This report ranks the recordkeepers that serve large 401(k) plans in Washington, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 951 large 401(k) plans in Washington that disclosed a recordkeeper — covering 2,666,196 active participants and $253.3B 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 234 plans (24.6% of the recordkeeper-served market), followed by Empower with 144 plans (15.1%). Ranked by assets on the plans they serve, Fidelity leads with $168.3B.
Primary recordkeeper per plan · 2024 plan year · share of the 951 large 401(k) plans in Washington that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Fidelity | 234 | +3.1% | 2,006,139 | $168.3B | 24.6% |
| 2 | Empower | 144 | +7.5% | 68,653 | $5.6B | 15.1% |
| 3 | Principal | 102 | -1.0% | 56,969 | $4.4B | 10.7% |
| 4 | Vanguard | 84 | -2.3% | 59,029 | $11.8B | 8.8% |
| 5 | ADP | 62 | +3.3% | 24,956 | $789.5M | 6.5% |
| 6 | John Hancock | 56 | -18.8% | 39,431 | $1.9B | 5.9% |
| 7 | The Standard (StanCorp) | 47 | -2.1% | 21,359 | $1.2B | 4.9% |
| 8 | Transamerica | 33 | -8.3% | 18,855 | $1.2B | 3.5% |
| 9 | Voya | 26 | +18.2% | 12,091 | $886.6M | 2.7% |
| 10 | Ascensus | 22 | -26.7% | 6,313 | $307.4M | 2.3% |
| 11 | Schwab | 20 | +5.3% | 30,206 | $5.5B | 2.1% |
| 12 | Capital Group (American Funds) | 20 | +11.1% | 3,922 | $322.1M | 2.1% |
| 13 | T. Rowe Price | 16 | +14.3% | 228,289 | $44.8B | 1.7% |
| 14 | Nationwide | 10 | +42.9% | 3,382 | $91.0M | 1.1% |
| 15 | Paychex | 6 | -33.3% | 1,777 | $87.4M | 0.6% |
| 16 | Lincoln Financial | 5 | 0.0% | 4,426 | $114.4M | 0.5% |
| 17 | OneAmerica | 5 | 0.0% | 1,773 | $67.1M | 0.5% |
| 18 | Alerus | 5 | -28.6% | 1,346 | $48.0M | 0.5% |
| 19 | Guideline | 5 | +150.0% | 687 | $32.9M | 0.5% |
| 20 | Merrill (Bank of America) | 4 | 0.0% | 1,248 | $189.9M | 0.4% |
| 21 | Mutual of America | 4 | +33.3% | 1,171 | $70.1M | 0.4% |
| 22 | Spectrum Pension Consultants(as filed) | 4 | 0.0% | 994 | $48.2M | 0.4% |
| 23 | Northwest Plan Services(as filed) | 3 | -25.0% | 1,282 | $385.2M | 0.3% |
| 24 | Nwps(as filed) | 3 | 0.0% | 2,590 | $125.5M | 0.3% |
| 25 | Betterment | 3 | -57.1% | 585 | $87.9M | 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 | 234 | +3.1% | 2,006,139 | $168.3B | 66.4% |
| 2 | T. Rowe Price | 16 | +14.3% | 228,289 | $44.8B | 17.7% |
| 3 | Vanguard | 84 | -2.3% | 59,029 | $11.8B | 4.7% |
| 4 | Empower | 144 | +7.5% | 68,653 | $5.6B | 2.2% |
| 5 | Schwab | 20 | +5.3% | 30,206 | $5.5B | 2.2% |
| 6 | Principal | 102 | -1.0% | 56,969 | $4.4B | 1.7% |
| 7 | Alight Solutions | 1 | 0.0% | 58,257 | $4.3B | 1.7% |
| 8 | John Hancock | 56 | -18.8% | 39,431 | $1.9B | 0.7% |
| 9 | Transamerica | 33 | -8.3% | 18,855 | $1.2B | 0.5% |
| 10 | The Standard (StanCorp) | 47 | -2.1% | 21,359 | $1.2B | 0.5% |
| 11 | Voya | 26 | +18.2% | 12,091 | $886.6M | 0.3% |
| 12 | ADP | 62 | +3.3% | 24,956 | $789.5M | 0.3% |
| 13 | Northwest Plan Services(as filed) | 3 | -25.0% | 1,282 | $385.2M | 0.2% |
| 14 | Capital Group (American Funds) | 20 | +11.1% | 3,922 | $322.1M | 0.1% |
| 15 | Ascensus | 22 | -26.7% | 6,313 | $307.4M | 0.1% |
| 16 | Merrill (Bank of America) | 4 | 0.0% | 1,248 | $189.9M | 0.1% |
| 17 | Merill Lynch Pierce Fenner & Smith(as filed) | 1 | 0.0% | 852 | $181.9M | 0.1% |
| 18 | Trautmann Maher & Associates(as filed) | 1 | 0.0% | 338 | $178.4M | 0.1% |
| 19 | Nwps(as filed) | 3 | 0.0% | 2,590 | $125.5M | 0.0% |
| 20 | Lincoln Financial | 5 | 0.0% | 4,426 | $114.4M | 0.0% |
| 21 | Nationwide | 10 | +42.9% | 3,382 | $91.0M | 0.0% |
| 22 | Betterment | 3 | -57.1% | 585 | $87.9M | 0.0% |
| 23 | Paychex | 6 | -33.3% | 1,777 | $87.4M | 0.0% |
| 24 | Mutual of America | 4 | +33.3% | 1,171 | $70.1M | 0.0% |
| 25 | OneAmerica | 5 | 0.0% | 1,773 | $67.1M | 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 Washington. 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.
