This report ranks the recordkeepers that serve large 401(k) plans in District of Columbia, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2025. Across 107 large 401(k) plans in District of Columbia that disclosed a recordkeeper — covering 79,458 active participants and $10.4B 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 23 plans (21.5% of the recordkeeper-served market), followed by Empower with 22 plans (20.6%). Ranked by assets on the plans they serve, Fidelity leads with $5.9B.
Primary recordkeeper per plan · 2025 plan year · share of the 107 large 401(k) plans in District of Columbia that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 23 | -69.7% | 33,645 | $5.9B | 21.5% |
| 2 | Empower | 22 | -63.9% | 10,665 | $1.4B | 20.6% |
| 3 | Principal | 14 | -72.5% | 2,278 | $441.3M | 13.1% |
| 4 | Vanguard | 11 | -65.6% | 1,564 | $393.6M | 10.3% |
| 5 | John Hancock | 8 | -52.9% | 24,604 | $758.9M | 7.5% |
| 6 | Voya | 7 | -56.3% | 1,469 | $265.6M | 6.5% |
| 7 | ADP | 4 | -90.7% | 1,120 | $59.9M | 3.7% |
| 8 | T. Rowe Price | 3 | -40.0% | 1,913 | $765.2M | 2.8% |
| 9 | Capital Group (American Funds) | 3 | -40.0% | 397 | $193.8M | 2.8% |
| 10 | Paychex | 2 | 0.0% | 295 | $38.4M | 1.9% |
| 11 | Betterment | 2 | -50.0% | 270 | $30.0M | 1.9% |
| 12 | The Standard (StanCorp) | 2 | -33.3% | 322 | $16.3M | 1.9% |
| 13 | Merrill (Bank of America) | 1 | -75.0% | 56 | $46.1M | 0.9% |
| 14 | Nationwide | 1 | -50.0% | 149 | $30.8M | 0.9% |
| 15 | EPIC Retirement Plan Services | 1 | 0.0% | 252 | $28.9M | 0.9% |
| 16 | Ascensus | 1 | -50.0% | 129 | $16.7M | 0.9% |
| 17 | Transamerica | 1 | -87.5% | 143 | $14.7M | 0.9% |
| 18 | Newport Group | 1 | -83.3% | 187 | $10.3M | 0.9% |
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 | 23 | -69.7% | 33,645 | $5.9B | 57.0% |
| 2 | Empower | 22 | -63.9% | 10,665 | $1.4B | 13.1% |
| 3 | T. Rowe Price | 3 | -40.0% | 1,913 | $765.2M | 7.4% |
| 4 | John Hancock | 8 | -52.9% | 24,604 | $758.9M | 7.3% |
| 5 | Principal | 14 | -72.5% | 2,278 | $441.3M | 4.2% |
| 6 | Vanguard | 11 | -65.6% | 1,564 | $393.6M | 3.8% |
| 7 | Voya | 7 | -56.3% | 1,469 | $265.6M | 2.6% |
| 8 | Capital Group (American Funds) | 3 | -40.0% | 397 | $193.8M | 1.9% |
| 9 | ADP | 4 | -90.7% | 1,120 | $59.9M | 0.6% |
| 10 | Merrill (Bank of America) | 1 | -75.0% | 56 | $46.1M | 0.4% |
| 11 | Paychex | 2 | 0.0% | 295 | $38.4M | 0.4% |
| 12 | Nationwide | 1 | -50.0% | 149 | $30.8M | 0.3% |
| 13 | Betterment | 2 | -50.0% | 270 | $30.0M | 0.3% |
| 14 | EPIC Retirement Plan Services | 1 | 0.0% | 252 | $28.9M | 0.3% |
| 15 | Ascensus | 1 | -50.0% | 129 | $16.7M | 0.2% |
| 16 | The Standard (StanCorp) | 2 | -33.3% | 322 | $16.3M | 0.2% |
| 17 | Transamerica | 1 | -87.5% | 143 | $14.7M | 0.1% |
| 18 | Newport Group | 1 | -83.3% | 187 | $10.3M | 0.1% |
Scope is limited to 401(k) plans whose sponsor is based in District of Columbia. 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 19, 2026.
