +33.3% | 9,833 | $1.3B | 0.8% |
| 10 | ADP | 63 | +3.3% | 31,030 | $1.3B | 0.7% |
| 11 | Transamerica | 20 | -13.0% | 12,481 | $1.3B | 0.7% |
| 12 | John Hancock | 34 | -8.1% | 12,785 | $1.2B | 0.7% |
| 13 | Newport Group | 10 | -28.6% | 2,447 | $343.4M | 0.2% |
| 14 | Ascensus | 8 | 0.0% | 6,917 | $229.7M | 0.1% |
| 15 | The Standard (StanCorp) | 8 | +14.3% | 1,955 | $197.3M | 0.1% |
| 16 | Jpmorgan Invest Holdings(as filed) | 6 | +20.0% | 2,874 | $190.9M | 0.1% |
| 17 | Capital Group (American Funds) | 12 | +50.0% | 3,157 | $184.3M | 0.1% |
| 18 | Lincoln Financial | 4 | -33.3% | 2,634 | $140.2M | 0.1% |
| 19 | Paychex | 10 | +25.0% | 2,439 | $93.4M | 0.1% |
| 20 | Prudential / PGIM | 1 | -87.5% | 255 | $82.3M | 0.0% |
| 21 | Alerus | 3 | 0.0% | 1,474 | $56.7M | 0.0% |
| 22 | Mutual of America | 6 | -53.8% | 1,617 | $38.8M | 0.0% |
| 23 | OneAmerica | 1 | 0.0% | 174 | $36.8M | 0.0% |
| 24 | Capital Research And Management(as filed) | 1 | 0.0% | 1,102 | $34.2M | 0.0% |
| 25 | Cap Group Retirement Plan Services(as filed) | 1 | 0.0% | 123 | $26.8M | 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 Connecticut. 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.
