This report ranks the recordkeepers that serve large 401(k) plans in Tennessee, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 864 large 401(k) plans in Tennessee that disclosed a recordkeeper — covering 2,018,441 active participants and $122.1B 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 174 plans (20.1% of the recordkeeper-served market), followed by Empower with 153 plans (17.7%). Ranked by assets on the plans they serve, Fidelity leads with $33.2B.
Primary recordkeeper per plan · 2024 plan year · share of the 864 large 401(k) plans in Tennessee that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 174 | +2.4% | 462,314 | $33.2B | 20.1% |
| 2 | Empower | 153 | -6.1% | 271,553 | $17.6B | 17.7% |
| 3 | Principal | 103 | 0.0% | 226,841 | $11.3B | 11.9% |
| 4 | Transamerica | 59 | -6.3% | 40,554 | $2.6B | 6.8% |
| 5 | John Hancock | 59 | 0.0% | 58,170 | $2.2B | 6.8% |
| 6 | ADP | 49 | +22.5% | 26,314 | $525.9M | 5.7% |
| 7 | Voya | 47 | 0.0% | 259,419 | $10.0B | 5.4% |
| 8 | Capital Group (American Funds) | 34 | 0.0% | 21,005 | $1.6B | 3.9% |
| 9 | Vanguard | 33 | 0.0% | 338,652 | $32.0B | 3.8% |
| 10 | The Standard (StanCorp) | 21 | +40.0% | 7,537 | $375.4M | 2.4% |
| 11 | Ascensus | 18 | +20.0% | 8,363 | $295.0M | 2.1% |
| 12 | OneAmerica | 13 | -23.5% | 3,959 | $196.1M | 1.5% |
| 13 | Newport Group | 11 | -15.4% | 3,873 | $489.7M | 1.3% |
| 14 | Schwab | 9 | -10.0% | 37,765 | $4.6B | 1.0% |
| 15 | T. Rowe Price | 9 | 0.0% | 4,576 | $644.0M | 1.0% |
| 16 | Lincoln Financial | 9 | -10.0% | 8,249 | $277.5M | 1.0% |
| 17 | Nationwide | 9 | -10.0% | 5,111 | $211.3M | 1.0% |
| 18 | Mutual of America | 8 | -20.0% | 1,613 | $47.6M | 0.9% |
| 19 | EPIC Retirement Plan Services | 7 | +16.7% | 2,410 | $185.2M | 0.8% |
| 20 | Merrill (Bank of America) | 6 | -14.3% | 100,899 | $3.2B | 0.7% |
| 21 | Ameritas Life Insurance(as filed) | 4 | 0.0% | 1,205 | $33.8M | 0.5% |
| 22 | Erisa Services(as filed) | 3 | 0.0% | 2,120 | $28.1M | 0.3% |
| 23 | Paychex | 3 | -50.0% | 111,588 | $18.1M | 0.3% |
| 24 | Jpmorgan Invest Holdings(as filed) | 2 | 0.0% | 931 | $125.4M | 0.2% |
| 25 | Erisa Partners(as filed) | 2 | 0.0% | 8,074 | $96.4M | 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 | 174 | +2.4% | 462,314 | $33.2B | 27.2% |
| 2 | Vanguard | 33 | 0.0% | 338,652 | $32.0B | 26.2% |
| 3 | Empower | 153 | -6.1% | 271,553 | $17.6B | 14.4% |
| 4 | Principal | 103 | 0.0% | 226,841 | $11.3B | 9.3% |
| 5 | Voya | 47 | 0.0% | 259,419 | $10.0B | 8.2% |
| 6 | Schwab | 9 | -10.0% | 37,765 | $4.6B | 3.7% |
| 7 | Merrill (Bank of America) | 6 | -14.3% | 100,899 | $3.2B | 2.6% |
| 8 | Transamerica | 59 | -6.3% | 40,554 | $2.6B | 2.2% |
| 9 | John Hancock | 59 | 0.0% | 58,170 | $2.2B | 1.8% |
| 10 | Capital Group (American Funds) | 34 | 0.0% | 21,005 | $1.6B | 1.3% |
| 11 | T. Rowe Price | 9 | 0.0% | 4,576 | $644.0M | 0.5% |
| 12 | ADP | 49 | +22.5% | 26,314 | $525.9M | 0.4% |
| 13 | Newport Group | 11 | -15.4% | 3,873 | $489.7M | 0.4% |
| 14 | The Standard (StanCorp) | 21 | +40.0% | 7,537 | $375.4M | 0.3% |
| 15 | Ascensus | 18 | +20.0% | 8,363 | $295.0M | 0.2% |
| 16 | Lincoln Financial | 9 | -10.0% | 8,249 | $277.5M | 0.2% |
| 17 | Nationwide | 9 | -10.0% | 5,111 | $211.3M | 0.2% |
| 18 | OneAmerica | 13 | -23.5% | 3,959 | $196.1M | 0.2% |
| 19 | EPIC Retirement Plan Services | 7 | +16.7% | 2,410 | $185.2M | 0.2% |
| 20 | Jpmorgan Invest Holdings(as filed) | 2 | 0.0% | 931 | $125.4M | 0.1% |
| 21 | Retirement Plan(as filed) | 1 | 0.0% | 735 | $98.2M | 0.1% |
| 22 | Erisa Partners(as filed) | 2 | 0.0% | 8,074 | $96.4M | 0.1% |
| 23 | Mutual of America | 8 | -20.0% | 1,613 | $47.6M | 0.0% |
| 24 | American Trust(as filed) | 2 | +100.0% | 471 | $34.8M | 0.0% |
| 25 | Ameritas Life Insurance(as filed) | 4 | 0.0% | 1,205 | $33.8M | 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 Tennessee. 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.
