This report ranks the recordkeepers that serve large 401(k) plans in Florida, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 2,189 large 401(k) plans in Florida that disclosed a recordkeeper — covering 2,971,248 active participants and $168.0B 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 445 plans (20.3% of the recordkeeper-served market), followed by Fidelity with 350 plans (16.0%). Ranked by assets on the plans they serve, Fidelity leads with $54.7B.
Primary recordkeeper per plan · 2024 plan year · share of the 2,189 large 401(k) plans in Florida that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Empower | 445 | +1.1% | 504,329 | $27.1B | 20.3% |
| 2 | Fidelity | 350 | +5.7% | 628,670 | $54.7B | 16.0% |
| 3 | ADP | 272 | +7.5% | 119,330 | $3.5B | 12.4% |
| 4 | Principal | 225 | -3.4% | 491,682 | $15.1B | 10.3% |
| 5 | John Hancock | 179 | -5.8% | 75,653 | $3.8B | 8.2% |
| 6 | Voya | 99 | +8.8% | 598,702 | $20.9B | 4.5% |
| 7 | Transamerica | 85 | +6.3% | 66,115 | $2.9B | 3.9% |
| 8 | Vanguard | 80 | -3.6% | 53,598 | $5.7B | 3.7% |
| 9 | Paychex | 45 | +7.1% | 11,352 | $281.1M | 2.1% |
| 10 | Ascensus | 40 | 0.0% | 14,824 | $647.8M | 1.8% |
| 11 | Mutual of America | 39 | +30.0% | 10,620 | $347.9M | 1.8% |
| 12 | Schwab | 30 | +3.4% | 70,618 | $10.0B | 1.4% |
| 13 | Nationwide | 28 | -17.6% | 11,689 | $464.5M | 1.3% |
| 14 | T. Rowe Price | 26 | +4.0% | 47,808 | $3.6B | 1.2% |
| 15 | The Standard (StanCorp) | 25 | +78.6% | 14,804 | $341.0M | 1.1% |
| 16 | OneAmerica | 24 | -7.7% | 19,161 | $1.5B | 1.1% |
| 17 | Merrill (Bank of America) | 23 | -11.5% | 100,682 | $5.4B | 1.1% |
| 18 | Lincoln Financial | 21 | -30.0% | 27,069 | $1.6B | 1.0% |
| 19 | Capital Group (American Funds) | 21 | -4.5% | 6,672 | $423.0M | 1.0% |
| 20 | Newport Group | 19 | -20.8% | 12,075 | $1.3B | 0.9% |
| 21 | Guideline | 12 | +50.0% | 1,318 | $60.4M | 0.5% |
| 22 | Jpmorgan Invest Holdings(as filed) | 9 | 0.0% | 18,519 | $466.5M | 0.4% |
| 23 | Betterment | 8 | +100.0% | 1,919 | $68.6M | 0.4% |
| 24 | Alerus | 7 | -22.2% | 3,546 | $119.7M | 0.3% |
| 25 | Human Interest | 7 | +16.7% | 3,358 | $36.6M | 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 | 350 | +5.7% | 628,670 | $54.7B | 32.5% |
| 2 | Empower | 445 | +1.1% | 504,329 | $27.1B | 16.1% |
| 3 | Voya | 99 | +8.8% | 598,702 | $20.9B | 12.5% |
| 4 | Principal | 225 | -3.4% | 491,682 | $15.1B | 9.0% |
| 5 | Schwab | 30 | +3.4% | 70,618 | $10.0B | 5.9% |
| 6 | Vanguard | 80 | -3.6% | 53,598 | $5.7B | 3.4% |
| 7 | Merrill (Bank of America) | 23 | -11.5% | 100,682 | $5.4B | 3.2% |
| 8 | Alight Solutions | 3 | 0.0% | 23,200 | $5.3B | 3.1% |
| 9 | John Hancock | 179 | -5.8% | 75,653 | $3.8B | 2.2% |
| 10 | T. Rowe Price | 26 | +4.0% | 47,808 | $3.6B | 2.1% |
| 11 | ADP | 272 | +7.5% | 119,330 | $3.5B | 2.1% |
| 12 | Transamerica | 85 | +6.3% | 66,115 | $2.9B | 1.7% |
| 13 | Lincoln Financial | 21 | -30.0% | 27,069 | $1.6B | 0.9% |
| 14 | OneAmerica | 24 | -7.7% | 19,161 | $1.5B | 0.9% |
| 15 | Newport Group | 19 | -20.8% | 12,075 | $1.3B | 0.8% |
| 16 | TIAA | 3 | 0.0% | 7,425 | $713.9M | 0.4% |
| 17 | Ascensus | 40 | 0.0% | 14,824 | $647.8M | 0.4% |
| 18 | Jpmorgan Invest Holdings(as filed) | 9 | 0.0% | 18,519 | $466.5M | 0.3% |
| 19 | Nationwide | 28 | -17.6% | 11,689 | $464.5M | 0.3% |
| 20 | Capital Group (American Funds) | 21 | -4.5% | 6,672 | $423.0M | 0.3% |
| 21 | Mvp Plan Administrators(as filed) | 4 | — | 3,687 | $420.1M | 0.3% |
| 22 | Mutual of America | 39 | +30.0% | 10,620 | $347.9M | 0.2% |
| 23 | The Standard (StanCorp) | 25 | +78.6% | 14,804 | $341.0M | 0.2% |
| 24 | Paychex | 45 | +7.1% | 11,352 | $281.1M | 0.2% |
| 25 | Correll Co(as filed) | 1 | 0.0% | 1,200 | $267.2M | 0.2% |
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 Florida. 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.
