This report ranks the recordkeepers that serve large 401(k) plans in New Jersey, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 1,506 large 401(k) plans in New Jersey that disclosed a recordkeeper — covering 2,020,511 active participants and $298.9B 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 335 plans (22.2% of the recordkeeper-served market), followed by Empower with 207 plans (13.7%). Ranked by assets on the plans they serve, Fidelity leads with $158.0B.
Primary recordkeeper per plan · 2024 plan year · share of the 1,506 large 401(k) plans in New Jersey that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 335 | +3.1% | 732,795 | $158.0B | 22.2% |
| 2 | Empower | 207 | +1.0% | 321,439 | $24.1B | 13.7% |
| 3 | ADP | 202 | +1.0% | 86,300 | $4.7B | 13.4% |
| 4 | Principal | 156 | -3.1% | 143,736 | $10.4B | 10.4% |
| 5 | Vanguard | 93 | -7.9% | 61,007 | $13.0B | 6.2% |
| 6 | Transamerica | 68 | -1.4% | 142,818 | $6.8B | 4.5% |
| 7 | John Hancock | 67 | -2.9% | 49,208 | $4.6B | 4.4% |
| 8 | Voya | 67 | +8.1% | 46,203 | $2.4B | 4.4% |
| 9 | Paychex | 39 | +21.9% | 11,840 | $468.3M | 2.6% |
| 10 | T. Rowe Price | 34 | -17.1% | 64,972 | $17.3B | 2.3% |
| 11 | Lincoln Financial | 29 | +7.4% | 54,439 | $3.9B | 1.9% |
| 12 | Ascensus | 28 | -12.5% | 7,269 | $540.4M | 1.9% |
| 13 | Nationwide | 26 | -10.3% | 13,691 | $513.8M | 1.7% |
| 14 | Merrill (Bank of America) | 23 | 0.0% | 97,213 | $18.0B | 1.5% |
| 15 | Capital Group (American Funds) | 13 | +18.2% | 2,772 | $326.0M | 0.9% |
| 16 | Schwab | 12 | -14.3% | 24,086 | $5.8B | 0.8% |
| 17 | Jpmorgan Invest Holdings(as filed) | 12 | 0.0% | 9,613 | $589.1M | 0.8% |
| 18 | Mutual of America | 11 | +83.3% | 2,935 | $58.7M | 0.7% |
| 19 | Newport Group | 10 | -37.5% | 3,982 | $353.7M | 0.7% |
| 20 | The Standard (StanCorp) | 8 | +14.3% | 2,823 | $118.3M | 0.5% |
| 21 | Alerus | 7 | -12.5% | 2,069 | $229.2M | 0.5% |
| 22 | Usi Consulting Group(as filed) | 5 | 0.0% | 2,652 | $355.7M | 0.3% |
| 23 | Ameritas Life Insurance(as filed) | 5 | +25.0% | 650 | $53.1M | 0.3% |
| 24 | Alight Solutions | 4 | +33.3% | 44,178 | $21.6B | 0.3% |
| 25 | OneAmerica | 4 | 0.0% | 843 | $53.0M | 0.3% |
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 | 335 | +3.1% | 732,795 | $158.0B | 52.9% |
| 2 | Empower | 207 | +1.0% | 321,439 | $24.1B | 8.1% |
| 3 | Alight Solutions | 4 | +33.3% | 44,178 | $21.6B | 7.2% |
| 4 | Merrill (Bank of America) | 23 | 0.0% | 97,213 | $18.0B | 6.0% |
| 5 | T. Rowe Price | 34 | -17.1% | 64,972 | $17.3B | 5.8% |
| 6 | Vanguard | 93 | -7.9% | 61,007 | $13.0B | 4.4% |
| 7 | Principal | 156 | -3.1% | 143,736 | $10.4B | 3.5% |
| 8 | Transamerica | 68 | -1.4% | 142,818 | $6.8B | 2.3% |
| 9 | Schwab | 12 | -14.3% | 24,086 | $5.8B | 1.9% |
| 10 | ADP | 202 | +1.0% | 86,300 | $4.7B | 1.6% |
| 11 | John Hancock | 67 | -2.9% | 49,208 | $4.6B | 1.6% |
| 12 | Lincoln Financial | 29 | +7.4% | 54,439 | $3.9B | 1.3% |
| 13 | Voya | 67 | +8.1% | 46,203 | $2.4B | 0.8% |
| 14 | TIAA | 3 | -50.0% | 42,059 | $2.2B | 0.8% |
| 15 | Conduent | 1 | 0.0% | 20,831 | $1.0B | 0.3% |
| 16 | Nppg Plan Professionals(as filed) | 1 | — | 15,566 | $610.5M | 0.2% |
| 17 | Jpmorgan Invest Holdings(as filed) | 12 | 0.0% | 9,613 | $589.1M | 0.2% |
| 18 | Ascensus | 28 | -12.5% | 7,269 | $540.4M | 0.2% |
| 19 | Nationwide | 26 | -10.3% | 13,691 | $513.8M | 0.2% |
| 20 | Paychex | 39 | +21.9% | 11,840 | $468.3M | 0.2% |
| 21 | Usi Consulting Group(as filed) | 5 | 0.0% | 2,652 | $355.7M | 0.1% |
| 22 | Newport Group | 10 | -37.5% | 3,982 | $353.7M | 0.1% |
| 23 | Capital Group (American Funds) | 13 | +18.2% | 2,772 | $326.0M | 0.1% |
| 24 | Alerus | 7 | -12.5% | 2,069 | $229.2M | 0.1% |
| 25 | Web401k Com(as filed) | 2 | +100.0% | 339 | $125.9M | 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 New Jersey. 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.
