This report ranks the recordkeepers that serve large 401(k) plans in Vermont, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 119 large 401(k) plans in Vermont that disclosed a recordkeeper — covering 36,970 active participants and $3.8B 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 21 plans (17.6% of the recordkeeper-served market), followed by Empower with 14 plans (11.8%). Ranked by assets on the plans they serve, Fidelity leads with $1.1B.
Primary recordkeeper per plan · 2024 plan year · share of the 119 large 401(k) plans in Vermont that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 21 | -8.7% | 11,968 | $1.1B | 17.6% |
| 2 | Empower | 14 | 0.0% | 3,631 | $301.4M | 11.8% |
| 3 | Principal | 11 | -15.4% | 4,755 | $841.7M | 9.2% |
| 4 | John Hancock | 11 | +22.2% | 2,712 | $143.5M | 9.2% |
| 5 | Vanguard | 10 | +11.1% | 1,873 | $138.4M | 8.4% |
| 6 | Newport Group | 9 | -10.0% | 1,893 | $161.5M | 7.6% |
| 7 | Capital Group (American Funds) | 8 | 0.0% | 1,534 | $147.7M | 6.7% |
| 8 | The Standard (StanCorp) | 7 | 0.0% | 2,653 | $132.2M | 5.9% |
| 9 | T. Rowe Price | 4 | 0.0% | 1,663 | $400.3M | 3.4% |
| 10 | Transamerica | 4 | +33.3% | 660 | $100.3M | 3.4% |
| 11 | ADP | 4 | -20.0% | 873 | $43.1M | 3.4% |
| 12 | Voya | 3 | 0.0% | 480 | $79.0M | 2.5% |
| 13 | OneAmerica | 2 | +100.0% | 249 | $55.9M | 1.7% |
| 14 | Nationwide | 2 | -60.0% | 182 | $26.8M | 1.7% |
| 15 | Mutual of America | 2 | 0.0% | 312 | $22.7M | 1.7% |
| 16 | Schwab | 1 | 0.0% | 338 | $38.8M | 0.8% |
| 17 | TIAA | 1 | 0.0% | 136 | $18.8M | 0.8% |
| 18 | Tranamerica Retirement Solutions(as filed) | 1 | 0.0% | 188 | $13.3M | 0.8% |
| 19 | Future Planning Associates(as filed) | 1 | 0.0% | 196 | $12.6M | 0.8% |
| 20 | Paychex | 1 | — | 517 | $2.8M | 0.8% |
| 21 | Vestwell | 1 | 0.0% | 157 | $581K | 0.8% |
| 22 | Standard Financial Group(as filed) | 1 | — | 0 | $0 | 0.8% |
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 | 21 | -8.7% | 11,968 | $1.1B | 30.0% |
| 2 | Principal | 11 | -15.4% | 4,755 | $841.7M | 22.0% |
| 3 | T. Rowe Price | 4 | 0.0% | 1,663 | $400.3M | 10.5% |
| 4 | Empower | 14 | 0.0% | 3,631 | $301.4M | 7.9% |
| 5 | Newport Group | 9 | -10.0% | 1,893 | $161.5M | 4.2% |
| 6 | Capital Group (American Funds) | 8 | 0.0% | 1,534 | $147.7M | 3.9% |
| 7 | John Hancock | 11 | +22.2% | 2,712 | $143.5M | 3.7% |
| 8 | Vanguard | 10 | +11.1% | 1,873 | $138.4M | 3.6% |
| 9 | The Standard (StanCorp) | 7 | 0.0% | 2,653 | $132.2M | 3.5% |
| 10 | Transamerica | 4 | +33.3% | 660 | $100.3M | 2.6% |
| 11 | Voya | 3 | 0.0% | 480 | $79.0M | 2.1% |
| 12 | OneAmerica | 2 | +100.0% | 249 | $55.9M | 1.5% |
| 13 | ADP | 4 | -20.0% | 873 | $43.1M | 1.1% |
| 14 | Schwab | 1 | 0.0% | 338 | $38.8M | 1.0% |
| 15 | Nationwide | 2 | -60.0% | 182 | $26.8M | 0.7% |
| 16 | Mutual of America | 2 | 0.0% | 312 | $22.7M | 0.6% |
| 17 | TIAA | 1 | 0.0% | 136 | $18.8M | 0.5% |
| 18 | Tranamerica Retirement Solutions(as filed) | 1 | 0.0% | 188 | $13.3M | 0.3% |
| 19 | Future Planning Associates(as filed) | 1 | 0.0% | 196 | $12.6M | 0.3% |
| 20 | Paychex | 1 | — | 517 | $2.8M | 0.1% |
| 21 | Vestwell | 1 | 0.0% | 157 | $581K | 0.0% |
| 22 | Standard Financial Group(as filed) | 1 | — | 0 | $0 | 0.0% |
Scope is limited to 401(k) plans whose sponsor is based in Vermont. 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.
