This report ranks the recordkeepers that serve large 401(k) plans in Virginia, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 1,528 large 401(k) plans in Virginia that disclosed a recordkeeper — covering 1,923,037 active participants and $249.6B 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 339 plans (22.2% of the recordkeeper-served market), followed by Principal with 250 plans (16.4%). Ranked by assets on the plans they serve, Fidelity leads with $133.0B.
Primary recordkeeper per plan · 2024 plan year · share of the 1,528 large 401(k) plans in Virginia that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 339 | +2.1% | 806,991 | $133.0B | 22.2% |
| 2 | Principal | 250 | -2.0% | 184,204 | $14.3B | 16.4% |
| 3 | Empower | 205 | -1.4% | 324,217 | $20.4B | 13.4% |
| 4 | ADP | 161 | -1.8% | 61,090 | $2.9B | 10.5% |
| 5 | Vanguard | 107 | +7.0% | 134,713 | $30.5B | 7.0% |
| 6 | John Hancock | 92 | -8.0% | 48,676 | $2.2B | 6.0% |
| 7 | Voya | 64 | -4.5% | 79,599 | $16.6B | 4.2% |
| 8 | Ascensus | 47 | +9.3% | 17,392 | $1.4B | 3.1% |
| 9 | Transamerica | 36 | -10.0% | 37,220 | $1.7B | 2.4% |
| 10 | T. Rowe Price | 35 | +9.4% | 144,865 | $18.2B | 2.3% |
| 11 | Capital Group (American Funds) | 29 | -6.5% | 10,237 | $1.1B | 1.9% |
| 12 | Newport Group | 15 | +7.1% | 9,996 | $665.2M | 1.0% |
| 13 | Nationwide | 15 | -28.6% | 3,267 | $293.2M | 1.0% |
| 14 | Schwab | 14 | -6.7% | 10,519 | $1.7B | 0.9% |
| 15 | Merrill (Bank of America) | 13 | -13.3% | 14,867 | $2.2B | 0.9% |
| 16 | Paychex | 12 | -29.4% | 1,829 | $101.5M | 0.8% |
| 17 | Jpmorgan Invest Holdings(as filed) | 10 | +25.0% | 3,034 | $218.7M | 0.7% |
| 18 | OneAmerica | 8 | -20.0% | 1,587 | $197.9M | 0.5% |
| 19 | Lincoln Financial | 7 | -22.2% | 2,043 | $258.4M | 0.5% |
| 20 | The Standard (StanCorp) | 7 | +250.0% | 1,296 | $87.3M | 0.5% |
| 21 | Alerus | 6 | -14.3% | 2,179 | $171.1M | 0.4% |
| 22 | EPIC Retirement Plan Services | 6 | +20.0% | 2,777 | $134.2M | 0.4% |
| 23 | Guideline | 6 | +100.0% | 933 | $68.7M | 0.4% |
| 24 | Mutual of America | 6 | +100.0% | 2,223 | $47.9M | 0.4% |
| 25 | TIAA | 3 | -25.0% | 1,502 | $164.7M | 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 | 339 | +2.1% | 806,991 | $133.0B | 53.3% |
| 2 | Vanguard | 107 | +7.0% | 134,713 | $30.5B | 12.2% |
| 3 | Empower | 205 | -1.4% | 324,217 | $20.4B | 8.2% |
| 4 | T. Rowe Price | 35 | +9.4% | 144,865 | $18.2B | 7.3% |
| 5 | Voya | 64 | -4.5% | 79,599 | $16.6B | 6.7% |
| 6 | Principal | 250 | -2.0% | 184,204 | $14.3B | 5.7% |
| 7 | ADP | 161 | -1.8% | 61,090 | $2.9B | 1.2% |
| 8 | John Hancock | 92 | -8.0% | 48,676 | $2.2B | 0.9% |
| 9 | Merrill (Bank of America) | 13 | -13.3% | 14,867 | $2.2B | 0.9% |
| 10 | Schwab | 14 | -6.7% | 10,519 | $1.7B | 0.7% |
| 11 | Transamerica | 36 | -10.0% | 37,220 | $1.7B | 0.7% |
| 12 | Ascensus | 47 | +9.3% | 17,392 | $1.4B | 0.6% |
| 13 | Capital Group (American Funds) | 29 | -6.5% | 10,237 | $1.1B | 0.4% |
| 14 | Newport Group | 15 | +7.1% | 9,996 | $665.2M | 0.3% |
| 15 | Nationwide | 15 | -28.6% | 3,267 | $293.2M | 0.1% |
| 16 | Lincoln Financial | 7 | -22.2% | 2,043 | $258.4M | 0.1% |
| 17 | Jpmorgan Invest Holdings(as filed) | 10 | +25.0% | 3,034 | $218.7M | 0.1% |
| 18 | OneAmerica | 8 | -20.0% | 1,587 | $197.9M | 0.1% |
| 19 | Alerus | 6 | -14.3% | 2,179 | $171.1M | 0.1% |
| 20 | TIAA | 3 | -25.0% | 1,502 | $164.7M | 0.1% |
| 21 | EPIC Retirement Plan Services | 6 | +20.0% | 2,777 | $134.2M | 0.1% |
| 22 | Mvp Plan Administrators(as filed) | 2 | +100.0% | 512 | $128.0M | 0.1% |
| 23 | Prudential / PGIM | 1 | -88.9% | 2,826 | $115.8M | 0.0% |
| 24 | Paychex | 12 | -29.4% | 1,829 | $101.5M | 0.0% |
| 25 | Wellington Retirement Solutions(as filed) | 2 | -33.3% | 726 | $100.4M | 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 Virginia. 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.
