This report ranks the recordkeepers that serve large 401(k) plans in Hawaii, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 147 large 401(k) plans in Hawaii that disclosed a recordkeeper — covering 80,841 active participants and $10.9B 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 40 plans (27.2% of the recordkeeper-served market), followed by Fidelity with 26 plans (17.7%). Ranked by assets on the plans they serve, Fidelity leads with $4.8B.
Primary recordkeeper per plan · 2024 plan year · share of the 147 large 401(k) plans in Hawaii that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Empower | 40 | -2.4% | 15,195 | $2.4B | 27.2% |
| 2 | Fidelity | 26 | -3.7% | 27,029 | $4.8B | 17.7% |
| 3 | Transamerica | 18 | -10.0% | 19,141 | $678.2M | 12.2% |
| 4 | Vanguard | 11 | +10.0% | 4,968 | $1.7B | 7.5% |
| 5 | Lincoln Financial | 9 | -10.0% | 2,158 | $313.0M | 6.1% |
| 6 | ADP | 9 | -10.0% | 1,587 | $121.3M | 6.1% |
| 7 | John Hancock | 8 | -27.3% | 1,440 | $118.2M | 5.4% |
| 8 | Newport Group | 5 | +25.0% | 2,004 | $95.6M | 3.4% |
| 9 | OneAmerica | 4 | -20.0% | 2,931 | $297.3M | 2.7% |
| 10 | Mutual of America | 4 | +33.3% | 854 | $35.0M | 2.7% |
| 11 | Principal | 3 | -50.0% | 388 | $37.9M | 2.0% |
| 12 | T. Rowe Price | 2 | 0.0% | 1,771 | $193.3M | 1.4% |
| 13 | The Standard (StanCorp) | 2 | +100.0% | 474 | $39.9M | 1.4% |
| 14 | Riversedge Adv Ret Solutions(as filed) | 1 | — | 195 | $33.5M | 0.7% |
| 15 | Voya | 1 | — | 211 | $15.0M | 0.7% |
| 16 | EPIC Retirement Plan Services | 1 | — | 91 | $14.8M | 0.7% |
| 17 | Ascensus | 1 | -50.0% | 170 | $8.5M | 0.7% |
| 18 | Equitable Life Insurance Co(as filed) | 1 | 0.0% | 151 | $5.8M | 0.7% |
| 19 | Administrative Group Dba Tag Resou(as filed) | 1 | — | 83 | $771K | 0.7% |
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 | 26 | -3.7% | 27,029 | $4.8B | 43.9% |
| 2 | Empower | 40 | -2.4% | 15,195 | $2.4B | 21.8% |
| 3 | Vanguard | 11 | +10.0% | 4,968 | $1.7B | 15.9% |
| 4 | Transamerica | 18 | -10.0% | 19,141 | $678.2M | 6.2% |
| 5 | Lincoln Financial | 9 | -10.0% | 2,158 | $313.0M | 2.9% |
| 6 | OneAmerica | 4 | -20.0% | 2,931 | $297.3M | 2.7% |
| 7 | T. Rowe Price | 2 | 0.0% | 1,771 | $193.3M | 1.8% |
| 8 | ADP | 9 | -10.0% | 1,587 | $121.3M | 1.1% |
| 9 | John Hancock | 8 | -27.3% | 1,440 | $118.2M | 1.1% |
| 10 | Newport Group | 5 | +25.0% | 2,004 | $95.6M | 0.9% |
| 11 | The Standard (StanCorp) | 2 | +100.0% | 474 | $39.9M | 0.4% |
| 12 | Principal | 3 | -50.0% | 388 | $37.9M | 0.3% |
| 13 | Mutual of America | 4 | +33.3% | 854 | $35.0M | 0.3% |
| 14 | Riversedge Adv Ret Solutions(as filed) | 1 | — | 195 | $33.5M | 0.3% |
| 15 | Voya | 1 | — | 211 | $15.0M | 0.1% |
| 16 | EPIC Retirement Plan Services | 1 | — | 91 | $14.8M | 0.1% |
| 17 | Ascensus | 1 | -50.0% | 170 | $8.5M | 0.1% |
| 18 | Equitable Life Insurance Co(as filed) | 1 | 0.0% | 151 | $5.8M | 0.1% |
| 19 | Administrative Group Dba Tag Resou(as filed) | 1 | — | 83 | $771K | 0.0% |
Scope is limited to 401(k) plans whose sponsor is based in Hawaii. 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.
