This report ranks the recordkeepers that serve large 401(k) plans in Pennsylvania, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 2,160 large 401(k) plans in Pennsylvania that disclosed a recordkeeper — covering 2,852,086 active participants and $308.0B 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 413 plans (19.1% of the recordkeeper-served market), followed by Empower with 359 plans (16.6%). Ranked by assets on the plans they serve, Fidelity leads with $119.5B.
Primary recordkeeper per plan · 2024 plan year · share of the 2,160 large 401(k) plans in Pennsylvania that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 413 | +8.4% | 1,042,099 | $119.5B | 19.1% |
| 2 | Empower | 359 | -1.1% | 593,015 | $57.4B | 16.6% |
| 3 | Vanguard | 226 | -4.6% | 254,125 | $35.0B | 10.5% |
| 4 | Principal | 223 | -2.2% | 205,053 | $13.6B | 10.3% |
| 5 | ADP | 152 | +2.0% | 70,412 | $3.4B | 7.0% |
| 6 | John Hancock | 121 | -11.0% | 48,192 | $3.6B | 5.6% |
| 7 | Transamerica | 67 | 0.0% | 57,457 | $4.4B | 3.1% |
| 8 | Voya | 60 | +15.4% | 84,130 | $15.9B | 2.8% |
| 9 | Ascensus | 53 | +12.8% | 15,146 | $996.0M | 2.5% |
| 10 | Newport Group | 49 | -14.0% | 27,090 | $2.7B | 2.3% |
| 11 | Capital Group (American Funds) | 46 | +9.5% | 11,852 | $1.1B | 2.1% |
| 12 | Schwab | 37 | +5.7% | 58,236 | $7.7B | 1.7% |
| 13 | The Standard (StanCorp) | 37 | -5.1% | 15,924 | $1.8B | 1.7% |
| 14 | Lincoln Financial | 35 | +9.4% | 22,155 | $956.4M | 1.6% |
| 15 | Nationwide | 30 | -14.3% | 6,385 | $447.5M | 1.4% |
| 16 | T. Rowe Price | 26 | -10.3% | 30,923 | $3.8B | 1.2% |
| 17 | Paychex | 25 | 0.0% | 11,449 | $264.8M | 1.2% |
| 18 | Merrill (Bank of America) | 24 | -4.0% | 37,330 | $3.8B | 1.1% |
| 19 | Mutual of America | 19 | -5.0% | 7,090 | $204.2M | 0.9% |
| 20 | Alerus | 18 | -30.8% | 3,131 | $290.0M | 0.8% |
| 21 | Jpmorgan Invest Holdings(as filed) | 13 | +18.2% | 5,891 | $321.8M | 0.6% |
| 22 | OneAmerica | 11 | -21.4% | 3,195 | $157.7M | 0.5% |
| 23 | Schneider Downs Ret Solutions(as filed) | 8 | -27.3% | 1,419 | $173.9M | 0.4% |
| 24 | Alight Solutions | 6 | -14.3% | 201,388 | $28.4B | 0.3% |
| 25 | Ameritas Life Insurance(as filed) | 6 | +20.0% | 1,252 | $125.6M | 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 | 413 | +8.4% | 1,042,099 | $119.5B | 38.8% |
| 2 | Empower | 359 | -1.1% | 593,015 | $57.4B | 18.6% |
| 3 | Vanguard | 226 | -4.6% | 254,125 | $35.0B | 11.4% |
| 4 | Alight Solutions | 6 | -14.3% | 201,388 | $28.4B | 9.2% |
| 5 | Voya | 60 | +15.4% | 84,130 | $15.9B | 5.2% |
| 6 | Principal | 223 | -2.2% | 205,053 | $13.6B | 4.4% |
| 7 | Schwab | 37 | +5.7% | 58,236 | $7.7B | 2.5% |
| 8 | Transamerica | 67 | 0.0% | 57,457 | $4.4B | 1.4% |
| 9 | T. Rowe Price | 26 | -10.3% | 30,923 | $3.8B | 1.2% |
| 10 | Merrill (Bank of America) | 24 | -4.0% | 37,330 | $3.8B | 1.2% |
| 11 | John Hancock | 121 | -11.0% | 48,192 | $3.6B | 1.2% |
| 12 | ADP | 152 | +2.0% | 70,412 | $3.4B | 1.1% |
| 13 | Newport Group | 49 | -14.0% | 27,090 | $2.7B | 0.9% |
| 14 | The Standard (StanCorp) | 37 | -5.1% | 15,924 | $1.8B | 0.6% |
| 15 | Capital Group (American Funds) | 46 | +9.5% | 11,852 | $1.1B | 0.4% |
| 16 | Ascensus | 53 | +12.8% | 15,146 | $996.0M | 0.3% |
| 17 | Lincoln Financial | 35 | +9.4% | 22,155 | $956.4M | 0.3% |
| 18 | Nationwide | 30 | -14.3% | 6,385 | $447.5M | 0.1% |
| 19 | Jpmorgan Invest Holdings(as filed) | 13 | +18.2% | 5,891 | $321.8M | 0.1% |
| 20 | EPIC Retirement Plan Services | 5 | -28.6% | 2,872 | $306.9M | 0.1% |
| 21 | Alerus | 18 | -30.8% | 3,131 | $290.0M | 0.1% |
| 22 | Paychex | 25 | 0.0% | 11,449 | $264.8M | 0.1% |
| 23 | Mutual of America | 19 | -5.0% | 7,090 | $204.2M | 0.1% |
| 24 | Schneider Downs Ret Solutions(as filed) | 8 | -27.3% | 1,419 | $173.9M | 0.1% |
| 25 | OneAmerica | 11 | -21.4% | 3,195 | $157.7M | 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 Pennsylvania. 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.
