This report ranks the recordkeepers that serve large 401(k) plans in Louisiana, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2025. Across 124 large 401(k) plans in Louisiana that disclosed a recordkeeper — covering 80,836 active participants and $13.7B 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 21 plans (16.9% of the recordkeeper-served market), followed by Principal with 19 plans (15.3%). Ranked by assets on the plans they serve, Principal leads with $9.1B.
Primary recordkeeper per plan · 2025 plan year · share of the 124 large 401(k) plans in Louisiana that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 21 | -75.3% | 11,787 | $1.1B | 16.9% |
| 2 | Principal | 19 | -60.4% | 31,426 | $9.1B | 15.3% |
| 3 | Empower | 19 | -72.5% | 10,744 | $1.2B | 15.3% |
| 4 | The Standard (StanCorp) | 13 | -61.8% | 2,936 | $243.6M | 10.5% |
| 5 | Transamerica | 12 | -66.7% | 2,575 | $243.1M | 9.7% |
| 6 | ADP | 7 | -72.0% | 1,536 | $113.8M | 5.6% |
| 7 | Voya | 5 | -82.1% | 1,565 | $133.0M | 4.0% |
| 8 | Nationwide | 4 | -84.6% | 2,838 | $245.9M | 3.2% |
| 9 | Capital Group (American Funds) | 4 | -63.6% | 5,608 | $80.8M | 3.2% |
| 10 | John Hancock | 4 | -86.7% | 952 | $73.2M | 3.2% |
| 11 | Vanguard | 3 | -86.4% | 880 | $204.8M | 2.4% |
| 12 | Ascensus | 2 | -84.6% | 382 | $33.9M | 1.6% |
| 13 | Paychex | 2 | -33.3% | 408 | $23.4M | 1.6% |
| 14 | T. Rowe Price | 1 | -80.0% | 4,916 | $490.6M | 0.8% |
| 15 | Schwab | 1 | -87.5% | 624 | $235.4M | 0.8% |
| 16 | Merrill (Bank of America) | 1 | -90.0% | 504 | $123.9M | 0.8% |
| 17 | Jpmorgan Invest Holdings(as filed) | 1 | -66.7% | 238 | $21.4M | 0.8% |
| 18 | Wipfli Llp(as filed) | 1 | 0.0% | 188 | $18.4M | 0.8% |
| 19 | Equitable Life Insurance Co(as filed) | 1 | -66.7% | 300 | $8.7M | 0.8% |
| 20 | Human Interest | 1 | 0.0% | 152 | $4.5M | 0.8% |
| 21 | Equitable(as filed) | 1 | 0.0% | 113 | $2.8M | 0.8% |
| 22 | Regions Bank(as filed) | 1 | — | 164 | $2.0M | 0.8% |
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 | Principal | 19 | -60.4% | 31,426 | $9.1B | 66.0% |
| 2 | Empower | 19 | -72.5% | 10,744 | $1.2B | 8.9% |
| 3 | Fidelity | 21 | -75.3% | 11,787 | $1.1B | 8.3% |
| 4 | T. Rowe Price | 1 | -80.0% | 4,916 | $490.6M | 3.6% |
| 5 | Nationwide | 4 | -84.6% | 2,838 | $245.9M | 1.8% |
| 6 | The Standard (StanCorp) | 13 | -61.8% | 2,936 | $243.6M | 1.8% |
| 7 | Transamerica | 12 | -66.7% | 2,575 | $243.1M | 1.8% |
| 8 | Schwab | 1 | -87.5% | 624 | $235.4M | 1.7% |
| 9 | Vanguard | 3 | -86.4% | 880 | $204.8M | 1.5% |
| 10 | Voya | 5 | -82.1% | 1,565 | $133.0M | 1.0% |
| 11 | Merrill (Bank of America) | 1 | -90.0% | 504 | $123.9M | 0.9% |
| 12 | ADP | 7 | -72.0% | 1,536 | $113.8M | 0.8% |
| 13 | Capital Group (American Funds) | 4 | -63.6% | 5,608 | $80.8M | 0.6% |
| 14 | John Hancock | 4 | -86.7% | 952 | $73.2M | 0.5% |
| 15 | Ascensus | 2 | -84.6% | 382 | $33.9M | 0.2% |
| 16 | Paychex | 2 | -33.3% | 408 | $23.4M | 0.2% |
| 17 | Jpmorgan Invest Holdings(as filed) | 1 | -66.7% | 238 | $21.4M | 0.2% |
| 18 | Wipfli Llp(as filed) | 1 | 0.0% | 188 | $18.4M | 0.1% |
| 19 | Equitable Life Insurance Co(as filed) | 1 | -66.7% | 300 | $8.7M | 0.1% |
| 20 | Human Interest | 1 | 0.0% | 152 | $4.5M | 0.0% |
| 21 | Equitable(as filed) | 1 | 0.0% | 113 | $2.8M | 0.0% |
| 22 | Regions Bank(as filed) | 1 | — | 164 | $2.0M | 0.0% |
Scope is limited to 401(k) plans whose sponsor is based in Louisiana. 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 19, 2026.
