This report ranks the recordkeepers that serve large 401(k) plans in New York, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 3,143 large 401(k) plans in New York that disclosed a recordkeeper — covering 3,498,284 active participants and $521.6B 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 848 plans (27.0% of the recordkeeper-served market), followed by Empower with 412 plans (13.1%). Ranked by assets on the plans they serve, Fidelity leads with $224.7B.
Primary recordkeeper per plan · 2024 plan year · share of the 3,143 large 401(k) plans in New York that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 848 | +1.8% | 1,260,284 | $224.7B | 27.0% |
| 2 | Empower | 412 | +7.3% | 578,048 | $77.6B | 13.1% |
| 3 | ADP | 348 | 0.0% | 208,262 | $6.6B | 11.1% |
| 4 | Principal | 336 | -7.9% | 390,780 | $15.6B | 10.7% |
| 5 | Vanguard | 161 | -4.7% | 195,038 | $100.0B | 5.1% |
| 6 | Voya | 123 | +18.3% | 81,775 | $10.1B | 3.9% |
| 7 | John Hancock | 117 | -3.3% | 85,143 | $5.4B | 3.7% |
| 8 | Transamerica | 112 | -1.8% | 131,142 | $7.3B | 3.6% |
| 9 | Paychex | 73 | -11.0% | 33,445 | $939.2M | 2.3% |
| 10 | Mutual of America | 68 | +58.1% | 20,883 | $832.0M | 2.2% |
| 11 | Ascensus | 46 | -16.4% | 15,680 | $981.5M | 1.5% |
| 12 | Schwab | 42 | +7.7% | 49,181 | $10.8B | 1.3% |
| 13 | Merrill (Bank of America) | 42 | -2.3% | 130,677 | $6.5B | 1.3% |
| 14 | T. Rowe Price | 37 | -5.1% | 106,764 | $14.4B | 1.2% |
| 15 | Lincoln Financial | 35 | -10.3% | 20,388 | $2.1B | 1.1% |
| 16 | Capital Group (American Funds) | 35 | -28.6% | 9,041 | $675.3M | 1.1% |
| 17 | Nationwide | 32 | -34.7% | 8,996 | $476.0M | 1.0% |
| 18 | Betterment | 29 | +26.1% | 7,628 | $318.6M | 0.9% |
| 19 | EPIC Retirement Plan Services | 28 | -6.7% | 8,514 | $993.4M | 0.9% |
| 20 | Newport Group | 26 | -13.3% | 14,265 | $1.5B | 0.8% |
| 21 | Jpmorgan Invest Holdings(as filed) | 24 | +9.1% | 12,792 | $980.8M | 0.8% |
| 22 | Guideline | 21 | +23.5% | 4,653 | $178.5M | 0.7% |
| 23 | Human Interest | 17 | +88.9% | 4,717 | $105.8M | 0.5% |
| 24 | Usi Consulting Group(as filed) | 14 | +27.3% | 3,829 | $481.5M | 0.4% |
| 25 | The Standard (StanCorp) | 14 | -6.7% | 5,280 | $324.5M | 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 | Fidelity | 848 | +1.8% | 1,260,284 | $224.7B | 43.1% |
| 2 | Vanguard | 161 | -4.7% | 195,038 | $100.0B | 19.2% |
| 3 | Empower | 412 | +7.3% | 578,048 | $77.6B | 14.9% |
| 4 | Alight Solutions | 6 | 0.0% | 47,023 | $27.3B | 5.2% |
| 5 | Principal | 336 | -7.9% | 390,780 | $15.6B | 3.0% |
| 6 | T. Rowe Price | 37 | -5.1% | 106,764 | $14.4B | 2.8% |
| 7 | Schwab | 42 | +7.7% | 49,181 | $10.8B | 2.1% |
| 8 | Voya | 123 | +18.3% | 81,775 | $10.1B | 1.9% |
| 9 | Transamerica | 112 | -1.8% | 131,142 | $7.3B | 1.4% |
| 10 | ADP | 348 | 0.0% | 208,262 | $6.6B | 1.3% |
| 11 | Merrill (Bank of America) | 42 | -2.3% | 130,677 | $6.5B | 1.2% |
| 12 | John Hancock | 117 | -3.3% | 85,143 | $5.4B | 1.0% |
| 13 | Lincoln Financial | 35 | -10.3% | 20,388 | $2.1B | 0.4% |
| 14 | TIAA | 9 | 0.0% | 5,485 | $1.6B | 0.3% |
| 15 | Newport Group | 26 | -13.3% | 14,265 | $1.5B | 0.3% |
| 16 | EPIC Retirement Plan Services | 28 | -6.7% | 8,514 | $993.4M | 0.2% |
| 17 | Ascensus | 46 | -16.4% | 15,680 | $981.5M | 0.2% |
| 18 | Jpmorgan Invest Holdings(as filed) | 24 | +9.1% | 12,792 | $980.8M | 0.2% |
| 19 | Paychex | 73 | -11.0% | 33,445 | $939.2M | 0.2% |
| 20 | Mutual of America | 68 | +58.1% | 20,883 | $832.0M | 0.2% |
| 21 | Alerus | 10 | +11.1% | 4,642 | $824.1M | 0.2% |
| 22 | Capital Group (American Funds) | 35 | -28.6% | 9,041 | $675.3M | 0.1% |
| 23 | Usi Consulting Group(as filed) | 14 | +27.3% | 3,829 | $481.5M | 0.1% |
| 24 | Nationwide | 32 | -34.7% | 8,996 | $476.0M | 0.1% |
| 25 | The Standard (StanCorp) | 14 | -6.7% | 5,280 | $324.5M | 0.1% |
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 York. 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.
