This report ranks the recordkeepers that serve large 401(k) plans in Ohio, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 2,012 large 401(k) plans in Ohio that disclosed a recordkeeper — covering 2,604,580 active participants and $257.3B 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 481 plans (23.9% of the recordkeeper-served market), followed by Empower with 379 plans (18.8%). Ranked by assets on the plans they serve, Fidelity leads with $124.2B.
Primary recordkeeper per plan · 2024 plan year · share of the 2,012 large 401(k) plans in Ohio that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 481 | +2.1% | 959,913 | $124.2B | 23.9% |
| 2 | Empower | 379 | -0.8% | 355,501 | $34.7B | 18.8% |
| 3 | Principal | 162 | -2.4% | 182,168 | $14.0B | 8.1% |
| 4 | ADP | 121 | +3.4% | 53,276 | $2.6B | 6.0% |
| 5 | John Hancock | 103 | -5.5% | 45,536 | $3.8B | 5.1% |
| 6 | Transamerica | 89 | -8.2% | 50,939 | $3.3B | 4.4% |
| 7 | Vanguard | 86 | -1.1% | 90,702 | $12.8B | 4.3% |
| 8 | Voya | 69 | +1.5% | 62,379 | $10.2B | 3.4% |
| 9 | Schwab | 65 | +4.8% | 56,523 | $8.8B | 3.2% |
| 10 | Ascensus | 57 | +1.8% | 15,899 | $1.3B | 2.8% |
| 11 | The Standard (StanCorp) | 57 | -8.1% | 17,063 | $1.2B | 2.8% |
| 12 | Capital Group (American Funds) | 47 | -4.1% | 15,937 | $1.2B | 2.3% |
| 13 | Newport Group | 44 | -22.8% | 20,715 | $1.3B | 2.2% |
| 14 | Nationwide | 41 | -25.5% | 38,425 | $1.7B | 2.0% |
| 15 | Merrill (Bank of America) | 26 | 0.0% | 424,056 | $17.7B | 1.3% |
| 16 | T. Rowe Price | 25 | +4.2% | 54,554 | $4.2B | 1.2% |
| 17 | Lincoln Financial | 23 | -4.2% | 9,757 | $632.0M | 1.1% |
| 18 | Paychex | 22 | -15.4% | 6,232 | $174.4M | 1.1% |
| 19 | Mutual of America | 18 | +20.0% | 2,889 | $132.8M | 0.9% |
| 20 | Jpmorgan Invest Holdings(as filed) | 12 | +20.0% | 2,932 | $260.0M | 0.6% |
| 21 | Alerus | 10 | +25.0% | 2,779 | $137.4M | 0.5% |
| 22 | July Business Services(as filed) | 10 | 0.0% | 1,610 | $69.7M | 0.5% |
| 23 | OneAmerica | 8 | 0.0% | 4,231 | $473.8M | 0.4% |
| 24 | Alight Solutions | 5 | 0.0% | 112,155 | $11.6B | 0.2% |
| 25 | Schneider Downs Ret Solutions(as filed) | 5 | -16.7% | 6,475 | $160.3M | 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 | 481 | +2.1% | 959,913 | $124.2B | 48.3% |
| 2 | Empower | 379 | -0.8% | 355,501 | $34.7B | 13.5% |
| 3 | Merrill (Bank of America) | 26 | 0.0% | 424,056 | $17.7B | 6.9% |
| 4 | Principal | 162 | -2.4% | 182,168 | $14.0B | 5.5% |
| 5 | Vanguard | 86 | -1.1% | 90,702 | $12.8B | 5.0% |
| 6 | Alight Solutions | 5 | 0.0% | 112,155 | $11.6B | 4.5% |
| 7 | Voya | 69 | +1.5% | 62,379 | $10.2B | 4.0% |
| 8 | Schwab | 65 | +4.8% | 56,523 | $8.8B | 3.4% |
| 9 | T. Rowe Price | 25 | +4.2% | 54,554 | $4.2B | 1.6% |
| 10 | John Hancock | 103 | -5.5% | 45,536 | $3.8B | 1.5% |
| 11 | Transamerica | 89 | -8.2% | 50,939 | $3.3B | 1.3% |
| 12 | ADP | 121 | +3.4% | 53,276 | $2.6B | 1.0% |
| 13 | Nationwide | 41 | -25.5% | 38,425 | $1.7B | 0.7% |
| 14 | Newport Group | 44 | -22.8% | 20,715 | $1.3B | 0.5% |
| 15 | Ascensus | 57 | +1.8% | 15,899 | $1.3B | 0.5% |
| 16 | The Standard (StanCorp) | 57 | -8.1% | 17,063 | $1.2B | 0.5% |
| 17 | Capital Group (American Funds) | 47 | -4.1% | 15,937 | $1.2B | 0.4% |
| 18 | Lincoln Financial | 23 | -4.2% | 9,757 | $632.0M | 0.2% |
| 19 | OneAmerica | 8 | 0.0% | 4,231 | $473.8M | 0.2% |
| 20 | Jpmorgan Invest Holdings(as filed) | 12 | +20.0% | 2,932 | $260.0M | 0.1% |
| 21 | Paychex | 22 | -15.4% | 6,232 | $174.4M | 0.1% |
| 22 | Schneider Downs Ret Solutions(as filed) | 5 | -16.7% | 6,475 | $160.3M | 0.1% |
| 23 | Alerus | 10 | +25.0% | 2,779 | $137.4M | 0.1% |
| 24 | Mutual of America | 18 | +20.0% | 2,889 | $132.8M | 0.1% |
| 25 | July Business Services(as filed) | 10 | 0.0% | 1,610 | $69.7M | 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 Ohio. 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.
