This report ranks the recordkeepers that serve large 401(k) plans in Delaware, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 168 large 401(k) plans in Delaware that disclosed a recordkeeper — covering 123,178 active participants and $23.8B 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 33 plans (19.6% of the recordkeeper-served market), followed by Vanguard with 19 plans (11.3%). Ranked by assets on the plans they serve, Fidelity leads with $15.6B.
Primary recordkeeper per plan · 2024 plan year · share of the 168 large 401(k) plans in Delaware that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 33 | -2.9% | 46,445 | $15.6B | 19.6% |
| 2 | Vanguard | 19 | +11.8% | 32,494 | $2.7B | 11.3% |
| 3 | ADP | 18 | +12.5% | 5,838 | $296.2M | 10.7% |
| 4 | Empower | 17 | -5.6% | 6,492 | $893.2M | 10.1% |
| 5 | Principal | 14 | -17.6% | 4,398 | $345.4M | 8.3% |
| 6 | John Hancock | 12 | 0.0% | 2,601 | $467.8M | 7.1% |
| 7 | Transamerica | 7 | +16.7% | 4,038 | $771.3M | 4.2% |
| 8 | Capital Group (American Funds) | 6 | 0.0% | 1,704 | $154.7M | 3.6% |
| 9 | Ascensus | 6 | +100.0% | 436 | $48.0M | 3.6% |
| 10 | Lincoln Financial | 5 | -28.6% | 5,877 | $648.8M | 3.0% |
| 11 | Merrill (Bank of America) | 4 | -20.0% | 7,023 | $1.4B | 2.4% |
| 12 | Voya | 4 | +100.0% | 435 | $56.9M | 2.4% |
| 13 | The Standard (StanCorp) | 3 | 0.0% | 179 | $38.4M | 1.8% |
| 14 | Paychex | 3 | +50.0% | 441 | $26.5M | 1.8% |
| 15 | Jpmorgan Invest Holdings(as filed) | 2 | +100.0% | 459 | $53.1M | 1.2% |
| 16 | Newport Group | 2 | -50.0% | 1,415 | $31.9M | 1.2% |
| 17 | Mutual of America | 2 | +100.0% | 671 | $29.0M | 1.2% |
| 18 | Guideline | 2 | +100.0% | 147 | $8.0M | 1.2% |
| 19 | Schwab | 1 | 0.0% | 257 | $131.4M | 0.6% |
| 20 | Erisa Partners(as filed) | 1 | 0.0% | 233 | $35.7M | 0.6% |
| 21 | TIAA | 1 | 0.0% | 199 | $35.4M | 0.6% |
| 22 | Matrix Trust(as filed) | 1 | 0.0% | 88 | $20.8M | 0.6% |
| 23 | OneAmerica | 1 | 0.0% | 319 | $11.5M | 0.6% |
| 24 | Decimal(as filed) | 1 | 0.0% | 138 | $5.9M | 0.6% |
| 25 | Nationwide | 1 | 0.0% | 851 | $5.6M | 0.6% |
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 | 33 | -2.9% | 46,445 | $15.6B | 65.5% |
| 2 | Vanguard | 19 | +11.8% | 32,494 | $2.7B | 11.5% |
| 3 | Merrill (Bank of America) | 4 | -20.0% | 7,023 | $1.4B | 5.7% |
| 4 | Empower | 17 | -5.6% | 6,492 | $893.2M | 3.7% |
| 5 | Transamerica | 7 | +16.7% | 4,038 | $771.3M | 3.2% |
| 6 | Lincoln Financial | 5 | -28.6% | 5,877 | $648.8M | 2.7% |
| 7 | John Hancock | 12 | 0.0% | 2,601 | $467.8M | 2.0% |
| 8 | Principal | 14 | -17.6% | 4,398 | $345.4M | 1.4% |
| 9 | ADP | 18 | +12.5% | 5,838 | $296.2M | 1.2% |
| 10 | Capital Group (American Funds) | 6 | 0.0% | 1,704 | $154.7M | 0.6% |
| 11 | Schwab | 1 | 0.0% | 257 | $131.4M | 0.6% |
| 12 | Voya | 4 | +100.0% | 435 | $56.9M | 0.2% |
| 13 | Jpmorgan Invest Holdings(as filed) | 2 | +100.0% | 459 | $53.1M | 0.2% |
| 14 | Ascensus | 6 | +100.0% | 436 | $48.0M | 0.2% |
| 15 | The Standard (StanCorp) | 3 | 0.0% | 179 | $38.4M | 0.2% |
| 16 | Erisa Partners(as filed) | 1 | 0.0% | 233 | $35.7M | 0.1% |
| 17 | TIAA | 1 | 0.0% | 199 | $35.4M | 0.1% |
| 18 | Newport Group | 2 | -50.0% | 1,415 | $31.9M | 0.1% |
| 19 | Mutual of America | 2 | +100.0% | 671 | $29.0M | 0.1% |
| 20 | Paychex | 3 | +50.0% | 441 | $26.5M | 0.1% |
| 21 | Matrix Trust(as filed) | 1 | 0.0% | 88 | $20.8M | 0.1% |
| 22 | OneAmerica | 1 | 0.0% | 319 | $11.5M | 0.0% |
| 23 | Guideline | 2 | +100.0% | 147 | $8.0M | 0.0% |
| 24 | Decimal(as filed) | 1 | 0.0% | 138 | $5.9M | 0.0% |
| 25 | Nationwide | 1 | 0.0% | 851 | $5.6M | 0.0% |
Scope is limited to 401(k) plans whose sponsor is based in Delaware. 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.
