This report ranks the recordkeepers that serve large 401(k) plans in Indiana, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 919 large 401(k) plans in Indiana that disclosed a recordkeeper — covering 854,661 active participants and $87.4B 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 202 plans (22.0% of the recordkeeper-served market), followed by Empower with 157 plans (17.1%). Ranked by assets on the plans they serve, Fidelity leads with $34.4B.
Primary recordkeeper per plan · 2024 plan year · share of the 919 large 401(k) plans in Indiana that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 202 | -6.5% | 331,894 | $34.4B | 22.0% |
| 2 | Empower | 157 | +2.6% | 147,825 | $14.1B | 17.1% |
| 3 | Principal | 90 | -4.3% | 76,638 | $3.8B | 9.8% |
| 4 | ADP | 67 | -8.2% | 28,948 | $1.6B | 7.3% |
| 5 | John Hancock | 44 | -4.3% | 36,011 | $4.7B | 4.8% |
| 6 | Vanguard | 43 | -2.3% | 23,020 | $3.3B | 4.7% |
| 7 | OneAmerica | 41 | -4.7% | 12,892 | $866.5M | 4.5% |
| 8 | Ascensus | 31 | +3.3% | 10,391 | $767.0M | 3.4% |
| 9 | The Standard (StanCorp) | 28 | +86.7% | 26,351 | $1.7B | 3.0% |
| 10 | Transamerica | 27 | -15.6% | 22,450 | $830.4M | 2.9% |
| 11 | Voya | 25 | +31.6% | 10,451 | $693.9M | 2.7% |
| 12 | Newport Group | 19 | -29.6% | 12,705 | $517.3M | 2.1% |
| 13 | Mutual of America | 17 | +41.7% | 3,355 | $92.9M | 1.8% |
| 14 | Lincoln Financial | 15 | 0.0% | 21,402 | $1.3B | 1.6% |
| 15 | Schwab | 14 | 0.0% | 17,972 | $2.6B | 1.5% |
| 16 | Nationwide | 14 | -39.1% | 5,763 | $199.7M | 1.5% |
| 17 | Capital Group (American Funds) | 13 | +8.3% | 4,777 | $187.0M | 1.4% |
| 18 | Merrill (Bank of America) | 12 | +9.1% | 14,812 | $372.9M | 1.3% |
| 19 | Paychex | 12 | +33.3% | 5,363 | $52.9M | 1.3% |
| 20 | T. Rowe Price | 7 | 0.0% | 1,771 | $214.7M | 0.8% |
| 21 | Jpmorgan Invest Holdings(as filed) | 4 | 0.0% | 1,169 | $164.5M | 0.4% |
| 22 | EPIC Retirement Plan Services | 3 | +200.0% | 1,301 | $136.0M | 0.3% |
| 23 | Admin Group Dba Tag Resources(as filed) | 3 | +50.0% | 418 | $9.2M | 0.3% |
| 24 | Avantax Retirement Plan Services(as filed) | 2 | 0.0% | 748 | $164.4M | 0.2% |
| 25 | Futureplan(as filed) | 2 | 0.0% | 719 | $114.0M | 0.2% |
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 | 202 | -6.5% | 331,894 | $34.4B | 39.3% |
| 2 | Empower | 157 | +2.6% | 147,825 | $14.1B | 16.2% |
| 3 | Alight Solutions | 1 | 0.0% | 21,803 | $13.1B | 14.9% |
| 4 | John Hancock | 44 | -4.3% | 36,011 | $4.7B | 5.4% |
| 5 | Principal | 90 | -4.3% | 76,638 | $3.8B | 4.3% |
| 6 | Vanguard | 43 | -2.3% | 23,020 | $3.3B | 3.8% |
| 7 | Schwab | 14 | 0.0% | 17,972 | $2.6B | 3.0% |
| 8 | The Standard (StanCorp) | 28 | +86.7% | 26,351 | $1.7B | 1.9% |
| 9 | ADP | 67 | -8.2% | 28,948 | $1.6B | 1.8% |
| 10 | Lincoln Financial | 15 | 0.0% | 21,402 | $1.3B | 1.4% |
| 11 | 1st Source Bank(as filed) | 1 | 0.0% | 1,039 | $997.9M | 1.1% |
| 12 | OneAmerica | 41 | -4.7% | 12,892 | $866.5M | 1.0% |
| 13 | Transamerica | 27 | -15.6% | 22,450 | $830.4M | 1.0% |
| 14 | Ascensus | 31 | +3.3% | 10,391 | $767.0M | 0.9% |
| 15 | Voya | 25 | +31.6% | 10,451 | $693.9M | 0.8% |
| 16 | Newport Group | 19 | -29.6% | 12,705 | $517.3M | 0.6% |
| 17 | Merrill (Bank of America) | 12 | +9.1% | 14,812 | $372.9M | 0.4% |
| 18 | T. Rowe Price | 7 | 0.0% | 1,771 | $214.7M | 0.2% |
| 19 | Nationwide | 14 | -39.1% | 5,763 | $199.7M | 0.2% |
| 20 | Capital Group (American Funds) | 13 | +8.3% | 4,777 | $187.0M | 0.2% |
| 21 | Jpmorgan Invest Holdings(as filed) | 4 | 0.0% | 1,169 | $164.5M | 0.2% |
| 22 | Avantax Retirement Plan Services(as filed) | 2 | 0.0% | 748 | $164.4M | 0.2% |
| 23 | EPIC Retirement Plan Services | 3 | +200.0% | 1,301 | $136.0M | 0.2% |
| 24 | Emp Annuity Insurance Co Of America(as filed) | 1 | — | 1,585 | $128.3M | 0.1% |
| 25 | Futureplan(as filed) | 2 | 0.0% | 719 | $114.0M | 0.1% |
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 Indiana. 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.
