This report ranks the recordkeepers that serve large 401(k) plans in Massachusetts, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 1,595 large 401(k) plans in Massachusetts that disclosed a recordkeeper — covering 1,767,298 active participants and $217.7B 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 629 plans (39.4% of the recordkeeper-served market), followed by Empower with 262 plans (16.4%). Ranked by assets on the plans they serve, Fidelity leads with $140.7B.
Primary recordkeeper per plan · 2024 plan year · share of the 1,595 large 401(k) plans in Massachusetts that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 629 | +3.8% | 1,187,509 | $140.7B | 39.4% |
| 2 | Empower | 262 | -8.7% | 238,119 | $26.9B | 16.4% |
| 3 | ADP | 143 | +2.9% | 48,397 | $2.8B | 9.0% |
| 4 | Vanguard | 91 | +4.6% | 83,412 | $21.4B | 5.7% |
| 5 | Principal | 87 | 0.0% | 42,984 | $3.7B | 5.5% |
| 6 | John Hancock | 79 | -10.2% | 28,858 | $4.4B | 5.0% |
| 7 | Transamerica | 35 | 0.0% | 16,027 | $1.1B | 2.2% |
| 8 | Voya | 33 | -5.7% | 15,637 | $2.6B | 2.1% |
| 9 | Ascensus | 27 | -15.6% | 5,103 | $559.6M | 1.7% |
| 10 | The Standard (StanCorp) | 26 | +13.0% | 12,144 | $675.5M | 1.6% |
| 11 | Paychex | 19 | -13.6% | 3,900 | $161.1M | 1.2% |
| 12 | Capital Group (American Funds) | 16 | -11.1% | 3,269 | $346.6M | 1.0% |
| 13 | Schwab | 15 | -11.8% | 12,572 | $4.9B | 0.9% |
| 14 | T. Rowe Price | 15 | -16.7% | 14,151 | $3.5B | 0.9% |
| 15 | Mutual of America | 14 | +16.7% | 4,209 | $197.4M | 0.9% |
| 16 | Newport Group | 9 | -25.0% | 4,465 | $266.3M | 0.6% |
| 17 | Lincoln Financial | 9 | -10.0% | 4,310 | $265.7M | 0.6% |
| 18 | Alerus | 8 | 0.0% | 6,034 | $330.2M | 0.5% |
| 19 | Nationwide | 8 | -38.5% | 1,740 | $162.0M | 0.5% |
| 20 | Betterment | 8 | +14.3% | 1,135 | $79.5M | 0.5% |
| 21 | Guideline | 8 | -11.1% | 794 | $65.2M | 0.5% |
| 22 | Merrill (Bank of America) | 7 | -12.5% | 17,618 | $1.6B | 0.4% |
| 23 | EPIC Retirement Plan Services | 6 | -14.3% | 2,105 | $202.7M | 0.4% |
| 24 | OneAmerica | 5 | -16.7% | 832 | $64.5M | 0.3% |
| 25 | Compass 360(as filed) | 5 | 0.0% | 861 | $46.8M | 0.3% |
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 | 629 | +3.8% | 1,187,509 | $140.7B | 64.6% |
| 2 | Empower | 262 | -8.7% | 238,119 | $26.9B | 12.4% |
| 3 | Vanguard | 91 | +4.6% | 83,412 | $21.4B | 9.8% |
| 4 | Schwab | 15 | -11.8% | 12,572 | $4.9B | 2.2% |
| 5 | John Hancock | 79 | -10.2% | 28,858 | $4.4B | 2.0% |
| 6 | Principal | 87 | 0.0% | 42,984 | $3.7B | 1.7% |
| 7 | T. Rowe Price | 15 | -16.7% | 14,151 | $3.5B | 1.6% |
| 8 | ADP | 143 | +2.9% | 48,397 | $2.8B | 1.3% |
| 9 | Voya | 33 | -5.7% | 15,637 | $2.6B | 1.2% |
| 10 | Merrill (Bank of America) | 7 | -12.5% | 17,618 | $1.6B | 0.7% |
| 11 | Transamerica | 35 | 0.0% | 16,027 | $1.1B | 0.5% |
| 12 | The Standard (StanCorp) | 26 | +13.0% | 12,144 | $675.5M | 0.3% |
| 13 | Ascensus | 27 | -15.6% | 5,103 | $559.6M | 0.3% |
| 14 | Capital Group (American Funds) | 16 | -11.1% | 3,269 | $346.6M | 0.2% |
| 15 | Alerus | 8 | 0.0% | 6,034 | $330.2M | 0.2% |
| 16 | Newport Group | 9 | -25.0% | 4,465 | $266.3M | 0.1% |
| 17 | Lincoln Financial | 9 | -10.0% | 4,310 | $265.7M | 0.1% |
| 18 | EPIC Retirement Plan Services | 6 | -14.3% | 2,105 | $202.7M | 0.1% |
| 19 | Mutual of America | 14 | +16.7% | 4,209 | $197.4M | 0.1% |
| 20 | Alight Solutions | 1 | 0.0% | 310 | $186.5M | 0.1% |
| 21 | Nationwide | 8 | -38.5% | 1,740 | $162.0M | 0.1% |
| 22 | Paychex | 19 | -13.6% | 3,900 | $161.1M | 0.1% |
| 23 | Betterment | 8 | +14.3% | 1,135 | $79.5M | 0.0% |
| 24 | Guideline | 8 | -11.1% | 794 | $65.2M | 0.0% |
| 25 | OneAmerica | 5 | -16.7% | 832 | $64.5M | 0.0% |
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 Massachusetts. 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.
