This report ranks the recordkeepers that serve large 401(k) plans in Utah, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 530 large 401(k) plans in Utah that disclosed a recordkeeper — covering 566,376 active participants and $40.2B in plan assets — the market remains highly concentrated at the top.
Empower is the most widely used recordkeeper by number of plans served, named as the primary recordkeeper on 131 plans (24.7% of the recordkeeper-served market), followed by Fidelity with 119 plans (22.5%). Ranked by assets on the plans they serve, Empower leads with $12.3B.
Primary recordkeeper per plan · 2024 plan year · share of the 530 large 401(k) plans in Utah that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Empower | 131 | +0.8% | 159,594 | $12.3B | 24.7% |
| 2 | Fidelity | 119 | +6.3% | 150,340 | $10.4B | 22.5% |
| 3 | Principal | 68 | -2.9% | 47,951 | $3.1B | 12.8% |
| 4 | ADP | 35 | -5.4% | 9,673 | $453.7M | 6.6% |
| 5 | The Standard (StanCorp) | 26 | +13.0% | 20,914 | $681.4M | 4.9% |
| 6 | Transamerica | 24 | -7.7% | 25,780 | $777.5M | 4.5% |
| 7 | Vanguard | 23 | +9.5% | 10,140 | $1.2B | 4.3% |
| 8 | John Hancock | 15 | +15.4% | 5,044 | $262.0M | 2.8% |
| 9 | Schwab | 10 | +42.9% | 23,121 | $2.3B | 1.9% |
| 10 | Voya | 10 | 0.0% | 5,468 | $104.4M | 1.9% |
| 11 | OneAmerica | 7 | -12.5% | 2,212 | $100.3M | 1.3% |
| 12 | Merrill (Bank of America) | 6 | -25.0% | 9,561 | $768.5M | 1.1% |
| 13 | Capital Group (American Funds) | 6 | +20.0% | 2,540 | $176.7M | 1.1% |
| 14 | Ascensus | 6 | -25.0% | 866 | $115.6M | 1.1% |
| 15 | Nationwide | 6 | -25.0% | 1,515 | $87.0M | 1.1% |
| 16 | Newport Group | 5 | -28.6% | 1,252 | $65.3M | 0.9% |
| 17 | Human Interest | 5 | +400.0% | 1,295 | $40.4M | 0.9% |
| 18 | July Business Services(as filed) | 3 | 0.0% | 1,126 | $67.6M | 0.6% |
| 19 | Paychex | 3 | -40.0% | 305 | $13.1M | 0.6% |
| 20 | Admin Group Dba Tag Resources(as filed) | 3 | +50.0% | 326 | $987K | 0.6% |
| 21 | T. Rowe Price | 2 | +100.0% | 71,028 | $6.9B | 0.4% |
| 22 | Pcs Retirement(as filed) | 2 | 0.0% | 2,600 | $49.2M | 0.4% |
| 23 | Mutual of America | 2 | +100.0% | 878 | $8.8M | 0.4% |
| 24 | Lincoln Financial | 2 | +100.0% | 175 | $6.9M | 0.4% |
| 25 | National Benefit Services(as filed) | 1 | 0.0% | 9,010 | $233.9M | 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 | Empower | 131 | +0.8% | 159,594 | $12.3B | 30.5% |
| 2 | Fidelity | 119 | +6.3% | 150,340 | $10.4B | 25.8% |
| 3 | T. Rowe Price | 2 | +100.0% | 71,028 | $6.9B | 17.1% |
| 4 | Principal | 68 | -2.9% | 47,951 | $3.1B | 7.8% |
| 5 | Schwab | 10 | +42.9% | 23,121 | $2.3B | 5.6% |
| 6 | Vanguard | 23 | +9.5% | 10,140 | $1.2B | 2.9% |
| 7 | Transamerica | 24 | -7.7% | 25,780 | $777.5M | 1.9% |
| 8 | Merrill (Bank of America) | 6 | -25.0% | 9,561 | $768.5M | 1.9% |
| 9 | The Standard (StanCorp) | 26 | +13.0% | 20,914 | $681.4M | 1.7% |
| 10 | ADP | 35 | -5.4% | 9,673 | $453.7M | 1.1% |
| 11 | John Hancock | 15 | +15.4% | 5,044 | $262.0M | 0.7% |
| 12 | National Benefit Services(as filed) | 1 | 0.0% | 9,010 | $233.9M | 0.6% |
| 13 | Capital Group (American Funds) | 6 | +20.0% | 2,540 | $176.7M | 0.4% |
| 14 | Ascensus | 6 | -25.0% | 866 | $115.6M | 0.3% |
| 15 | Voya | 10 | 0.0% | 5,468 | $104.4M | 0.3% |
| 16 | OneAmerica | 7 | -12.5% | 2,212 | $100.3M | 0.2% |
| 17 | Nationwide | 6 | -25.0% | 1,515 | $87.0M | 0.2% |
| 18 | July Business Services(as filed) | 3 | 0.0% | 1,126 | $67.6M | 0.2% |
| 19 | Newport Group | 5 | -28.6% | 1,252 | $65.3M | 0.2% |
| 20 | Pcs Retirement(as filed) | 2 | 0.0% | 2,600 | $49.2M | 0.1% |
| 21 | Human Interest | 5 | +400.0% | 1,295 | $40.4M | 0.1% |
| 22 | Cpi Qualified Plan Consultants(as filed) | 1 | — | 93 | $26.2M | 0.1% |
| 23 | Northwest Plan Services(as filed) | 1 | 0.0% | 209 | $20.4M | 0.1% |
| 24 | New Port Group(as filed) | 1 | — | 205 | $17.3M | 0.0% |
| 25 | Paychex | 3 | -40.0% | 305 | $13.1M | 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 Utah. 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.
