401(k) recordkeepersranked
The firms that actually run retirement plans day to day, ranked by the number of large plans naming them on Schedule C of their 2025 Form 5500, counting both plans that itemize the firm for recordkeeping and plans that list it as a provider paid through fund revenue-sharing (eligible indirect compensation), which is how giants like Fidelity are usually compensated.
Firms by plans served · 202518
1. Fidelity1,304 plans · 387 itemized + 917 indirect
2. Principal537 plans · 121 itemized + 416 indirect
3. Vanguard465 plans · 182 itemized + 283 indirect
4. Voya445 plans · 262 itemized + 183 indirect
5. Prudential397 plans · 334 itemized + 63 indirect
6. T. Rowe Price231 plans · 51 itemized + 180 indirect
7. John Hancock212 plans · 182 itemized + 30 indirect
8. ADP179 plans · 179 itemized
9. Charles Schwab162 plans · 44 itemized + 118 indirect
10. Transamerica149 plans · 140 itemized + 9 indirect
11. TIAA82 plans · 57 itemized + 25 indirect
12. Empower80 plans · 51 itemized + 29 indirect
13. The Standard64 plans · 60 itemized + 4 indirect
14. Ascensus59 plans · 58 itemized + 1 indirect
15. Bank of America / Merrill59 plans · 40 itemized + 19 indirect
16. Mutual of America48 plans · 44 itemized + 4 indirect
17. Paychex38 plans · 32 itemized + 6 indirect
18. OneAmerica29 plans · 28 itemized + 1 indirect
Source: DOL Form 5500 Schedule C Part I, plan year 2025. Itemized = named with service code 15 (recordkeeping); indirect = listed as an eligible-indirect-compensation provider, attributable only for recognizable brands, so smaller firms' indirect counts are conservative. Related legal entities are grouped under one brand.