This report ranks the recordkeepers that serve large 401(k) plans in Rhode Island, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 148 large 401(k) plans in Rhode Island that disclosed a recordkeeper — covering 451,862 active participants and $52.4B 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 41 plans (27.7% of the recordkeeper-served market), followed by Empower with 17 plans (11.5%). Ranked by assets on the plans they serve, Vanguard leads with $31.6B.
Primary recordkeeper per plan · 2024 plan year · share of the 148 large 401(k) plans in Rhode Island that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 41 | +13.9% | 60,233 | $13.5B | 27.7% |
| 2 | Empower | 17 | 0.0% | 27,583 | $4.3B | 11.5% |
| 3 | ADP | 17 | 0.0% | 3,272 | $367.0M | 11.5% |
| 4 | Principal | 11 | +10.0% | 8,934 | $598.4M | 7.4% |
| 5 | Vanguard | 10 | 0.0% | 322,546 | $31.6B | 6.8% |
| 6 | Mutual of America | 9 | +80.0% | 3,494 | $131.8M | 6.1% |
| 7 | Voya | 6 | +20.0% | 7,870 | $310.5M | 4.1% |
| 8 | Ascensus | 5 | 0.0% | 853 | $147.0M | 3.4% |
| 9 | John Hancock | 4 | -20.0% | 2,834 | $494.0M | 2.7% |
| 10 | Paychex | 4 | 0.0% | 1,158 | $46.4M | 2.7% |
| 11 | T. Rowe Price | 3 | 0.0% | 857 | $272.4M | 2.0% |
| 12 | Transamerica | 3 | 0.0% | 1,388 | $139.1M | 2.0% |
| 13 | The Standard (StanCorp) | 3 | 0.0% | 1,252 | $90.9M | 2.0% |
| 14 | Merrill (Bank of America) | 2 | 0.0% | 1,905 | $92.0M | 1.4% |
| 15 | Alerus | 2 | +100.0% | 417 | $33.2M | 1.4% |
| 16 | Schwab | 1 | 0.0% | 672 | $63.8M | 0.7% |
| 17 | Newport Group | 1 | -66.7% | 4,147 | $40.1M | 0.7% |
| 18 | Capital Group (American Funds) | 1 | 0.0% | 392 | $39.8M | 0.7% |
| 19 | Ewpower Annuity Insurance Co Of Ame(as filed) | 1 | 0.0% | 462 | $37.9M | 0.7% |
| 20 | Bpas(as filed) | 1 | 0.0% | 654 | $26.0M | 0.7% |
| 21 | Benefit Plan Admin Services(as filed) | 1 | 0.0% | 113 | $21.4M | 0.7% |
| 22 | Nationwide | 1 | 0.0% | 352 | $7.5M | 0.7% |
| 23 | Guideline | 1 | 0.0% | 413 | $4.4M | 0.7% |
| 24 | Cepital Group Retirement Plan Servi(as filed) | 1 | — | 61 | $702K | 0.7% |
| 25 | Insperity Retirement Services(as filed) | 1 | 0.0% | 0 | $17 | 0.7% |
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 | Vanguard | 10 | 0.0% | 322,546 | $31.6B | 60.3% |
| 2 | Fidelity | 41 | +13.9% | 60,233 | $13.5B | 25.8% |
| 3 | Empower | 17 | 0.0% | 27,583 | $4.3B | 8.3% |
| 4 | Principal | 11 | +10.0% | 8,934 | $598.4M | 1.1% |
| 5 | John Hancock | 4 | -20.0% | 2,834 | $494.0M | 0.9% |
| 6 | ADP | 17 | 0.0% | 3,272 | $367.0M | 0.7% |
| 7 | Voya | 6 | +20.0% | 7,870 | $310.5M | 0.6% |
| 8 | T. Rowe Price | 3 | 0.0% | 857 | $272.4M | 0.5% |
| 9 | Ascensus | 5 | 0.0% | 853 | $147.0M | 0.3% |
| 10 | Transamerica | 3 | 0.0% | 1,388 | $139.1M | 0.3% |
| 11 | Mutual of America | 9 | +80.0% | 3,494 | $131.8M | 0.3% |
| 12 | Merrill (Bank of America) | 2 | 0.0% | 1,905 | $92.0M | 0.2% |
| 13 | The Standard (StanCorp) | 3 | 0.0% | 1,252 | $90.9M | 0.2% |
| 14 | Schwab | 1 | 0.0% | 672 | $63.8M | 0.1% |
| 15 | Paychex | 4 | 0.0% | 1,158 | $46.4M | 0.1% |
| 16 | Newport Group | 1 | -66.7% | 4,147 | $40.1M | 0.1% |
| 17 | Capital Group (American Funds) | 1 | 0.0% | 392 | $39.8M | 0.1% |
| 18 | Ewpower Annuity Insurance Co Of Ame(as filed) | 1 | 0.0% | 462 | $37.9M | 0.1% |
| 19 | Alerus | 2 | +100.0% | 417 | $33.2M | 0.1% |
| 20 | Bpas(as filed) | 1 | 0.0% | 654 | $26.0M | 0.0% |
| 21 | Benefit Plan Admin Services(as filed) | 1 | 0.0% | 113 | $21.4M | 0.0% |
| 22 | Nationwide | 1 | 0.0% | 352 | $7.5M | 0.0% |
| 23 | Guideline | 1 | 0.0% | 413 | $4.4M | 0.0% |
| 24 | Cepital Group Retirement Plan Servi(as filed) | 1 | — | 61 | $702K | 0.0% |
| 25 | Insperity Retirement Services(as filed) | 1 | 0.0% | 0 | $17 | 0.0% |
Scope is limited to 401(k) plans whose sponsor is based in Rhode Island. 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.
