This report ranks the recordkeepers that serve large 401(k) plans in Minnesota, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 1,251 large 401(k) plans in Minnesota that disclosed a recordkeeper — covering 1,806,445 active participants and $292.3B 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 270 plans (21.6% of the recordkeeper-served market), followed by Fidelity with 220 plans (17.6%). Ranked by assets on the plans they serve, Fidelity leads with $108.7B.
Primary recordkeeper per plan · 2024 plan year · share of the 1,251 large 401(k) plans in Minnesota that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Empower | 270 | 0.0% | 407,506 | $95.5B | 21.6% |
| 2 | Fidelity | 220 | -2.7% | 729,698 | $108.7B | 17.6% |
| 3 | Principal | 190 | -9.1% | 125,060 | $12.8B | 15.2% |
| 4 | The Standard (StanCorp) | 91 | +550.0% | 45,536 | $2.4B | 7.3% |
| 5 | Alerus | 65 | -8.5% | 17,426 | $1.6B | 5.2% |
| 6 | Vanguard | 51 | +4.1% | 82,740 | $19.4B | 4.1% |
| 7 | ADP | 51 | -3.8% | 20,869 | $847.2M | 4.1% |
| 8 | John Hancock | 47 | -14.5% | 29,452 | $3.8B | 3.8% |
| 9 | Transamerica | 37 | -15.9% | 22,565 | $1.7B | 3.0% |
| 10 | OneAmerica | 27 | -3.6% | 11,668 | $1.3B | 2.2% |
| 11 | Schwab | 25 | 0.0% | 36,895 | $7.9B | 2.0% |
| 12 | Mutual of America | 24 | +50.0% | 6,521 | $217.2M | 1.9% |
| 13 | Ascensus | 21 | -25.0% | 5,842 | $377.4M | 1.7% |
| 14 | Voya | 19 | +72.7% | 100,375 | $8.3B | 1.5% |
| 15 | Capital Group (American Funds) | 18 | -5.3% | 3,914 | $438.0M | 1.4% |
| 16 | Newport Group | 16 | +6.7% | 6,100 | $581.3M | 1.3% |
| 17 | Merrill (Bank of America) | 12 | 0.0% | 31,543 | $2.2B | 1.0% |
| 18 | T. Rowe Price | 10 | +11.1% | 6,601 | $1.1B | 0.8% |
| 19 | Paychex | 9 | 0.0% | 1,296 | $51.7M | 0.7% |
| 20 | Lincoln Financial | 6 | 0.0% | 2,323 | $118.9M | 0.5% |
| 21 | EPIC Retirement Plan Services | 5 | +25.0% | 818 | $96.9M | 0.4% |
| 22 | Alight Solutions | 4 | -20.0% | 100,602 | $22.1B | 0.3% |
| 23 | Nationwide | 4 | -33.3% | 1,443 | $65.7M | 0.3% |
| 24 | Avantax Retirement Plan Services(as filed) | 3 | -40.0% | 298 | $52.4M | 0.2% |
| 25 | Tax Sheltered Compensation(as filed) | 3 | -40.0% | 677 | $42.7M | 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 | 220 | -2.7% | 729,698 | $108.7B | 37.2% |
| 2 | Empower | 270 | 0.0% | 407,506 | $95.5B | 32.7% |
| 3 | Alight Solutions | 4 | -20.0% | 100,602 | $22.1B | 7.6% |
| 4 | Vanguard | 51 | +4.1% | 82,740 | $19.4B | 6.6% |
| 5 | Principal | 190 | -9.1% | 125,060 | $12.8B | 4.4% |
| 6 | Voya | 19 | +72.7% | 100,375 | $8.3B | 2.8% |
| 7 | Schwab | 25 | 0.0% | 36,895 | $7.9B | 2.7% |
| 8 | John Hancock | 47 | -14.5% | 29,452 | $3.8B | 1.3% |
| 9 | The Standard (StanCorp) | 91 | +550.0% | 45,536 | $2.4B | 0.8% |
| 10 | Merrill (Bank of America) | 12 | 0.0% | 31,543 | $2.2B | 0.7% |
| 11 | Transamerica | 37 | -15.9% | 22,565 | $1.7B | 0.6% |
| 12 | Alerus | 65 | -8.5% | 17,426 | $1.6B | 0.5% |
| 13 | OneAmerica | 27 | -3.6% | 11,668 | $1.3B | 0.4% |
| 14 | T. Rowe Price | 10 | +11.1% | 6,601 | $1.1B | 0.4% |
| 15 | ADP | 51 | -3.8% | 20,869 | $847.2M | 0.3% |
| 16 | Newport Group | 16 | +6.7% | 6,100 | $581.3M | 0.2% |
| 17 | Capital Group (American Funds) | 18 | -5.3% | 3,914 | $438.0M | 0.1% |
| 18 | Ascensus | 21 | -25.0% | 5,842 | $377.4M | 0.1% |
| 19 | Mutual of America | 24 | +50.0% | 6,521 | $217.2M | 0.1% |
| 20 | Lincoln Financial | 6 | 0.0% | 2,323 | $118.9M | 0.0% |
| 21 | Trautmann Maher & Associates(as filed) | 1 | 0.0% | 301 | $110.3M | 0.0% |
| 22 | EPIC Retirement Plan Services | 5 | +25.0% | 818 | $96.9M | 0.0% |
| 23 | Mvp Plan Administrators(as filed) | 1 | — | 249 | $86.3M | 0.0% |
| 24 | Wipfli Llp(as filed) | 1 | -50.0% | 851 | $78.4M | 0.0% |
| 25 | Nationwide | 4 | -33.3% | 1,443 | $65.7M | 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 Minnesota. 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.
