This report ranks the recordkeepers that serve large 401(k) plans in Nevada, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 265 large 401(k) plans in Nevada that disclosed a recordkeeper — covering 314,736 active participants and $20.2B 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 55 plans (20.8% of the recordkeeper-served market), followed by Empower with 39 plans (14.7%). Ranked by assets on the plans they serve, Empower leads with $7.1B.
Primary recordkeeper per plan · 2024 plan year · share of the 265 large 401(k) plans in Nevada that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 55 | +5.8% | 67,199 | $6.6B | 20.8% |
| 2 | Empower | 39 | +39.3% | 142,239 | $7.1B | 14.7% |
| 3 | ADP | 32 | +18.5% | 11,307 | $279.3M | 12.1% |
| 4 | Principal | 31 | 0.0% | 22,995 | $1.2B | 11.7% |
| 5 | Transamerica | 17 | -10.5% | 16,706 | $544.1M | 6.4% |
| 6 | Vanguard | 16 | +45.5% | 20,159 | $2.6B | 6.0% |
| 7 | John Hancock | 14 | -12.5% | 4,079 | $155.1M | 5.3% |
| 8 | OneAmerica | 6 | +20.0% | 2,861 | $201.1M | 2.3% |
| 9 | Mutual of America | 5 | -16.7% | 1,691 | $55.6M | 1.9% |
| 10 | Paychex | 5 | 0.0% | 1,190 | $45.0M | 1.9% |
| 11 | Nationwide | 4 | -55.6% | 3,083 | $150.0M | 1.5% |
| 12 | Voya | 4 | 0.0% | 1,575 | $90.1M | 1.5% |
| 13 | Schwab | 3 | -25.0% | 3,528 | $406.9M | 1.1% |
| 14 | T. Rowe Price | 3 | +50.0% | 2,922 | $193.1M | 1.1% |
| 15 | Newport Group | 3 | 0.0% | 684 | $81.8M | 1.1% |
| 16 | The Standard (StanCorp) | 3 | 0.0% | 925 | $69.1M | 1.1% |
| 17 | July Business Services(as filed) | 3 | 0.0% | 920 | $68.2M | 1.1% |
| 18 | Jpmorgan Invest Holdings(as filed) | 3 | +50.0% | 1,404 | $53.6M | 1.1% |
| 19 | Capital Group (American Funds) | 3 | +50.0% | 538 | $36.8M | 1.1% |
| 20 | Lincoln Financial | 3 | -25.0% | 3,059 | $26.3M | 1.1% |
| 21 | Ascensus | 3 | 0.0% | 1,930 | $23.1M | 1.1% |
| 22 | Merrill (Bank of America) | 2 | 0.0% | 2,076 | $76.9M | 0.8% |
| 23 | Betterment | 2 | 0.0% | 516 | $18.8M | 0.8% |
| 24 | Aaaa Benefits(as filed) | 1 | 0.0% | 296 | $46.5M | 0.4% |
| 25 | TIAA | 1 | 0.0% | 273 | $36.8M | 0.4% |
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 | Empower | 39 | +39.3% | 142,239 | $7.1B | 35.3% |
| 2 | Fidelity | 55 | +5.8% | 67,199 | $6.6B | 32.8% |
| 3 | Vanguard | 16 | +45.5% | 20,159 | $2.6B | 12.9% |
| 4 | Principal | 31 | 0.0% | 22,995 | $1.2B | 5.7% |
| 5 | Transamerica | 17 | -10.5% | 16,706 | $544.1M | 2.7% |
| 6 | Schwab | 3 | -25.0% | 3,528 | $406.9M | 2.0% |
| 7 | ADP | 32 | +18.5% | 11,307 | $279.3M | 1.4% |
| 8 | OneAmerica | 6 | +20.0% | 2,861 | $201.1M | 1.0% |
| 9 | T. Rowe Price | 3 | +50.0% | 2,922 | $193.1M | 1.0% |
| 10 | John Hancock | 14 | -12.5% | 4,079 | $155.1M | 0.8% |
| 11 | Nationwide | 4 | -55.6% | 3,083 | $150.0M | 0.7% |
| 12 | Voya | 4 | 0.0% | 1,575 | $90.1M | 0.4% |
| 13 | Newport Group | 3 | 0.0% | 684 | $81.8M | 0.4% |
| 14 | Merrill (Bank of America) | 2 | 0.0% | 2,076 | $76.9M | 0.4% |
| 15 | The Standard (StanCorp) | 3 | 0.0% | 925 | $69.1M | 0.3% |
| 16 | July Business Services(as filed) | 3 | 0.0% | 920 | $68.2M | 0.3% |
| 17 | Mutual of America | 5 | -16.7% | 1,691 | $55.6M | 0.3% |
| 18 | Jpmorgan Invest Holdings(as filed) | 3 | +50.0% | 1,404 | $53.6M | 0.3% |
| 19 | Aaaa Benefits(as filed) | 1 | 0.0% | 296 | $46.5M | 0.2% |
| 20 | Paychex | 5 | 0.0% | 1,190 | $45.0M | 0.2% |
| 21 | TIAA | 1 | 0.0% | 273 | $36.8M | 0.2% |
| 22 | Capital Group (American Funds) | 3 | +50.0% | 538 | $36.8M | 0.2% |
| 23 | Lincoln Financial | 3 | -25.0% | 3,059 | $26.3M | 0.1% |
| 24 | Ascensus | 3 | 0.0% | 1,930 | $23.1M | 0.1% |
| 25 | Betterment | 2 | 0.0% | 516 | $18.8M | 0.1% |
Scope is limited to 401(k) plans whose sponsor is based in Nevada. 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.
