This report ranks the recordkeepers that serve large 401(k) plans in Michigan, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 1,647 large 401(k) plans in Michigan that disclosed a recordkeeper — covering 1,561,320 active participants and $137.5B 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 371 plans (22.5% of the recordkeeper-served market), followed by Empower with 280 plans (17.0%). Ranked by assets on the plans they serve, Fidelity leads with $56.4B.
Primary recordkeeper per plan · 2024 plan year · share of the 1,647 large 401(k) plans in Michigan that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 371 | +1.4% | 444,448 | $56.4B | 22.5% |
| 2 | Empower | 280 | -1.8% | 255,049 | $24.2B | 17.0% |
| 3 | Principal | 244 | -1.2% | 224,084 | $13.5B | 14.8% |
| 4 | ADP | 120 | 0.0% | 40,953 | $1.9B | 7.3% |
| 5 | John Hancock | 91 | -15.0% | 49,081 | $3.5B | 5.5% |
| 6 | Vanguard | 64 | -14.7% | 108,026 | $21.6B | 3.9% |
| 7 | Transamerica | 60 | -7.7% | 109,330 | $3.1B | 3.6% |
| 8 | Newport Group | 42 | -10.6% | 19,829 | $1.1B | 2.6% |
| 9 | Ascensus | 38 | +5.6% | 8,592 | $688.9M | 2.3% |
| 10 | Voya | 35 | -10.3% | 15,514 | $954.9M | 2.1% |
| 11 | Capital Group (American Funds) | 35 | -2.8% | 10,835 | $826.6M | 2.1% |
| 12 | Merrill (Bank of America) | 34 | -15.0% | 178,390 | $3.2B | 2.1% |
| 13 | The Standard (StanCorp) | 34 | +61.9% | 13,457 | $697.2M | 2.1% |
| 14 | Alerus | 26 | +4.0% | 7,194 | $383.2M | 1.6% |
| 15 | Paychex | 24 | -7.7% | 7,045 | $243.6M | 1.5% |
| 16 | Nationwide | 18 | -30.8% | 7,559 | $478.3M | 1.1% |
| 17 | Lincoln Financial | 16 | -15.8% | 7,741 | $414.0M | 1.0% |
| 18 | Schwab | 15 | -6.3% | 17,286 | $1.7B | 0.9% |
| 19 | T. Rowe Price | 14 | 0.0% | 9,044 | $1.2B | 0.9% |
| 20 | OneAmerica | 12 | -14.3% | 3,599 | $252.2M | 0.7% |
| 21 | Mutual of America | 11 | +175.0% | 2,563 | $91.0M | 0.7% |
| 22 | EPIC Retirement Plan Services | 9 | +12.5% | 2,253 | $201.7M | 0.5% |
| 23 | Jpmorgan Invest Holdings(as filed) | 8 | -11.1% | 2,425 | $198.1M | 0.5% |
| 24 | Kdp Retirement Plan Services(as filed) | 5 | -44.4% | 915 | $26.2M | 0.3% |
| 25 | Wintrust Private Trust(as filed) | 4 | — | 1,158 | $55.3M | 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 | 371 | +1.4% | 444,448 | $56.4B | 41.0% |
| 2 | Empower | 280 | -1.8% | 255,049 | $24.2B | 17.6% |
| 3 | Vanguard | 64 | -14.7% | 108,026 | $21.6B | 15.7% |
| 4 | Principal | 244 | -1.2% | 224,084 | $13.5B | 9.8% |
| 5 | John Hancock | 91 | -15.0% | 49,081 | $3.5B | 2.5% |
| 6 | Merrill (Bank of America) | 34 | -15.0% | 178,390 | $3.2B | 2.3% |
| 7 | Transamerica | 60 | -7.7% | 109,330 | $3.1B | 2.3% |
| 8 | ADP | 120 | 0.0% | 40,953 | $1.9B | 1.3% |
| 9 | Schwab | 15 | -6.3% | 17,286 | $1.7B | 1.2% |
| 10 | T. Rowe Price | 14 | 0.0% | 9,044 | $1.2B | 0.9% |
| 11 | Newport Group | 42 | -10.6% | 19,829 | $1.1B | 0.8% |
| 12 | Voya | 35 | -10.3% | 15,514 | $954.9M | 0.7% |
| 13 | Capital Group (American Funds) | 35 | -2.8% | 10,835 | $826.6M | 0.6% |
| 14 | The Standard (StanCorp) | 34 | +61.9% | 13,457 | $697.2M | 0.5% |
| 15 | Ascensus | 38 | +5.6% | 8,592 | $688.9M | 0.5% |
| 16 | Nationwide | 18 | -30.8% | 7,559 | $478.3M | 0.3% |
| 17 | Lincoln Financial | 16 | -15.8% | 7,741 | $414.0M | 0.3% |
| 18 | Alerus | 26 | +4.0% | 7,194 | $383.2M | 0.3% |
| 19 | OneAmerica | 12 | -14.3% | 3,599 | $252.2M | 0.2% |
| 20 | Paychex | 24 | -7.7% | 7,045 | $243.6M | 0.2% |
| 21 | EPIC Retirement Plan Services | 9 | +12.5% | 2,253 | $201.7M | 0.1% |
| 22 | Jpmorgan Invest Holdings(as filed) | 8 | -11.1% | 2,425 | $198.1M | 0.1% |
| 23 | TIAA | 3 | +50.0% | 929 | $140.7M | 0.1% |
| 24 | Mutual of America | 11 | +175.0% | 2,563 | $91.0M | 0.1% |
| 25 | Sentinel Benefits Group(as filed) | 2 | 0.0% | 635 | $58.9M | 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 Michigan. 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.
