This report ranks the recordkeepers that serve large 401(k) plans in Kansas, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 471 large 401(k) plans in Kansas that disclosed a recordkeeper — covering 292,187 active participants and $34.3B 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 92 plans (19.5% of the recordkeeper-served market), followed by Fidelity with 77 plans (16.3%). Ranked by assets on the plans they serve, Schwab leads with $6.1B.
Primary recordkeeper per plan · 2024 plan year · share of the 471 large 401(k) plans in Kansas that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Empower | 92 | +2.2% | 39,063 | $3.7B | 19.5% |
| 2 | Fidelity | 77 | +2.7% | 52,306 | $3.9B | 16.3% |
| 3 | Principal | 52 | -5.5% | 35,986 | $5.8B | 11.0% |
| 4 | ADP | 31 | 0.0% | 9,531 | $403.8M | 6.6% |
| 5 | Vanguard | 20 | -16.7% | 6,623 | $727.3M | 4.2% |
| 6 | John Hancock | 20 | -9.1% | 7,151 | $422.7M | 4.2% |
| 7 | Nationwide | 20 | -23.1% | 5,901 | $365.9M | 4.2% |
| 8 | Schwab | 19 | 0.0% | 31,602 | $6.1B | 4.0% |
| 9 | Transamerica | 17 | +30.8% | 15,561 | $530.9M | 3.6% |
| 10 | Capital Group (American Funds) | 16 | 0.0% | 3,277 | $202.7M | 3.4% |
| 11 | OneAmerica | 13 | -18.8% | 5,147 | $275.0M | 2.8% |
| 12 | Merrill (Bank of America) | 12 | -7.7% | 20,405 | $1.2B | 2.5% |
| 13 | Newport Group | 9 | -10.0% | 2,512 | $174.0M | 1.9% |
| 14 | Alerus | 8 | +14.3% | 2,921 | $522.3M | 1.7% |
| 15 | Ascensus | 8 | +100.0% | 1,882 | $149.4M | 1.7% |
| 16 | Voya | 7 | -22.2% | 8,784 | $1.3B | 1.5% |
| 17 | T. Rowe Price | 6 | +20.0% | 12,233 | $2.9B | 1.3% |
| 18 | Allen Gibbs & Houlik Lc(as filed) | 5 | 0.0% | 3,611 | $213.0M | 1.1% |
| 19 | Lincoln Financial | 5 | 0.0% | 3,525 | $65.4M | 1.1% |
| 20 | The Standard (StanCorp) | 4 | +100.0% | 1,417 | $47.2M | 0.8% |
| 21 | Ameritas Life Insurance(as filed) | 3 | 0.0% | 1,043 | $75.0M | 0.6% |
| 22 | North American Ktrade Alliance(as filed) | 3 | 0.0% | 522 | $64.6M | 0.6% |
| 23 | Invisor Solutions(as filed) | 3 | 0.0% | 336 | $34.0M | 0.6% |
| 24 | EPIC Retirement Plan Services | 3 | +50.0% | 563 | $30.5M | 0.6% |
| 25 | Nestegg U(as filed) | 2 | 0.0% | 510 | $120.7M | 0.4% |
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 | Schwab | 19 | 0.0% | 31,602 | $6.1B | 17.9% |
| 2 | Principal | 52 | -5.5% | 35,986 | $5.8B | 16.9% |
| 3 | Alight Solutions | 1 | 0.0% | 11,749 | $4.3B | 12.7% |
| 4 | Fidelity | 77 | +2.7% | 52,306 | $3.9B | 11.4% |
| 5 | Empower | 92 | +2.2% | 39,063 | $3.7B | 10.8% |
| 6 | T. Rowe Price | 6 | +20.0% | 12,233 | $2.9B | 8.3% |
| 7 | Voya | 7 | -22.2% | 8,784 | $1.3B | 3.9% |
| 8 | Merrill (Bank of America) | 12 | -7.7% | 20,405 | $1.2B | 3.4% |
| 9 | Vanguard | 20 | -16.7% | 6,623 | $727.3M | 2.1% |
| 10 | Transamerica | 17 | +30.8% | 15,561 | $530.9M | 1.5% |
| 11 | Alerus | 8 | +14.3% | 2,921 | $522.3M | 1.5% |
| 12 | John Hancock | 20 | -9.1% | 7,151 | $422.7M | 1.2% |
| 13 | ADP | 31 | 0.0% | 9,531 | $403.8M | 1.2% |
| 14 | Security Benefit Life(as filed) | 1 | 0.0% | 1,664 | $389.2M | 1.1% |
| 15 | Nationwide | 20 | -23.1% | 5,901 | $365.9M | 1.1% |
| 16 | OneAmerica | 13 | -18.8% | 5,147 | $275.0M | 0.8% |
| 17 | Allen Gibbs & Houlik Lc(as filed) | 5 | 0.0% | 3,611 | $213.0M | 0.6% |
| 18 | Capital Group (American Funds) | 16 | 0.0% | 3,277 | $202.7M | 0.6% |
| 19 | Newport Group | 9 | -10.0% | 2,512 | $174.0M | 0.5% |
| 20 | Ascensus | 8 | +100.0% | 1,882 | $149.4M | 0.4% |
| 21 | Nestegg U(as filed) | 2 | 0.0% | 510 | $120.7M | 0.4% |
| 22 | Ameritas Life Insurance(as filed) | 3 | 0.0% | 1,043 | $75.0M | 0.2% |
| 23 | Allen Gibbs & Houlik L C(as filed) | 1 | -50.0% | 440 | $70.5M | 0.2% |
| 24 | Lincoln Financial | 5 | 0.0% | 3,525 | $65.4M | 0.2% |
| 25 | North American Ktrade Alliance(as filed) | 3 | 0.0% | 522 | $64.6M | 0.2% |
Scope is limited to 401(k) plans whose sponsor is based in Kansas. 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.
