This report ranks the recordkeepers that serve large 401(k) plans in Wisconsin, using the U.S. Department of Labor's Form 5500 Schedule C service-provider disclosures for plan year 2024. Across 1,178 large 401(k) plans in Wisconsin that disclosed a recordkeeper — covering 956,619 active participants and $122.6B 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 248 plans (21.1% of the recordkeeper-served market), followed by Fidelity with 196 plans (16.6%). Ranked by assets on the plans they serve, Fidelity leads with $46.9B.
Primary recordkeeper per plan · 2024 plan year · share of the 1,178 large 401(k) plans in Wisconsin that disclose a recordkeeper.
| # | Recordkeeper | Plans | Plans YoY | Participants | Assets on plans | Plans share |
|---|---|---|---|---|---|---|
| 1 | Empower | 248 | -3.5% | 237,839 | $29.7B | 21.1% |
| 2 | Fidelity | 196 | -2.0% | 269,342 | $46.9B | 16.6% |
| 3 | Principal | 119 | -13.8% | 114,643 | $13.0B | 10.1% |
| 4 | OneAmerica | 85 | -10.5% | 101,262 | $7.9B | 7.2% |
| 5 | John Hancock | 66 | -5.7% | 22,689 | $1.5B | 5.6% |
| 6 | Transamerica | 60 | 0.0% | 39,243 | $3.5B | 5.1% |
| 7 | Alerus | 46 | -8.0% | 10,328 | $863.1M | 3.9% |
| 8 | Vanguard | 42 | -6.7% | 25,050 | $5.4B | 3.6% |
| 9 | Voya | 40 | +11.1% | 17,013 | $1.3B | 3.4% |
| 10 | ADP | 35 | -5.4% | 9,446 | $651.6M | 3.0% |
| 11 | The Standard (StanCorp) | 26 | +225.0% | 6,371 | $685.4M | 2.2% |
| 12 | Newport Group | 25 | -21.9% | 11,104 | $1.2B | 2.1% |
| 13 | Capital Group (American Funds) | 21 | +40.0% | 3,417 | $345.9M | 1.8% |
| 14 | Wipfli Llp(as filed) | 18 | +5.9% | 5,037 | $401.1M | 1.5% |
| 15 | Lincoln Financial | 18 | -5.3% | 4,512 | $375.0M | 1.5% |
| 16 | T. Rowe Price | 16 | +6.7% | 29,060 | $3.7B | 1.4% |
| 17 | Jpmorgan Invest Holdings(as filed) | 14 | +16.7% | 4,095 | $201.0M | 1.2% |
| 18 | Ascensus | 13 | +30.0% | 3,777 | $183.2M | 1.1% |
| 19 | Schwab | 11 | +10.0% | 8,591 | $2.9B | 0.9% |
| 20 | Nationwide | 8 | -52.9% | 9,673 | $366.7M | 0.7% |
| 21 | Mutual of America | 8 | -20.0% | 2,429 | $64.8M | 0.7% |
| 22 | Merrill (Bank of America) | 7 | 0.0% | 3,424 | $206.4M | 0.6% |
| 23 | Ppg Retirement Plan Services(as filed) | 7 | +16.7% | 2,076 | $194.5M | 0.6% |
| 24 | EPIC Retirement Plan Services | 7 | -22.2% | 3,157 | $116.7M | 0.6% |
| 25 | Paychex | 7 | 0.0% | 1,680 | $49.8M | 0.6% |
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 | 196 | -2.0% | 269,342 | $46.9B | 38.2% |
| 2 | Empower | 248 | -3.5% | 237,839 | $29.7B | 24.2% |
| 3 | Principal | 119 | -13.8% | 114,643 | $13.0B | 10.6% |
| 4 | OneAmerica | 85 | -10.5% | 101,262 | $7.9B | 6.5% |
| 5 | Vanguard | 42 | -6.7% | 25,050 | $5.4B | 4.4% |
| 6 | T. Rowe Price | 16 | +6.7% | 29,060 | $3.7B | 3.0% |
| 7 | Transamerica | 60 | 0.0% | 39,243 | $3.5B | 2.9% |
| 8 | Schwab | 11 | +10.0% | 8,591 | $2.9B | 2.3% |
| 9 | John Hancock | 66 | -5.7% | 22,689 | $1.5B | 1.2% |
| 10 | Voya | 40 | +11.1% | 17,013 | $1.3B | 1.1% |
| 11 | Newport Group | 25 | -21.9% | 11,104 | $1.2B | 1.0% |
| 12 | Alerus | 46 | -8.0% | 10,328 | $863.1M | 0.7% |
| 13 | The Standard (StanCorp) | 26 | +225.0% | 6,371 | $685.4M | 0.6% |
| 14 | ADP | 35 | -5.4% | 9,446 | $651.6M | 0.5% |
| 15 | Wipfli Llp(as filed) | 18 | +5.9% | 5,037 | $401.1M | 0.3% |
| 16 | Lincoln Financial | 18 | -5.3% | 4,512 | $375.0M | 0.3% |
| 17 | Nationwide | 8 | -52.9% | 9,673 | $366.7M | 0.3% |
| 18 | Capital Group (American Funds) | 21 | +40.0% | 3,417 | $345.9M | 0.3% |
| 19 | Merrill (Bank of America) | 7 | 0.0% | 3,424 | $206.4M | 0.2% |
| 20 | Jpmorgan Invest Holdings(as filed) | 14 | +16.7% | 4,095 | $201.0M | 0.2% |
| 21 | Ppg Retirement Plan Services(as filed) | 7 | +16.7% | 2,076 | $194.5M | 0.2% |
| 22 | Ascensus | 13 | +30.0% | 3,777 | $183.2M | 0.1% |
| 23 | Transmerica Retirement Solutions(as filed) | 1 | 0.0% | 300 | $171.2M | 0.1% |
| 24 | Northwest Plan Services(as filed) | 1 | 0.0% | 925 | $155.9M | 0.1% |
| 25 | EPIC Retirement Plan Services | 7 | -22.2% | 3,157 | $116.7M | 0.1% |
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 Wisconsin. 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.
