This report ranks the recordkeepers that serve large 401(k) plans in Georgia, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 1,383 large 401(k) plans in Georgia that disclosed a recordkeeper — covering 2,833,458 active participants and $242.9B 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 277 plans (20.0% of the recordkeeper-served market), followed by Empower with 252 plans (18.2%). Ranked by assets on the plans they serve, Fidelity leads with $84.1B.
Primary recordkeeper per plan · 2024 plan year · share of the 1,383 large 401(k) plans in Georgia that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 277 | +1.8% | 707,803 | $84.1B | 20.0% |
| 2 | Empower | 252 | -0.8% | 715,115 | $40.1B | 18.2% |
| 3 | Principal | 158 | +3.9% | 201,267 | $10.6B | 11.4% |
| 4 | John Hancock | 102 | +1.0% | 38,933 | $2.0B | 7.4% |
| 5 | ADP | 99 | +7.6% | 49,317 | $3.0B | 7.2% |
| 6 | Transamerica | 95 | -8.7% | 105,433 | $4.1B | 6.9% |
| 7 | Vanguard | 70 | +2.9% | 120,611 | $21.2B | 5.1% |
| 8 | Voya | 63 | +14.5% | 147,642 | $21.1B | 4.6% |
| 9 | Ascensus | 39 | -26.4% | 24,000 | $1.6B | 2.8% |
| 10 | Schwab | 25 | +13.6% | 27,416 | $6.1B | 1.8% |
| 11 | T. Rowe Price | 22 | 0.0% | 94,567 | $5.6B | 1.6% |
| 12 | The Standard (StanCorp) | 19 | +111.1% | 7,710 | $414.8M | 1.4% |
| 13 | Capital Group (American Funds) | 19 | +5.6% | 4,778 | $187.4M | 1.4% |
| 14 | Nationwide | 18 | -37.9% | 14,648 | $754.4M | 1.3% |
| 15 | Merrill (Bank of America) | 16 | -11.1% | 56,331 | $11.8B | 1.2% |
| 16 | OneAmerica | 12 | 0.0% | 6,206 | $172.2M | 0.9% |
| 17 | Paychex | 12 | -14.3% | 5,232 | $126.4M | 0.9% |
| 18 | Lincoln Financial | 12 | +9.1% | 7,507 | $112.9M | 0.9% |
| 19 | Mutual of America | 10 | -9.1% | 12,448 | $89.6M | 0.7% |
| 20 | Newport Group | 8 | -20.0% | 3,132 | $350.9M | 0.6% |
| 21 | Guideline | 7 | +16.7% | 1,765 | $62.5M | 0.5% |
| 22 | Alight Solutions | 6 | +50.0% | 467,148 | $28.7B | 0.4% |
| 23 | TIAA | 5 | 0.0% | 2,615 | $305.4M | 0.4% |
| 24 | Jpmorgan Invest Holdings(as filed) | 5 | -28.6% | 821 | $62.0M | 0.4% |
| 25 | Admin Group Dba Tag Resources(as filed) | 4 | +33.3% | 2,277 | $12.7M | 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 | 277 | +1.8% | 707,803 | $84.1B | 34.6% |
| 2 | Empower | 252 | -0.8% | 715,115 | $40.1B | 16.5% |
| 3 | Alight Solutions | 6 | +50.0% | 467,148 | $28.7B | 11.8% |
| 4 | Vanguard | 70 | +2.9% | 120,611 | $21.2B | 8.7% |
| 5 | Voya | 63 | +14.5% | 147,642 | $21.1B | 8.7% |
| 6 | Merrill (Bank of America) | 16 | -11.1% | 56,331 | $11.8B | 4.8% |
| 7 | Principal | 158 | +3.9% | 201,267 | $10.6B | 4.4% |
| 8 | Schwab | 25 | +13.6% | 27,416 | $6.1B | 2.5% |
| 9 | T. Rowe Price | 22 | 0.0% | 94,567 | $5.6B | 2.3% |
| 10 | Transamerica | 95 | -8.7% | 105,433 | $4.1B | 1.7% |
| 11 | ADP | 99 | +7.6% | 49,317 | $3.0B | 1.2% |
| 12 | John Hancock | 102 | +1.0% | 38,933 | $2.0B | 0.8% |
| 13 | Ascensus | 39 | -26.4% | 24,000 | $1.6B | 0.7% |
| 14 | Nationwide | 18 | -37.9% | 14,648 | $754.4M | 0.3% |
| 15 | The Standard (StanCorp) | 19 | +111.1% | 7,710 | $414.8M | 0.2% |
| 16 | Newport Group | 8 | -20.0% | 3,132 | $350.9M | 0.1% |
| 17 | TIAA | 5 | 0.0% | 2,615 | $305.4M | 0.1% |
| 18 | Capital Group (American Funds) | 19 | +5.6% | 4,778 | $187.4M | 0.1% |
| 19 | OneAmerica | 12 | 0.0% | 6,206 | $172.2M | 0.1% |
| 20 | Paychex | 12 | -14.3% | 5,232 | $126.4M | 0.1% |
| 21 | Lincoln Financial | 12 | +9.1% | 7,507 | $112.9M | 0.0% |
| 22 | Mutual of America | 10 | -9.1% | 12,448 | $89.6M | 0.0% |
| 23 | Guideline | 7 | +16.7% | 1,765 | $62.5M | 0.0% |
| 24 | Jpmorgan Invest Holdings(as filed) | 5 | -28.6% | 821 | $62.0M | 0.0% |
| 25 | Alerus | 3 | 0.0% | 655 | $56.6M | 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 Georgia. 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.
