This report ranks the recordkeepers that serve large 401(k) plans in Texas, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 3,484 large 401(k) plans in Texas that disclosed a recordkeeper — covering 5,312,830 active participants and $637.8B 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 982 plans (28.2% of the recordkeeper-served market), followed by Empower with 579 plans (16.6%). Ranked by assets on the plans they serve, Fidelity leads with $320.7B.
Primary recordkeeper per plan · 2024 plan year · share of the 3,484 large 401(k) plans in Texas that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 982 | +5.5% | 2,393,459 | $320.7B | 28.2% |
| 2 | Empower | 579 | +0.5% | 802,398 | $71.6B | 16.6% |
| 3 | ADP | 299 | -0.3% | 120,582 | $4.2B | 8.6% |
| 4 | Principal | 278 | -5.1% | 257,965 | $17.1B | 8.0% |
| 5 | John Hancock | 214 | -8.9% | 110,055 | $5.0B | 6.1% |
| 6 | Vanguard | 161 | -2.4% | 193,410 | $48.4B | 4.6% |
| 7 | Voya | 159 | +13.6% | 201,373 | $40.1B | 4.6% |
| 8 | Transamerica | 95 | -4.0% | 113,636 | $4.4B | 2.7% |
| 9 | The Standard (StanCorp) | 86 | +30.3% | 54,162 | $1.6B | 2.5% |
| 10 | Ascensus | 70 | -4.1% | 42,260 | $1.8B | 2.0% |
| 11 | Schwab | 65 | +4.8% | 118,868 | $36.5B | 1.9% |
| 12 | T. Rowe Price | 59 | +5.4% | 170,798 | $16.4B | 1.7% |
| 13 | Nationwide | 41 | -14.6% | 19,356 | $512.5M | 1.2% |
| 14 | Merrill (Bank of America) | 39 | -9.3% | 127,298 | $16.7B | 1.1% |
| 15 | OneAmerica | 38 | -19.1% | 20,164 | $728.7M | 1.1% |
| 16 | Capital Group (American Funds) | 37 | -5.1% | 17,195 | $738.5M | 1.1% |
| 17 | Lincoln Financial | 34 | -10.5% | 13,677 | $640.3M | 1.0% |
| 18 | Mutual of America | 31 | +3.3% | 6,349 | $267.2M | 0.9% |
| 19 | Newport Group | 28 | -6.7% | 10,572 | $866.9M | 0.8% |
| 20 | Jpmorgan Invest Holdings(as filed) | 22 | -12.0% | 10,674 | $929.4M | 0.6% |
| 21 | Paychex | 21 | -19.2% | 7,213 | $200.4M | 0.6% |
| 22 | Human Interest | 18 | +100.0% | 3,093 | $72.5M | 0.5% |
| 23 | Alerus | 17 | +6.3% | 16,862 | $414.7M | 0.5% |
| 24 | Betterment | 9 | +28.6% | 3,263 | $61.9M | 0.3% |
| 25 | Admin Group Dba Tag Resources(as filed) | 9 | 0.0% | 5,793 | $52.9M | 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 | 982 | +5.5% | 2,393,459 | $320.7B | 50.3% |
| 2 | Empower | 579 | +0.5% | 802,398 | $71.6B | 11.2% |
| 3 | Vanguard | 161 | -2.4% | 193,410 | $48.4B | 7.6% |
| 4 | Voya | 159 | +13.6% | 201,373 | $40.1B | 6.3% |
| 5 | Schwab | 65 | +4.8% | 118,868 | $36.5B | 5.7% |
| 6 | Alight Solutions | 7 | -12.5% | 141,568 | $32.3B | 5.1% |
| 7 | Principal | 278 | -5.1% | 257,965 | $17.1B | 2.7% |
| 8 | Merrill (Bank of America) | 39 | -9.3% | 127,298 | $16.7B | 2.6% |
| 9 | T. Rowe Price | 59 | +5.4% | 170,798 | $16.4B | 2.6% |
| 10 | Insperity Retirement Services(as filed) | 5 | +66.7% | 182,960 | $10.1B | 1.6% |
| 11 | John Hancock | 214 | -8.9% | 110,055 | $5.0B | 0.8% |
| 12 | Transamerica | 95 | -4.0% | 113,636 | $4.4B | 0.7% |
| 13 | Conduent | 1 | 0.0% | 113,055 | $4.3B | 0.7% |
| 14 | ADP | 299 | -0.3% | 120,582 | $4.2B | 0.7% |
| 15 | Ascensus | 70 | -4.1% | 42,260 | $1.8B | 0.3% |
| 16 | The Standard (StanCorp) | 86 | +30.3% | 54,162 | $1.6B | 0.3% |
| 17 | Jpmorgan Invest Holdings(as filed) | 22 | -12.0% | 10,674 | $929.4M | 0.1% |
| 18 | Newport Group | 28 | -6.7% | 10,572 | $866.9M | 0.1% |
| 19 | Capital Group (American Funds) | 37 | -5.1% | 17,195 | $738.5M | 0.1% |
| 20 | OneAmerica | 38 | -19.1% | 20,164 | $728.7M | 0.1% |
| 21 | Lincoln Financial | 34 | -10.5% | 13,677 | $640.3M | 0.1% |
| 22 | Nationwide | 41 | -14.6% | 19,356 | $512.5M | 0.1% |
| 23 | Alerus | 17 | +6.3% | 16,862 | $414.7M | 0.1% |
| 24 | Mutual of America | 31 | +3.3% | 6,349 | $267.2M | 0.0% |
| 25 | July Business Services(as filed) | 8 | -11.1% | 6,074 | $237.6M | 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 Texas. 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.
