This report ranks the recordkeepers that serve large 401(k) plans in Montana, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 111 large 401(k) plans in Montana that disclosed a recordkeeper — covering 58,498 active participants and $5.3B 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 37 plans (33.3% of the recordkeeper-served market), followed by Fidelity with 18 plans (16.2%). Ranked by assets on the plans they serve, Fidelity leads with $2.3B.
Primary recordkeeper per plan · 2024 plan year · share of the 111 large 401(k) plans in Montana that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Empower | 37 | -5.1% | 11,931 | $1.4B | 33.3% |
| 2 | Fidelity | 18 | -5.3% | 21,780 | $2.3B | 16.2% |
| 3 | Principal | 11 | -8.3% | 9,318 | $435.0M | 9.9% |
| 4 | Vanguard | 8 | +14.3% | 6,393 | $690.7M | 7.2% |
| 5 | ADP | 8 | +33.3% | 1,984 | $103.6M | 7.2% |
| 6 | Capital Group (American Funds) | 6 | -14.3% | 1,325 | $93.9M | 5.4% |
| 7 | John Hancock | 4 | -20.0% | 1,112 | $41.8M | 3.6% |
| 8 | Transamerica | 3 | +50.0% | 1,616 | $74.3M | 2.7% |
| 9 | Capital Group(as filed) | 3 | +50.0% | 599 | $16.0M | 2.7% |
| 10 | Ascensus | 2 | 0.0% | 507 | $23.8M | 1.8% |
| 11 | American Trust(as filed) | 1 | 0.0% | 200 | $46.8M | 0.9% |
| 12 | Newport Group | 1 | 0.0% | 105 | $18.9M | 0.9% |
| 13 | Wipfli Llp(as filed) | 1 | 0.0% | 275 | $16.3M | 0.9% |
| 14 | The Standard (StanCorp) | 1 | 0.0% | 181 | $13.2M | 0.9% |
| 15 | Mutual of America | 1 | — | 197 | $11.1M | 0.9% |
| 16 | Nationwide | 1 | 0.0% | 193 | $7.1M | 0.9% |
| 17 | TIAA | 1 | 0.0% | 52 | $6.0M | 0.9% |
| 18 | Paychex | 1 | — | 134 | $5.8M | 0.9% |
| 19 | Employee Fiduciary | 1 | 0.0% | 218 | $3.2M | 0.9% |
| 20 | Human Interest | 1 | — | 378 | $1.5M | 0.9% |
| 21 | Schwab | 1 | 0.0% | 0 | $577 | 0.9% |
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 | 18 | -5.3% | 21,780 | $2.3B | 43.4% |
| 2 | Empower | 37 | -5.1% | 11,931 | $1.4B | 26.0% |
| 3 | Vanguard | 8 | +14.3% | 6,393 | $690.7M | 13.1% |
| 4 | Principal | 11 | -8.3% | 9,318 | $435.0M | 8.3% |
| 5 | ADP | 8 | +33.3% | 1,984 | $103.6M | 2.0% |
| 6 | Capital Group (American Funds) | 6 | -14.3% | 1,325 | $93.9M | 1.8% |
| 7 | Transamerica | 3 | +50.0% | 1,616 | $74.3M | 1.4% |
| 8 | American Trust(as filed) | 1 | 0.0% | 200 | $46.8M | 0.9% |
| 9 | John Hancock | 4 | -20.0% | 1,112 | $41.8M | 0.8% |
| 10 | Ascensus | 2 | 0.0% | 507 | $23.8M | 0.5% |
| 11 | Newport Group | 1 | 0.0% | 105 | $18.9M | 0.4% |
| 12 | Wipfli Llp(as filed) | 1 | 0.0% | 275 | $16.3M | 0.3% |
| 13 | Capital Group(as filed) | 3 | +50.0% | 599 | $16.0M | 0.3% |
| 14 | The Standard (StanCorp) | 1 | 0.0% | 181 | $13.2M | 0.2% |
| 15 | Mutual of America | 1 | — | 197 | $11.1M | 0.2% |
| 16 | Nationwide | 1 | 0.0% | 193 | $7.1M | 0.1% |
| 17 | TIAA | 1 | 0.0% | 52 | $6.0M | 0.1% |
| 18 | Paychex | 1 | — | 134 | $5.8M | 0.1% |
| 19 | Employee Fiduciary | 1 | 0.0% | 218 | $3.2M | 0.1% |
| 20 | Human Interest | 1 | — | 378 | $1.5M | 0.0% |
| 21 | Schwab | 1 | 0.0% | 0 | $577 | 0.0% |
Scope is limited to 401(k) plans whose sponsor is based in Montana. 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.
