This report ranks the recordkeepers that serve large 401(k) plans in Missouri, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 870 large 401(k) plans in Missouri that disclosed a recordkeeper — covering 1,209,088 active participants and $125.8B 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 163 plans (18.7% of the recordkeeper-served market), followed by Empower with 121 plans (13.9%). Ranked by assets on the plans they serve, Fidelity leads with $46.9B.
Primary recordkeeper per plan · 2024 plan year · share of the 870 large 401(k) plans in Missouri that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 163 | +9.4% | 546,310 | $46.9B | 18.7% |
| 2 | Empower | 121 | +5.2% | 164,076 | $26.4B | 13.9% |
| 3 | Principal | 105 | -1.9% | 173,355 | $11.4B | 12.1% |
| 4 | EPIC Retirement Plan Services | 54 | -11.5% | 17,346 | $1.8B | 6.2% |
| 5 | Vanguard | 51 | -8.9% | 78,240 | $16.8B | 5.9% |
| 6 | ADP | 51 | +10.9% | 21,832 | $1.3B | 5.9% |
| 7 | John Hancock | 50 | +2.0% | 24,793 | $1.9B | 5.7% |
| 8 | Transamerica | 32 | -13.5% | 28,470 | $2.8B | 3.7% |
| 9 | Newport Group | 27 | -10.0% | 6,737 | $599.2M | 3.1% |
| 10 | Ascensus | 25 | +38.9% | 7,581 | $384.2M | 2.9% |
| 11 | OneAmerica | 24 | -14.3% | 8,192 | $1.1B | 2.8% |
| 12 | The Standard (StanCorp) | 24 | +50.0% | 18,463 | $909.1M | 2.8% |
| 13 | Alerus | 19 | 0.0% | 4,033 | $419.0M | 2.2% |
| 14 | Schwab | 17 | 0.0% | 26,730 | $7.2B | 2.0% |
| 15 | Voya | 17 | +21.4% | 37,805 | $2.3B | 2.0% |
| 16 | Capital Group (American Funds) | 15 | -28.6% | 4,177 | $232.6M | 1.7% |
| 17 | Merrill (Bank of America) | 11 | 0.0% | 13,077 | $1.7B | 1.3% |
| 18 | Lincoln Financial | 10 | -16.7% | 4,874 | $97.5M | 1.1% |
| 19 | Mutual of America | 10 | +11.1% | 3,812 | $58.5M | 1.1% |
| 20 | Paychex | 9 | +50.0% | 2,457 | $54.8M | 1.0% |
| 21 | T. Rowe Price | 6 | -25.0% | 6,072 | $554.7M | 0.7% |
| 22 | Nationwide | 6 | -25.0% | 861 | $138.8M | 0.7% |
| 23 | Tpp Retirement Plan Specialists(as filed) | 2 | -33.3% | 290 | $62.1M | 0.2% |
| 24 | Pcs Retirement(as filed) | 2 | +100.0% | 399 | $43.1M | 0.2% |
| 25 | North American Ktrade Alliance(as filed) | 2 | 0.0% | 575 | $36.9M | 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 | 163 | +9.4% | 546,310 | $46.9B | 37.3% |
| 2 | Empower | 121 | +5.2% | 164,076 | $26.4B | 21.0% |
| 3 | Vanguard | 51 | -8.9% | 78,240 | $16.8B | 13.3% |
| 4 | Principal | 105 | -1.9% | 173,355 | $11.4B | 9.1% |
| 5 | Schwab | 17 | 0.0% | 26,730 | $7.2B | 5.7% |
| 6 | Transamerica | 32 | -13.5% | 28,470 | $2.8B | 2.3% |
| 7 | Voya | 17 | +21.4% | 37,805 | $2.3B | 1.8% |
| 8 | John Hancock | 50 | +2.0% | 24,793 | $1.9B | 1.5% |
| 9 | EPIC Retirement Plan Services | 54 | -11.5% | 17,346 | $1.8B | 1.4% |
| 10 | Merrill (Bank of America) | 11 | 0.0% | 13,077 | $1.7B | 1.4% |
| 11 | ADP | 51 | +10.9% | 21,832 | $1.3B | 1.1% |
| 12 | OneAmerica | 24 | -14.3% | 8,192 | $1.1B | 0.9% |
| 13 | The Standard (StanCorp) | 24 | +50.0% | 18,463 | $909.1M | 0.7% |
| 14 | Newport Group | 27 | -10.0% | 6,737 | $599.2M | 0.5% |
| 15 | T. Rowe Price | 6 | -25.0% | 6,072 | $554.7M | 0.4% |
| 16 | Alerus | 19 | 0.0% | 4,033 | $419.0M | 0.3% |
| 17 | Ascensus | 25 | +38.9% | 7,581 | $384.2M | 0.3% |
| 18 | Capital Group (American Funds) | 15 | -28.6% | 4,177 | $232.6M | 0.2% |
| 19 | Nationwide | 6 | -25.0% | 861 | $138.8M | 0.1% |
| 20 | Correll Co(as filed) | 1 | 0.0% | 2,307 | $112.9M | 0.1% |
| 21 | Lincoln Financial | 10 | -16.7% | 4,874 | $97.5M | 0.1% |
| 22 | Tpp Retirement Plan Specialists(as filed) | 2 | -33.3% | 290 | $62.1M | 0.0% |
| 23 | Jpmorgan Invest Holdings(as filed) | 1 | 0.0% | 1,314 | $59.8M | 0.0% |
| 24 | Mutual of America | 10 | +11.1% | 3,812 | $58.5M | 0.0% |
| 25 | Paychex | 9 | +50.0% | 2,457 | $54.8M | 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 Missouri. 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.
