This report ranks the recordkeepers that serve large 401(k) plans in Maine, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 188 large 401(k) plans in Maine that disclosed a recordkeeper — covering 159,926 active participants and $20.1B 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 44 plans (23.4% of the recordkeeper-served market), followed by Fidelity with 42 plans (22.3%). Ranked by assets on the plans they serve, Fidelity leads with $8.3B.
Primary recordkeeper per plan · 2024 plan year · share of the 188 large 401(k) plans in Maine that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Empower | 44 | +12.8% | 15,450 | $1.3B | 23.4% |
| 2 | Fidelity | 42 | -4.5% | 66,250 | $8.3B | 22.3% |
| 3 | Vanguard | 14 | +7.7% | 9,207 | $1.5B | 7.4% |
| 4 | John Hancock | 13 | -7.1% | 4,092 | $369.3M | 6.9% |
| 5 | ADP | 11 | -15.4% | 2,678 | $170.5M | 5.9% |
| 6 | EPIC Retirement Plan Services | 10 | +25.0% | 2,514 | $241.6M | 5.3% |
| 7 | Principal | 9 | -25.0% | 2,761 | $189.5M | 4.8% |
| 8 | Voya | 8 | +14.3% | 5,759 | $243.0M | 4.3% |
| 9 | Transamerica | 8 | -11.1% | 2,770 | $180.2M | 4.3% |
| 10 | Capital Group (American Funds) | 7 | 0.0% | 1,448 | $226.9M | 3.7% |
| 11 | Lincoln Financial | 4 | +33.3% | 6,488 | $162.7M | 2.1% |
| 12 | Schwab | 3 | 0.0% | 931 | $625.3M | 1.6% |
| 13 | Ascensus | 2 | 0.0% | 253 | $23.6M | 1.1% |
| 14 | Newport Group | 2 | -50.0% | 244 | $22.5M | 1.1% |
| 15 | Paychex | 2 | -33.3% | 449 | $14.0M | 1.1% |
| 16 | Mutual of America | 2 | -50.0% | 635 | $9.3M | 1.1% |
| 17 | T. Rowe Price | 1 | 0.0% | 32,012 | $6.0B | 0.5% |
| 18 | Merrill (Bank of America) | 1 | 0.0% | 5,083 | $521.7M | 0.5% |
| 19 | The Standard (StanCorp) | 1 | 0.0% | 314 | $59.1M | 0.5% |
| 20 | Bpas(as filed) | 1 | — | 155 | $16.5M | 0.5% |
| 21 | Guideline | 1 | — | 100 | $11.4M | 0.5% |
| 22 | Sentry Life Insurance(as filed) | 1 | 0.0% | 186 | $5.7M | 0.5% |
| 23 | Nationwide | 1 | -50.0% | 147 | $4.3M | 0.5% |
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 | 42 | -4.5% | 66,250 | $8.3B | 41.2% |
| 2 | T. Rowe Price | 1 | 0.0% | 32,012 | $6.0B | 29.7% |
| 3 | Vanguard | 14 | +7.7% | 9,207 | $1.5B | 7.4% |
| 4 | Empower | 44 | +12.8% | 15,450 | $1.3B | 6.4% |
| 5 | Schwab | 3 | 0.0% | 931 | $625.3M | 3.1% |
| 6 | Merrill (Bank of America) | 1 | 0.0% | 5,083 | $521.7M | 2.6% |
| 7 | John Hancock | 13 | -7.1% | 4,092 | $369.3M | 1.8% |
| 8 | Voya | 8 | +14.3% | 5,759 | $243.0M | 1.2% |
| 9 | EPIC Retirement Plan Services | 10 | +25.0% | 2,514 | $241.6M | 1.2% |
| 10 | Capital Group (American Funds) | 7 | 0.0% | 1,448 | $226.9M | 1.1% |
| 11 | Principal | 9 | -25.0% | 2,761 | $189.5M | 0.9% |
| 12 | Transamerica | 8 | -11.1% | 2,770 | $180.2M | 0.9% |
| 13 | ADP | 11 | -15.4% | 2,678 | $170.5M | 0.8% |
| 14 | Lincoln Financial | 4 | +33.3% | 6,488 | $162.7M | 0.8% |
| 15 | The Standard (StanCorp) | 1 | 0.0% | 314 | $59.1M | 0.3% |
| 16 | Ascensus | 2 | 0.0% | 253 | $23.6M | 0.1% |
| 17 | Newport Group | 2 | -50.0% | 244 | $22.5M | 0.1% |
| 18 | Bpas(as filed) | 1 | — | 155 | $16.5M | 0.1% |
| 19 | Paychex | 2 | -33.3% | 449 | $14.0M | 0.1% |
| 20 | Guideline | 1 | — | 100 | $11.4M | 0.1% |
| 21 | Mutual of America | 2 | -50.0% | 635 | $9.3M | 0.0% |
| 22 | Sentry Life Insurance(as filed) | 1 | 0.0% | 186 | $5.7M | 0.0% |
| 23 | Nationwide | 1 | -50.0% | 147 | $4.3M | 0.0% |
Scope is limited to 401(k) plans whose sponsor is based in Maine. 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.
