This report ranks the recordkeepers that serve large 401(k) plans in Maryland, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 971 large 401(k) plans in Maryland that disclosed a recordkeeper — covering 1,088,891 active participants and $72.2B 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 174 plans (17.9% of the recordkeeper-served market), followed by Principal with 150 plans (15.4%). Ranked by assets on the plans they serve, Alight Solutions leads with $15.8B.
Primary recordkeeper per plan · 2024 plan year · share of the 971 large 401(k) plans in Maryland that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 174 | -3.9% | 166,945 | $12.9B | 17.9% |
| 2 | Principal | 150 | -2.0% | 332,577 | $11.7B | 15.4% |
| 3 | Empower | 135 | +6.3% | 117,562 | $7.1B | 13.9% |
| 4 | ADP | 123 | +2.5% | 47,878 | $2.3B | 12.7% |
| 5 | Vanguard | 76 | -5.0% | 48,076 | $6.2B | 7.8% |
| 6 | John Hancock | 65 | -14.5% | 18,848 | $1.4B | 6.7% |
| 7 | Transamerica | 47 | +9.3% | 34,456 | $2.6B | 4.8% |
| 8 | T. Rowe Price | 28 | -3.4% | 32,041 | $4.1B | 2.9% |
| 9 | Ascensus | 23 | -28.1% | 5,839 | $362.1M | 2.4% |
| 10 | Voya | 20 | -16.7% | 112,506 | $2.9B | 2.1% |
| 11 | Capital Group (American Funds) | 18 | -5.3% | 9,656 | $371.8M | 1.9% |
| 12 | Nationwide | 11 | -8.3% | 2,645 | $182.0M | 1.1% |
| 13 | Mutual of America | 11 | -8.3% | 3,713 | $77.6M | 1.1% |
| 14 | Lincoln Financial | 10 | +25.0% | 7,188 | $190.3M | 1.0% |
| 15 | Schwab | 9 | -18.2% | 9,282 | $2.5B | 0.9% |
| 16 | OneAmerica | 9 | -25.0% | 5,171 | $319.7M | 0.9% |
| 17 | Newport Group | 9 | -18.2% | 4,551 | $186.7M | 0.9% |
| 18 | Paychex | 9 | -25.0% | 2,454 | $84.1M | 0.9% |
| 19 | The Standard (StanCorp) | 8 | +100.0% | 1,726 | $167.2M | 0.8% |
| 20 | Alerus | 4 | -20.0% | 2,081 | $135.6M | 0.4% |
| 21 | Guideline | 4 | +100.0% | 607 | $45.7M | 0.4% |
| 22 | Alight Solutions | 2 | 0.0% | 116,904 | $15.8B | 0.2% |
| 23 | Jpmorgan Invest Holdings(as filed) | 2 | +100.0% | 998 | $55.7M | 0.2% |
| 24 | American Retirement Plan Services(as filed) | 2 | +100.0% | 1,145 | $7.4M | 0.2% |
| 25 | Admin Group Dba Tag Resources(as filed) | 2 | +100.0% | 333 | $5.1M | 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 | Alight Solutions | 2 | 0.0% | 116,904 | $15.8B | 21.9% |
| 2 | Fidelity | 174 | -3.9% | 166,945 | $12.9B | 17.9% |
| 3 | Principal | 150 | -2.0% | 332,577 | $11.7B | 16.3% |
| 4 | Empower | 135 | +6.3% | 117,562 | $7.1B | 9.9% |
| 5 | Vanguard | 76 | -5.0% | 48,076 | $6.2B | 8.7% |
| 6 | T. Rowe Price | 28 | -3.4% | 32,041 | $4.1B | 5.7% |
| 7 | Voya | 20 | -16.7% | 112,506 | $2.9B | 4.1% |
| 8 | Transamerica | 47 | +9.3% | 34,456 | $2.6B | 3.6% |
| 9 | Schwab | 9 | -18.2% | 9,282 | $2.5B | 3.4% |
| 10 | ADP | 123 | +2.5% | 47,878 | $2.3B | 3.2% |
| 11 | John Hancock | 65 | -14.5% | 18,848 | $1.4B | 1.9% |
| 12 | Capital Group (American Funds) | 18 | -5.3% | 9,656 | $371.8M | 0.5% |
| 13 | Ascensus | 23 | -28.1% | 5,839 | $362.1M | 0.5% |
| 14 | OneAmerica | 9 | -25.0% | 5,171 | $319.7M | 0.4% |
| 15 | Schneider Downs Ret Solutions(as filed) | 1 | 0.0% | 506 | $199.0M | 0.3% |
| 16 | Lincoln Financial | 10 | +25.0% | 7,188 | $190.3M | 0.3% |
| 17 | Newport Group | 9 | -18.2% | 4,551 | $186.7M | 0.3% |
| 18 | Nationwide | 11 | -8.3% | 2,645 | $182.0M | 0.3% |
| 19 | The Standard (StanCorp) | 8 | +100.0% | 1,726 | $167.2M | 0.2% |
| 20 | Alerus | 4 | -20.0% | 2,081 | $135.6M | 0.2% |
| 21 | Paychex | 9 | -25.0% | 2,454 | $84.1M | 0.1% |
| 22 | Mutual of America | 11 | -8.3% | 3,713 | $77.6M | 0.1% |
| 23 | Jpmorgan Invest Holdings(as filed) | 2 | +100.0% | 998 | $55.7M | 0.1% |
| 24 | EPIC Retirement Plan Services | 1 | 0.0% | 60 | $52.6M | 0.1% |
| 25 | Guideline | 4 | +100.0% | 607 | $45.7M | 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 Maryland. 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.
