This report ranks the recordkeepers that serve large 401(k) plans in South Carolina, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 500 large 401(k) plans in South Carolina that disclosed a recordkeeper — covering 393,258 active participants and $36.6B 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 105 plans (21.0% of the recordkeeper-served market), followed by Empower with 81 plans (16.2%). Ranked by assets on the plans they serve, Fidelity leads with $11.0B.
Primary recordkeeper per plan · 2024 plan year · share of the 500 large 401(k) plans in South Carolina that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 105 | -2.8% | 122,459 | $11.0B | 21.0% |
| 2 | Empower | 81 | +3.8% | 65,531 | $4.0B | 16.2% |
| 3 | Principal | 63 | -4.5% | 48,521 | $3.6B | 12.6% |
| 4 | ADP | 54 | +10.2% | 16,802 | $783.4M | 10.8% |
| 5 | Vanguard | 31 | -8.8% | 32,391 | $6.7B | 6.2% |
| 6 | Ascensus | 26 | -10.3% | 11,210 | $484.9M | 5.2% |
| 7 | John Hancock | 26 | -23.5% | 11,286 | $233.4M | 5.2% |
| 8 | Transamerica | 19 | 0.0% | 25,254 | $3.6B | 3.8% |
| 9 | T. Rowe Price | 10 | +11.1% | 10,329 | $1.6B | 2.0% |
| 10 | Voya | 9 | -18.2% | 6,774 | $342.6M | 1.8% |
| 11 | Schwab | 7 | -12.5% | 16,138 | $2.3B | 1.4% |
| 12 | Lincoln Financial | 7 | +40.0% | 4,601 | $387.2M | 1.4% |
| 13 | The Standard (StanCorp) | 7 | +40.0% | 2,655 | $87.4M | 1.4% |
| 14 | Newport Group | 7 | -22.2% | 1,335 | $79.1M | 1.4% |
| 15 | Paychex | 7 | 0.0% | 1,305 | $43.4M | 1.4% |
| 16 | Merrill (Bank of America) | 5 | 0.0% | 3,871 | $653.2M | 1.0% |
| 17 | OneAmerica | 5 | 0.0% | 2,267 | $171.2M | 1.0% |
| 18 | Mutual of America | 5 | +400.0% | 1,703 | $40.0M | 1.0% |
| 19 | Alerus | 4 | 0.0% | 1,416 | $99.3M | 0.8% |
| 20 | Ameritas Life Insurance(as filed) | 3 | +50.0% | 881 | $112.5M | 0.6% |
| 21 | Jpmorgan Invest Holdings(as filed) | 2 | +100.0% | 2,535 | $52.5M | 0.4% |
| 22 | EPIC Retirement Plan Services | 2 | +100.0% | 1,791 | $32.2M | 0.4% |
| 23 | Nationwide | 2 | 0.0% | 328 | $13.3M | 0.4% |
| 24 | Capital Group (American Funds) | 2 | 0.0% | 172 | $3.1M | 0.4% |
| 25 | Admin Group Dba Tag Resources(as filed) | 2 | 0.0% | 161 | $1.7M | 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 | 105 | -2.8% | 122,459 | $11.0B | 30.2% |
| 2 | Vanguard | 31 | -8.8% | 32,391 | $6.7B | 18.4% |
| 3 | Empower | 81 | +3.8% | 65,531 | $4.0B | 10.8% |
| 4 | Principal | 63 | -4.5% | 48,521 | $3.6B | 9.9% |
| 5 | Transamerica | 19 | 0.0% | 25,254 | $3.6B | 9.8% |
| 6 | Schwab | 7 | -12.5% | 16,138 | $2.3B | 6.4% |
| 7 | T. Rowe Price | 10 | +11.1% | 10,329 | $1.6B | 4.5% |
| 8 | ADP | 54 | +10.2% | 16,802 | $783.4M | 2.1% |
| 9 | Merrill (Bank of America) | 5 | 0.0% | 3,871 | $653.2M | 1.8% |
| 10 | Ascensus | 26 | -10.3% | 11,210 | $484.9M | 1.3% |
| 11 | Lincoln Financial | 7 | +40.0% | 4,601 | $387.2M | 1.1% |
| 12 | Voya | 9 | -18.2% | 6,774 | $342.6M | 0.9% |
| 13 | John Hancock | 26 | -23.5% | 11,286 | $233.4M | 0.6% |
| 14 | OneAmerica | 5 | 0.0% | 2,267 | $171.2M | 0.5% |
| 15 | Ameritas Life Insurance(as filed) | 3 | +50.0% | 881 | $112.5M | 0.3% |
| 16 | Alerus | 4 | 0.0% | 1,416 | $99.3M | 0.3% |
| 17 | The Standard (StanCorp) | 7 | +40.0% | 2,655 | $87.4M | 0.2% |
| 18 | Newport Group | 7 | -22.2% | 1,335 | $79.1M | 0.2% |
| 19 | Jpmorgan Invest Holdings(as filed) | 2 | +100.0% | 2,535 | $52.5M | 0.1% |
| 20 | Paychex | 7 | 0.0% | 1,305 | $43.4M | 0.1% |
| 21 | Mutual of America | 5 | +400.0% | 1,703 | $40.0M | 0.1% |
| 22 | EPIC Retirement Plan Services | 2 | +100.0% | 1,791 | $32.2M | 0.1% |
| 23 | My Benefits(as filed) | 1 | — | 182 | $21.6M | 0.1% |
| 24 | Retirement Plan(as filed) | 1 | 0.0% | 178 | $13.8M | 0.0% |
| 25 | Nationwide | 2 | 0.0% | 328 | $13.3M | 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 South Carolina. 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 19, 2026.
