This report ranks the recordkeepers that serve large 401(k) plans in Kentucky, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 495 large 401(k) plans in Kentucky that disclosed a recordkeeper — covering 592,250 active participants and $45.4B 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 93 plans (18.8% of the recordkeeper-served market), followed by Fidelity with 92 plans (18.6%). Ranked by assets on the plans they serve, Fidelity leads with $21.4B.
Primary recordkeeper per plan · 2024 plan year · share of the 495 large 401(k) plans in Kentucky that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Empower | 93 | -6.1% | 56,773 | $4.2B | 18.8% |
| 2 | Fidelity | 92 | -1.1% | 263,666 | $21.4B | 18.6% |
| 3 | Principal | 40 | -9.1% | 28,745 | $1.9B | 8.1% |
| 4 | Transamerica | 39 | 0.0% | 32,472 | $1.6B | 7.9% |
| 5 | ADP | 35 | -2.8% | 19,101 | $639.0M | 7.1% |
| 6 | John Hancock | 27 | -3.6% | 13,203 | $767.3M | 5.5% |
| 7 | Voya | 23 | +21.1% | 30,525 | $1.6B | 4.6% |
| 8 | The Standard (StanCorp) | 14 | +7.7% | 5,758 | $355.0M | 2.8% |
| 9 | OneAmerica | 14 | +27.3% | 5,830 | $265.7M | 2.8% |
| 10 | Newport Group | 13 | 0.0% | 3,495 | $276.9M | 2.6% |
| 11 | Capital Group (American Funds) | 13 | -13.3% | 3,710 | $223.9M | 2.6% |
| 12 | Lincoln Financial | 12 | +20.0% | 19,124 | $833.4M | 2.4% |
| 13 | Ascensus | 12 | +20.0% | 4,618 | $253.0M | 2.4% |
| 14 | Merrill (Bank of America) | 11 | 0.0% | 19,586 | $571.6M | 2.2% |
| 15 | Paychex | 10 | +25.0% | 5,474 | $70.0M | 2.0% |
| 16 | Vanguard | 9 | +12.5% | 3,071 | $248.0M | 1.8% |
| 17 | Schwab | 8 | 0.0% | 67,205 | $8.7B | 1.6% |
| 18 | T. Rowe Price | 7 | -12.5% | 4,163 | $1.2B | 1.4% |
| 19 | Mutual of America | 5 | +25.0% | 1,018 | $30.3M | 1.0% |
| 20 | Nationwide | 3 | -40.0% | 623 | $27.9M | 0.6% |
| 21 | Alerus | 3 | +50.0% | 1,446 | $14.9M | 0.6% |
| 22 | Jpmorgan Invest Holdings(as filed) | 2 | -50.0% | 416 | $52.5M | 0.4% |
| 23 | EPIC Retirement Plan Services | 2 | -50.0% | 542 | $43.0M | 0.4% |
| 24 | Mcgregor & Associates(as filed) | 1 | — | 87 | $24.6M | 0.2% |
| 25 | Nwps(as filed) | 1 | 0.0% | 99 | $11.8M | 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 | 92 | -1.1% | 263,666 | $21.4B | 47.1% |
| 2 | Schwab | 8 | 0.0% | 67,205 | $8.7B | 19.2% |
| 3 | Empower | 93 | -6.1% | 56,773 | $4.2B | 9.3% |
| 4 | Principal | 40 | -9.1% | 28,745 | $1.9B | 4.1% |
| 5 | Voya | 23 | +21.1% | 30,525 | $1.6B | 3.6% |
| 6 | Transamerica | 39 | 0.0% | 32,472 | $1.6B | 3.5% |
| 7 | T. Rowe Price | 7 | -12.5% | 4,163 | $1.2B | 2.6% |
| 8 | Lincoln Financial | 12 | +20.0% | 19,124 | $833.4M | 1.8% |
| 9 | John Hancock | 27 | -3.6% | 13,203 | $767.3M | 1.7% |
| 10 | ADP | 35 | -2.8% | 19,101 | $639.0M | 1.4% |
| 11 | Merrill (Bank of America) | 11 | 0.0% | 19,586 | $571.6M | 1.3% |
| 12 | The Standard (StanCorp) | 14 | +7.7% | 5,758 | $355.0M | 0.8% |
| 13 | Newport Group | 13 | 0.0% | 3,495 | $276.9M | 0.6% |
| 14 | OneAmerica | 14 | +27.3% | 5,830 | $265.7M | 0.6% |
| 15 | Ascensus | 12 | +20.0% | 4,618 | $253.0M | 0.6% |
| 16 | Vanguard | 9 | +12.5% | 3,071 | $248.0M | 0.5% |
| 17 | Capital Group (American Funds) | 13 | -13.3% | 3,710 | $223.9M | 0.5% |
| 18 | Paychex | 10 | +25.0% | 5,474 | $70.0M | 0.2% |
| 19 | Jpmorgan Invest Holdings(as filed) | 2 | -50.0% | 416 | $52.5M | 0.1% |
| 20 | EPIC Retirement Plan Services | 2 | -50.0% | 542 | $43.0M | 0.1% |
| 21 | Mutual of America | 5 | +25.0% | 1,018 | $30.3M | 0.1% |
| 22 | Nationwide | 3 | -40.0% | 623 | $27.9M | 0.1% |
| 23 | Mcgregor & Associates(as filed) | 1 | — | 87 | $24.6M | 0.1% |
| 24 | Alerus | 3 | +50.0% | 1,446 | $14.9M | 0.0% |
| 25 | Nwps(as filed) | 1 | 0.0% | 99 | $11.8M | 0.0% |
Scope is limited to 401(k) plans whose sponsor is based in Kentucky. 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.
