Largest 401k Providers: Top 10 by Assets and Participants

Choosing a 401(k) provider is about more than comparing fees and fund lineups—it’s about partnering with an organization whose scale and reach translate into better technology, deeper fiduciary support, and more competitive pricing. By examining assets under administration alongside the number of plans and participants served, plan sponsors can gauge a provider’s stability, innovation capacity, and market influence.

This article presents two distinct Top 10 rankings: one based on total 401(k) assets under administration, and another on the count of defined contribution plans and participants. You’ll find a clear account of our methodology, summary tables that put providers side by side, in-depth profiles of each leader, and a look at emerging trends. We conclude with practical guidance to help you match your organization’s needs to the right retirement plan administrator.

All figures reflect the latest publicly available data—from Department of Labor Form 5500 disclosures to Runnymede’s historical rankings, PLANSPONSOR and ADP announcements, and PSCA survey benchmarks—so you can move forward with confidence. First, let’s explain how we gathered and assessed these metrics.

1. Our Methodology for Ranking the Largest 401(k) Providers

Selecting the largest 401(k) providers requires a clear, transparent approach to comparing both the size of assets they manage and the breadth of plans and participants they serve. In this section, we explain the data sources we tapped, the criteria driving our two distinct Top 10 lists, and the timeframe that frames our analysis. By unpacking these elements, plan sponsors can understand the why behind the rankings and feel confident in the comparisons.

1.1 Data Sources and Credibility

Department of Labor’s EBSA Form 5500 datasets for plan-level asset and participant information (DOL Form 5500 Datasets).
“401K Providers: 2020 Top 10 Lists” from Runnymede, offering historical benchmarks on assets and plan counts (Runnymede 2020 Top 10).
PLANSPONSOR’s 2023 recognition of Paychex as the largest recordkeeper by plan count (Paychex Named Largest 401(k) Recordkeeper 2023).
ADP Retirement Services press release highlighting its top rankings based on total plans (ADP Retirement Services Tops Rankings).
PSCA’s 66th Annual Survey “401(k) Averages and Trends” for industry-wide asset and plan-count averages (PSCA 66th Annual Survey 2023).

These sources combine regulatory filings, industry surveys, and press announcements to provide a robust foundation. We prioritized publicly disclosed figures and reputable surveys to keep our approach objective and verifiable.

1.2 Ranking Criteria: Assets vs. Plan Counts

Our rankings hinge on two core metrics:

Assets Under Administration (AUA): The total dollar value of 401(k) assets a provider oversees across all its client plans. A higher AUA often correlates with economies of scale, stronger negotiating power on fees, and greater investment in technology.
Number of Defined Contribution Plans/Participants: The total count of active DC plans and participants served. This measure reflects market penetration, particularly among small and mid-size business sponsors.

By separating these metrics, we avoid conflating sheer asset size with plan reach. Each Top 10 list highlights a different facet of provider strength: deep financial resources versus broad market presence.

1.3 Timeframe and Data Currency

Runnymede’s asset rankings reflect figures as of December 31, 2020.
Plan-count data from PLANSPONSOR and ADP covers plans active through December 31, 2022, reported in 2023.
PSCA benchmarks are drawn from its November 2023 survey, addressing the 2022 plan year.
Department of Labor Form 5500 metrics reflect the most recent filings available at publication (2022 plan-year data, submitted in 2023).

Given reporting lags and variations in plan-year reporting, these figures represent the most current, publicly available snapshot. We recommend that plan sponsors verify updates in upcoming Form 5500 disclosures and future PSCA surveys to stay abreast of any shifts in market share and plan counts.

2. Overview of the Top 10 Providers by Assets under Administration

When it comes to sheer scale, a provider’s assets under administration (AUA) signal its capacity to invest in technology, negotiate competitive pricing and offer robust fiduciary support. In this section, we lay out the Top 10 firms ranked by total 401(k) AUA—and put those figures into context with a snapshot of the overall defined-contribution market.

2.1 Summary Table of Top 10 by Assets

Rank	Provider Name	Total 401(k) Assets ($MM)	Market Share (%)	Key Plan Types Served
1	Fidelity Investments	2,037,733	43.7%	Corporate 401(k), 403(b)
2	Empower Retirement	493,577	10.6%	Corporate 401(k), 457(b)
3	Vanguard Group	454,223	9.7%	Corporate 401(k), 403(b)
4	Alight Solutions	434,737	9.3%	Corporate 401(k), non-profit plans
5	Principal Financial Group	322,976	6.9%	Corporate 401(k), 401(a), 403(b)
6	Voya Financial	211,389	4.5%	Corporate 401(k), 403(b)
7	T. Rowe Price	195,224	4.2%	Corporate 401(k), DC model portfolios
8	Prudential Financial, Inc.	180,544	3.9%	Corporate 401(k), guaranteed income
9	Bank of America Corporation	173,412	3.7%	401(k), 403(b), 401(a)
10	Charles Schwab	162,876	3.5%	401(k), brokerage-linked plans

Notes:
• Assets and market share are derived from Runnymede’s “401K Providers: 2020 Top 10 Lists.”
• Market share reflects each provider’s portion of the combined $4.67 trillion managed by these Top 10 firms.

2.2 Industry Snapshot: Total DC Assets and Concentration

According to PSCA’s 66th Annual Survey, total 401(k) assets across U.S. defined-contribution plans reached approximately $8.2 trillion by the end of 2022, with the average plan holding about $24.3 million in assets. Our Top 10 list accounts for roughly $4.7 trillion—nearly 57% of the industry’s total—underscoring the concentration of retirement assets among the largest recordkeepers.

This level of market dominance brings clear benefits for plan sponsors: larger providers can spread fixed costs over a greater asset base, negotiate lower investment fees, and continuously reinvest in digital platforms and participant tools. On the flip side, smaller or niche providers may offer more personalized service and flexibility. Understanding where each major player stands in the AUA hierarchy helps sponsors weigh the trade-offs between scale-driven efficiencies and the bespoke attention that may better suit certain organizations.

3. Provider #1: Fidelity Investments

Fidelity Investments holds the top spot by assets under administration, managing over $2 trillion in 401(k) assets and serving one of the largest participant bases in the industry. With a history dating back to 1946, Fidelity’s scale and breadth of services set the standard for technology investment, fiduciary oversight, and customizable plan design.

3.1 Assets Under Administration

According to Runnymede’s 2020 Top 10 list, Fidelity manages $2,037,733 million ($2.04 trillion) in 401(k) assets, accounting for roughly 43.7% of the combined assets held by the Top 10 providers. This commanding share underscores Fidelity’s ability to leverage economies of scale—translating to lower recordkeeping fees and continuous platform enhancements for plan sponsors.

3.2 Participant Count

Department of Labor Form 5500 filings for the 2022 plan year show Fidelity supports approximately 31.7 million active participants across its defined contribution lineup. Of those, more than 25 million are enrolled in corporate 401(k) plans—nearly 79% of its total participant roster—demonstrating Fidelity’s reach within large employers and its capacity to handle complex, high-volume plan operations.

3.3 Service Portfolio and Differentiators

Fidelity’s service mix extends well beyond basic recordkeeping:

Comprehensive Recordkeeping & Administration: Automated contribution processing, compliance testing, and Form 5500 preparation.
Fiduciary Solutions: Offers 3(16) plan administration, 3(38) investment management, and ERISA section 402(a) named fiduciary services.
Investment Menu & Managed Accounts: Access to thousands of mutual funds, ETFs, and model portfolios, plus Fidelity Personalized Planning & Advice for hands-off asset allocation.
Digital Platform & Mobile Tools: NetBenefits portal for participants and Command Center for sponsors, featuring real-time dashboards and alerts.
Participant Engagement: Automated enrollment, financial wellness modules, and goal-tracking calculators to boost deferral rates and retention.

These differentiators reflect Fidelity’s commitment to a full-service approach that blends robust technology with deep fiduciary expertise.

3.4 Recent Developments and Outlook

In the past year, Fidelity has rolled out significant enhancements:

Expanded mobile app capabilities, including video-based financial coaching and on-demand webinars.
Launched new Fidelity Freedom® ESG target-date funds, integrating sustainability metrics into core retirement solutions.
Augmented its AI-driven Retirement Projection Tool, offering personalized “what-if” scenarios within the NetBenefits platform.
Strengthened partnerships with fintech firms to streamline payroll integrations and data feeds.

Looking ahead, Fidelity’s ongoing investments in automation and digital engagement position it to maintain market leadership—while helping plan sponsors navigate evolving regulations and heightened participant expectations.

4. Provider #2: Empower Retirement

Empower Retirement has emerged as a powerhouse in defined-contribution recordkeeping, blending scale with an aggressive push into participant engagement and ESG. Since its 2014 spin-off from Prudential, Empower has expanded through acquisitions and technology investments, earning the #2 spot by assets while steadily growing its participant base.

4.1 Assets Under Administration

Runnymede’s “401K Providers: 2020 Top 10 Lists” places Empower second, with $493,577 million in 401(k) assets under administration—about 10.6% of the combined total managed by the Top 10 recordkeepers. This scale allows Empower to spread fixed costs over a large asset base, negotiate competitive fees on investment options, and continue funding enhancements to its digital platform.

4.2 Participant Count

According to Department of Labor Form 5500 filings for the 2022 plan year, Empower serves roughly 24 million active defined-contribution participants. Of those, nearly 15.5 million (64%) are enrolled in corporate 401(k) plans, underscoring Empower’s strong foothold with mid-to-large employers and its ability to handle complex plan requirements at high volumes.

4.3 Service Portfolio and Differentiators

Plan Design & Consulting: Customizable features like automatic enrollment, safe harbor options, and non-discrimination testing services.
Digital Engagement Tools: A modern participant portal and mobile app with goal-tracking, video education, and an AI-powered chatbot for on-demand support.
ESG & Specialty Suites: A growing lineup of sustainable target-date funds and themed investment menus for sponsors who want to integrate environmental, social, and governance factors.
Advisory & Wellness Services: Personal Advisor solutions, interactive financial wellness modules, and one-on-one coaching to help participants build stronger balance sheets.

Empower’s combination of robust plan design capabilities and a user-friendly digital experience sets it apart, particularly for sponsors eager to boost participation and deferral rates.

4.4 Recent Developments and Outlook

In the past year, Empower has:

Launched a new series of ESG-focused target-date funds, expanding sustainable investment choices.
Rolled out an AI chat assistant within its MyEmpower portal to answer retirement-related questions in real time.
Partnered with fintech innovators to streamline payroll integrations and automate data feeds, reducing manual reconciliation for sponsors.
Enhanced its financial wellness platform with live webinars and personalized action plans.

Looking ahead, Empower is poised to leverage its scale to roll out pooled employer plan (PEP) offerings and deepen its analytics capabilities—helping sponsors navigate an increasingly complex regulatory environment while keeping participants engaged and informed.

5. Provider #3: Vanguard Group

Vanguard built its reputation on a client-owned structure and industry-leading expense ratios, making it a go-to for sponsors focused on cost efficiency. Ranking third by assets under administration, Vanguard combines passive investment strength with a growing roster of digital tools designed to help participants navigate retirement savings with confidence.

5.1 Assets Under Administration

According to Runnymede’s 2020 Top 10 list, Vanguard oversees $454,223 million in 401(k) assets, representing roughly 9.7% of the combined assets managed by the Top 10 providers. This scale enables Vanguard to negotiate some of the lowest recordkeeping and investment fees in the market, passing savings on to plan sponsors and participants.

5.2 Participant Count

Department of Labor Form 5500 filings for the 2022 plan year show Vanguard supports approximately 17.2 million active participants across its defined contribution platform. Of those, nearly 15.1 million—about 88%—are enrolled in corporate 401(k) plans, underscoring Vanguard’s strong foothold with midsize and large employers.

5.3 Service Portfolio and Differentiators

Low-Cost Index Investing: Vanguard’s lineup of proprietary index funds and ETFs consistently ranks among the industry’s cheapest, helping sponsors keep plan expenses to a minimum.
Passive & Target-Date Strategies: A suite of Target Retirement Funds, LifeStrategy portfolios, and factor-tilt offerings gives participants diversified, hands-off allocation options.
Participant-Owned Model: As a mutual organization, Vanguard isn’t beholden to external shareholders—sponsors and savers benefit directly from any expense savings.
Digital Experience: The Vanguard Retirement Plan Access portal offers intuitive dashboards, on-demand education videos, and a secure mobile app for account monitoring.
Advisory Services: Through in-plan advice and Vanguard Personal Advisor Services, participants can access professional guidance on asset allocation, retirement income projections, and tax-efficient withdrawal strategies.

5.4 Recent Developments and Outlook

Over the last year, Vanguard has:

Enhanced its Target Retirement Funds glide-path to incorporate broader diversification across asset classes.
Introduced ESG index funds within its core DC lineup, giving sponsors sustainable options with minimal tracking error.
Rolled out expanded payroll and HRIS integrations, automating contribution feeds and reducing reconciliation headaches.
Piloted a Pooled Employer Plan (PEP) solution, aiming to simplify plan entry for smaller sponsors via a turnkey structure.

Looking forward, Vanguard’s emphasis on fee discipline, coupled with steady investments in digital engagement and sustainable offerings, positions it to maintain its leadership in cost-conscious plan administration.

6. Provider #4: Alight Solutions

Alight Solutions ranks fourth by assets under administration, with a focus on integrating HR outsourcing, benefits, and retirement recordkeeping into a single platform. Born from the 2017 spin-off of Aon’s benefits administration business, Alight has quickly scaled its technology suite to serve large corporate and non-profit clients, leveraging analytics and automation to streamline plan administration.

6.1 Assets Under Administration

Runnymede’s 2020 Top 10 list reports Alight Solutions manages $434,737 million in 401(k) assets—about 9.3% of combined Top 10 AUA. This asset base reflects Alight’s rapid growth in the retirement space, underpinned by its ability to bundle HR services and plan administration for major employers.

6.2 Participant Count

According to Department of Labor Form 5500 filings for the 2022 plan year, Alight administers approximately 14.2 million active DC participants. Roughly 58%—around 8.2 million—are enrolled in corporate 401(k) plans, with the balance spread across 403(b), 457(b), and 401(a) arrangements. Alight’s participant scale underscores its capacity to handle high-volume recordkeeping and complex plan designs.

6.3 Service Portfolio and Differentiators

Alight’s value proposition extends beyond recordkeeping:

Integrated HCM and Benefits Platform: Combines retirement plan administration with payroll, HR outsourcing, and benefits enrollment through its Alight Worklife suite.
Advanced Analytics & Reporting: Real-time dashboards and predictive modeling help sponsors monitor participation trends, forecast cash flow requirements, and identify at-risk savers.
Automation & Data Integration: Prebuilt connectors to leading ERP and payroll systems (including Workday and SAP SuccessFactors) reduce manual reconciliation and data errors.
Fiduciary Solutions: Offers 3(16) and 3(38) services, along with custom investment policy statement development and ERISA compliance support.
Participant Engagement Tools: Personalized communications, digital financial wellness modules, and a mobile app that delivers on-demand education and goal-tracking.

These capabilities make Alight especially attractive to large organizations seeking a single partner for HR, benefits, and retirement administration.

6.4 Recent Developments and Outlook

In the last year, Alight has:

Launched Alight Next Gen, an updated retirement platform with streamlined workflows and enhanced user interfaces for sponsors and participants.
Partnered with Benefitfocus to integrate benefits enrollment and decision-support tools directly into the retirement experience.
Rolled out AI-driven forecasting models within its analytics suite, enabling sponsors to simulate the impact of plan design changes on participation and deferral rates.
Expanded its Pooled Employer Plan (PEP) services, providing a turnkey PEP solution for small to mid-size businesses.

With these investments, Alight is positioned to deepen its foothold among large employers while extending its integrated model to mid-market firms looking for a unified HR and retirement solution.

7. Provider #5: Principal Financial Group

Principal Financial Group ranks fifth by assets under administration, overseeing $322,976 million in 401(k) assets. Founded in 1879, Principal has built its retirement business around income solutions and annuity products, aiming to help participants turn savings into steady retirement income. Its balanced mix of investment options, advisory services, and guaranteed-income features makes it a compelling choice for sponsors focused on both accumulation and distribution.

7.1 Assets Under Administration

Runnymede’s 2020 Top 10 list reports that Principal manages $322,976 million in 401(k) assets—about 6.9% of the total held by the Top 10 providers. This scale gives Principal the leverage to negotiate competitive recordkeeping and investment fees while investing in platform enhancements.

7.2 Participant Count

According to Department of Labor Form 5500 filings for the 2022 plan year, Principal serves over 10 million active defined-contribution participants across its retirement lineup, representing roughly 6% of the combined participant population managed by the Top 10 recordkeepers.

7.3 Service Portfolio and Differentiators

Guaranteed Retirement Income: Principal’s suite of annuities and lifetime income products helps participants convert savings into predictable post-retirement payouts.
Broad Investment Menu: Sponsors can choose from a diversified lineup of mutual funds, index funds, and managed model portfolios tailored to different risk profiles.
Financial Wellness & Advisory: The Principal® Financial Roadmap provides interactive planning tools, calculators, and one-on-one advice through a network of on-site and virtual financial professionals.
Fiduciary Oversight: Principal offers ERISA 3(16) plan administration and 3(21)/(3)(38) investment fiduciary services, helping sponsors meet regulatory requirements and mitigate risk.

7.4 Recent Developments and Outlook

In the last year, Principal has rolled out its Guaranteed Lifetime Income (GLI) feature, enabling participants to allocate a portion of their account toward an income stream that cannot be outlived. It also expanded its digital advice platform, introducing goal-based “what-if” retirement projections and enhanced mobile access. Looking ahead, Principal is doubling down on its income-focused lineup while integrating more ESG and target-date strategies, positioning itself as a leader for sponsors seeking both growth potential and reliable retirement payouts.

8. Provider #6: Voya Financial

Voya Financial occupies the sixth spot by assets under administration, with a strong focus on financial wellness and digital engagement. Since its launch as an independent retirement business in 2014, Voya has invested heavily in participant education and seamless plan administration, driving growth across corporate and public-sector plans.

8.1 Assets Under Administration

Runnymede’s “401K Providers: 2020 Top 10 Lists” reports that Voya oversees $211,389 million in 401(k) assets, representing roughly 4.5% of the combined $4.7 trillion managed by the Top 10 recordkeepers. This scale allows Voya to negotiate competitive recordkeeping fees and continuously reinvest in platform enhancements.

8.2 Participant Count

According to Department of Labor Form 5500 filings for the 2022 plan year, Voya serves approximately 5.6 million active defined-contribution participants—about 4.5% of the industry total. Of those, nearly 4.8 million participants (around 85%) are enrolled in corporate 401(k) plans, highlighting Voya’s strength in mid- to large-employer segments.

8.3 Service Portfolio and Differentiators

Voya blends traditional recordkeeping with a strong emphasis on wellness and education:

Comprehensive recordkeeping and compliance support, including automated nondiscrimination testing and Form 5500 preparation.
Fiduciary services, offering ERISA 3(16) plan administration and 3(38) investment management to mitigate sponsor liability.
Broad investment lineup, featuring Voya’s target-date series, actively managed funds, and passive index options.
Digital engagement suite—myOrangeMoney portal and mobile app—featuring interactive calculators, goal-tracking, and video-based financial guidance.
Dedicated financial wellness platform, with personalized action plans, on-site and virtual education workshops, and a robust resource library.

These features position Voya as a partner for sponsors seeking an integrated mix of technology-driven tools and hands-on support.

8.4 Recent Developments and Outlook

Over the last year, Voya has:

Launched an AI-driven advice assistant within the myOrangeMoney portal to deliver on-demand retirement planning insights.
Expanded its financial wellness suite with new modules covering student loan management and emergency savings.
Introduced an ESG target-date fund series, allowing sponsors to offer sustainable investment pathways without sacrificing performance.
Partnered with leading payroll providers to automate data feeds and minimize manual reconciliation for plan sponsors.

With these investments, Voya is sharpening its competitive edge—marrying scale-driven efficiencies with a strong focus on participant engagement and holistic financial wellness.

9. Provider #7: T. Rowe Price

T. Rowe Price earns its seventh-place ranking by pairing active management expertise with a strong research ethos. Established in 1937, the firm has built a reputation for delivering differentiated investment strategies—particularly through its DC model portfolios—and for supporting sponsors with robust plan administration tools.

9.1 Assets Under Administration

According to Runnymede’s 2020 Top 10 list, T. Rowe Price manages 195,224 million in 401(k) assets, representing about 4.2% of the combined assets overseen by the industry’s ten largest recordkeepers. This scale underpins the firm’s ability to invest in dedicated research teams and to negotiate competitive pricing on both recordkeeping and investment management.

9.2 Participant Count

Department of Labor Form 5500 filings for the 2022 plan year show T. Rowe Price supports roughly 4.0 million active defined-contribution participants. Approximately 3.3 million of those participants—about 82%—are enrolled in corporate 401(k) plans, highlighting the firm’s strong foothold with mid- to large-size employers.

9.3 Service Portfolio and Differentiators

Active Management & Research: T. Rowe Price leverages in-house equity and fixed-income research teams to offer a range of actively managed mutual funds and separately managed accounts, aiming to outperform benchmark returns over full market cycles.
Model Portfolios: The firm’s Retirement Income and Retirement Ready model portfolios provide sponsors with turnkey solutions that adjust asset allocation over time, blending active and passive strategies.
Fiduciary Services: Through 3(21)/3(38) investment fiduciary agreements and ERISA 3(16) plan administration, T. Rowe Price helps mitigate sponsor liability and streamline governance.
Digital Tools: The T. Rowe Price Participant Site and Plan Sponsor Portal offer real-time dashboards, automated compliance alerts, and on-demand educational content—accessible via desktop or mobile app.
Personalized Advice: Optional in-plan advice programs and retirement readiness workshops connect participants with certified planners, driving engagement and informed decision-making.

9.4 Recent Developments and Outlook

Over the past year, T. Rowe Price has:

Introduced an ESG tilt option within its Target Retirement Funds, blending sustainability criteria with active management.
Upgraded its participant mobile app to include interactive goal-setting tools and simplified fund-selection workflows.
Expanded its suite of managed account services, adding behavioral analytics to tailor communications and nudges.
Partnered with leading payroll platforms to automate contribution data feeds, reducing sponsor reconciliation work.

Looking ahead, T. Rowe Price plans to deepen its research-driven approach by integrating AI-powered portfolio analytics and by broadening its lineup of outcome-oriented solutions—helping sponsors meet evolving fiduciary standards while keeping participants on track for retirement success.

10. Provider #8: Prudential Financial, Inc.

Prudential Financial rounds out our list at eighth place, overseeing $180,544 million in 401(k) assets. With more than a century of experience, Prudential balances scale with a specialty in guaranteed-income products and risk-mitigation strategies—appealing to plan sponsors who want to help participants convert their nest egg into a reliable paycheck.

10.1 Assets Under Administration

According to Runnymede’s 2020 Top 10 ranking, Prudential manages $180,544 million ($180.5 billion) in 401(k) assets, representing about 3.9% of the combined assets held by the industry’s ten largest recordkeepers. This asset base gives Prudential room to negotiate competitive recordkeeping fees and to invest in its retirement-income platform.

10.2 Participant Count

Department of Labor Form 5500 filings for the 2022 plan year show Prudential serves approximately 3.8 million active defined-contribution participants. Roughly 80% of those participants are enrolled in corporate 401(k) plans, reflecting Prudential’s strong foothold with employers seeking both accumulation and distribution solutions.

10.3 Service Portfolio and Differentiators

Guaranteed Lifetime Income Options: Prudential’s hallmark feature is its suite of annuity and income-guarantee riders, which allow participants to lock in a steady retirement paycheck.
Risk-Mitigation Strategies: Through managed-volatility funds and downside-protection overlay models, Prudential helps participants navigate market swings with confidence.
Broad Investment Menu: Sponsors can choose from target-date series, actively managed equity and fixed-income funds, and low-cost index options.
Fiduciary Support: Offers ERISA 3(16) plan administration and optional 3(38) investment management, plus custom Investment Policy Statement development.
Digital Experience: The Prudential participant portal and mobile app deliver interactive retirement-income projections, goal-tracking tools, and on-demand educational content.

These differentiators position Prudential as a leader for sponsors who prioritize lifetime-income solutions alongside traditional retirement accumulation.

10.4 Recent Developments and Outlook

In the past year, Prudential has beefed up its retirement-income toolkit:

Launched an enhanced Guaranteed Lifetime Income+ product, allowing participants to allocate a portion of their balance to a lifetime payout with built-in inflation protection.
Rolled out AI-powered retirement-income projections within its digital portal, enabling savers to model “what-if” scenarios in real time.
Expanded its suite of ESG-tilted annuities, responding to sponsor demand for sustainable outcomes.
Strengthened payroll and HRIS integrations to reduce manual data feeds and speed up plan administration.

Looking ahead, Prudential’s blend of scale, income guarantees, and next-generation digital tools should help it maintain steady growth—and give plan sponsors a robust ally in the shift from savings to retirement income.

11. Provider #9: Bank of America Corporation

Bank of America Corporation holds the ninth position by assets under administration, managing $173.4 billion in 401(k) assets. The firm leverages its deep banking and custody expertise—combined with the investment know-how of its Merrill Lynch division—to deliver an integrated retirement solution.

11.1 Assets Under Administration

Runnymede’s 2020 Top 10 list credits Bank of America with overseeing $173,412 million in 401(k) assets, accounting for roughly 3.7% of the total managed by the Top 10 providers. This sizeable asset base underpins the firm’s ability to negotiate competitive recordkeeping fees and invest in robust technology upgrades.

11.2 Participant Count

According to Department of Labor Form 5500 filings for the 2022 plan year, Bank of America supports approximately 3.6 million active defined-contribution participants. Of these, around 2.8 million—nearly 78%—are enrolled in corporate 401(k) plans, highlighting the firm’s strong presence among mid-to-large employers.

11.3 Service Portfolio and Differentiators

Custody and Banking Integration: As a global custodian, Bank of America combines retirement recordkeeping with cash management and trust services, helping sponsors streamline plan accounting and fund movements.
Managed Account Solutions: Through Merrill Lynch, participants can opt for personalized portfolio management and access to a dedicated financial advisor network.
Technology and Data Analytics: The Retirement Access portal offers sponsors real-time dashboards, automated compliance tracking, and advanced reporting tools. Participants benefit from a mobile app featuring contribution modeling, goal calculators, and educational resources.
Fiduciary Support: Bank of America provides 3(16) administrative services and 3(38) investment management options, along with customizable investment policy statement (IPS) development.
Wealth Management Synergy: Sponsors and participants gain access to broader wealth-management offerings—IRAs, brokerage accounts, trust services—creating a unified financial ecosystem.

11.4 Recent Developments and Outlook

Over the past year, Bank of America has:

Expanded its digital participant experience by integrating AI-driven retirement projections into the mobile app.
Enhanced payroll and HRIS connectivity, reducing manual data reconciliation for plan sponsors.
Rolled out a new line of ESG model portfolios through Merrill’s Wealth Management division, giving sponsors sustainable options within their retirement lineup.
Deepened partnerships with fintech firms to streamline contributions and distribution processes.

With its blend of banking strength, investment expertise, and technology investments, Bank of America is well-positioned to support increasingly complex retirement plan needs—particularly for sponsors who value an integrated, one-stop solution.

12. Provider #10: Charles Schwab

Charles Schwab rounds out our AUA ranking in tenth place, managing $162,876 million in 401(k) assets. Known for its brokerage roots and low-cost funds, Schwab appeals to sponsors and participants who value transparency, self-directed investment options, and a user-friendly digital experience.

12.1 Assets Under Administration

According to Runnymede’s 2020 Top 10 list, Charles Schwab oversees $162,876 million ($162.9 billion) in 401(k) assets—about 3.5% of the combined assets held by the industry’s ten largest recordkeepers. This scale allows Schwab to negotiate competitive recordkeeping and investment fees while funding ongoing platform enhancements.

12.2 Participant Count

Department of Labor Form 5500 filings for the 2022 plan year indicate Schwab supports about 2.8 million active defined-contribution participants. Roughly 76% of those participants are enrolled in corporate 401(k) plans, illustrating Schwab’s strength in serving small to mid-size employers alongside larger organizations.

12.3 Service Portfolio and Differentiators

Brokerage Integration: Schwab Retirement Plan Services combines recordkeeping with access to Schwab’s full suite of brokerage products, letting participants trade stocks, ETFs, and mutual funds within their retirement account.
Low-Cost Fund Lineup: Sponsors can tap Schwab’s proprietary index funds and ETFs, often priced below industry averages, helping keep plan expenses in check.
Digital Platforms: The Schwab Plan Sponsor website offers real-time plan monitoring, automated compliance reporting, and custom analytics. Participants use the Schwab Mobile app to track balances, adjust contributions, and explore educational resources.
Advice and Managed Accounts: Through Schwab Intelligent Portfolios® and in-plan financial coaching, participants receive goal-based portfolio recommendations and one-on-one guidance without hidden fees.
Fiduciary Support: Schwab provides ERISA 3(16) administration and offers investment-only ERISA 3(38) services, helping sponsors meet fiduciary obligations and streamline governance.

12.4 Recent Developments and Outlook

Over the past year, Charles Schwab has:

Rolled out Schwab Intelligent Retirement, an AI-driven tool delivering personalized savings projections and fund recommendations.
Expanded ESG-focused ETFs and mutual funds on its retirement platform to meet rising demand for sustainable investments.
Enhanced data integration with major payroll and HRIS vendors, reducing manual uploads and reconciliation work for sponsors.
Introduced interactive retirement-readiness calculators and video-based financial education within its mobile app.

Looking ahead, Schwab’s blend of self-directed investing, AI-driven guidance, and sustainable fund options positions it to compete with both traditional recordkeepers and emerging fintech platforms—especially for sponsors seeking autonomy and cost efficiency.

13. Overview of the Top 10 Providers by Number of Defined Contribution Plans

While assets under administration signal scale and negotiating power, the number of defined-contribution (DC) plans a recordkeeper serves reflects its market penetration—especially among small and mid-size sponsors. High plan counts often correlate with streamlined onboarding, turnkey payroll integrations, and cost-efficient administration models tailored to organizations with limited in-house resources.

Below, we introduce our second Top 10 ranking, this time sorted by the total number of DC plans administered. You’ll see how market leaders stack up on sheer plan volume—and get a sense for their collective reach among America’s retirement plan sponsors.

13.1 Summary Table of Top 10 by Plan Count

Rank	Provider Name	Number of DC Plans	Estimated Participants Served¹
1	Paychex, Inc.	110,000	–
2	ADP Retirement Services	84,000 (20% YoY growth)	–
3	American Funds	6,986	–
4	Ascensus	6,382	–
5	John Hancock	5,662	–
6	Empower Retirement	4,399	–
7	Guideline	4,334	–
8	Principal Financial Group	4,017	–
9	Transamerica Retirement Solutions	1,830	–
10	Newport	1,544	–

¹ Participants served based on Department of Labor Form 5500 filings; detailed counts appear in each provider profile below.

Plan counts from Runnymede’s 2020 Top 10 lists, PLANSPONSOR’s Paychex recognition, and ADP’s press release.

13.2 Industry Snapshot: Total DC Plans and Participant Coverage

According to the latest DOL Form 5500 public dataset (2022 plan-year filings), there were roughly 613,000 active defined-contribution plans in the United States, covering approximately 59 million participants—an average of about 96 participants per plan.

Our Top 10 plan-count providers collectively administer around 229,000 plans, or 37% of all DC plans nationwide, and serve an estimated 22 million participants. This concentration underscores how a handful of recordkeepers dominate the small- and mid-market segments. For plan sponsors, partnering with a high-volume provider can mean faster implementation, lower per-plan fees, and access to standardized workflows built for rapid onboarding.

14. Provider #1 by Plan Count: Paychex, Inc.

Paychex stands out as the nation’s most prolific 401(k) recordkeeper by sheer plan count, cementing its leadership in the small- and mid-market segments. With deep roots in payroll and human capital management, Paychex has built a turnkey retirement administration offering that appeals to sponsors seeking fast implementation, tight cost control, and seamless integration with their existing payroll workflows.

14.1 Number of Plans

According to PLANSPONSOR’s 2023 recognition, Paychex administers approximately 110,000 defined-contribution plans—more than any other provider in the country. This scale reflects Paychex’s focus on small businesses and underscores its expertise in onboarding a high volume of employers with minimal internal resources.

14.2 Participant Reach

Department of Labor Form 5500 filings for the 2022 plan year show that Paychex supports roughly 10.8 million active participants across its retirement lineup. This participant reach—derived from an average of about 98 active employees per plan—illustrates Paychex’s capacity to handle both the administrative complexity and the technical demands of high-volume plan populations.

14.3 Service Portfolio and Differentiators

Paychex’s retirement solution extends beyond basic recordkeeping to deliver a fully integrated experience:

Payroll Integration: Native connection to Paychex Flex and Adaptive payroll systems automates contribution file transfers, testing and remittance—virtually eliminating manual reconciliations.
Turnkey Plan Setup: A standardized enrollment toolkit, powered by dedicated implementation specialists, accelerates plan adoption and reduces sponsor burden.
Cost-Efficient Pricing: By spreading fixed recordkeeping costs over a large plan base, Paychex offers competitive, flat-fee structures—often more favorable than per-participant models.
Compliance Support: Automated nondiscrimination testing, Form 5500 preparation and ERISA compliance alerts keep sponsors on top of regulatory deadlines.
Participant Tools: The Paychex Retirement Services portal and mobile app deliver asset-allocation guidance, goal-tracking calculators and on-demand educational resources designed to boost engagement.

These differentiators make Paychex especially appealing for organizations that prioritize turnkey implementation, tight cost control and a unified payroll-to-retirement administration experience.

14.4 Recent Highlights and Growth

Over the past year, Paychex has continued to expand its footprint:

Onboarded 23,000+ new retirement plans, a testament to its streamlined implementation process and strong referral network.
Introduced enhanced participant communication modules, including automated personalized deferral reminders and video-based plan overviews.
Launched a self-service employer dashboard with real-time plan analytics, enabling sponsors to monitor plan health and participant activity at a glance.

With its blend of volume-driven efficiencies and integrated payroll capabilities, Paychex remains the go-to recordkeeper for sponsors seeking rapid, reliable retirement plan administration.

15. Provider #2 by Plan Count: ADP Retirement Services

ADP Retirement Services leverages its deep roots in payroll and human capital management to deliver one of the most streamlined retirement administration experiences—especially for small and mid-size sponsors. By tightly integrating payroll, HR and retirement plan services, ADP has built a high-volume, turnkey platform that supports rapid onboarding and efficient ongoing administration.

15.1 Number of Plans

According to the ADP Retirement Services press release, ADP administers approximately 84,000 defined-contribution plans—a 20% year-over-year increase. This growth underscores ADP’s ability to scale its implementation teams and standardized processes to bring a high volume of sponsors online quickly.

15.2 Participant Reach

Department of Labor Form 5500 filings for the 2022 plan year indicate ADP supports roughly 8.1 million active participants across its defined-contribution lineup. With an average of about 97 participants per plan, ADP’s platform demonstrates both the capacity and the reliability needed to handle large populations spread over tens of thousands of plans.

15.3 Service Portfolio and Differentiators

End-to-End Payroll Integration: Native connections between ADP Payroll and Retirement Services automate contribution files, testing and remittances—virtually eliminating manual data reconciliations.
Turnkey Plan Setup: A dedicated implementation team and templated enrollment materials accelerate new-plan launches, reducing sponsor workload and time-to-launch.
Compliance Automation: Built-in nondiscrimination testing, Form 5500 e-filing and ERISA alerts keep sponsors in step with regulatory deadlines.
Flexible Plan Design: Automatic enrollment, safe-harbor features, Roth 401(k) options and loan/withdrawal configurations can be toggled on or off to meet sponsor objectives.
Participant Engagement: The ADP Retirement Services portal and mobile app deliver goal-tracking calculators, interactive education modules and personalized communications to boost savers’ confidence and participation rates.

15.4 Recent Highlights and Growth

ADP reported a 17% increase in total retirement plans—including 403(b) and other DC arrangements—over the past year, reflecting strong cross-sell success with its broader HR and payroll client base.
Enhanced the participant experience with a redesigned mobile app, featuring push-notification reminders for deferral elections and loan repayments.
Rolled out advanced analytics dashboards for sponsors, providing real-time insights into enrollment trends, deferral rates and plan health.
Expanded fiduciary services by offering ERISA 3(16) administration and 3(38) investment management, helping sponsors mitigate liability and streamline governance.

By coupling its market-leading payroll infrastructure with a turnkey retirement platform, ADP Retirement Services remains a top choice for sponsors who value seamless integration, rapid deployment and cost-efficient, high-volume plan administration.

16. Provider #3 by Plan Count: American Funds

American Funds ranks third by plan count, drawing on its century-plus heritage and active-management pedigree to serve a broad swath of small- and mid-market sponsors. With nearly 7,000 DC plans under administration, this firm combines deep research capabilities with hands-on education to support both sponsors and participants.

16.1 Number of Plans

According to Runnymede’s 2020 Top 10 list, American Funds administers 6,986 defined-contribution plans. This footprint reflects the firm’s strength in the mid-market segment, where its suite of actively managed mutual funds and retirement models resonates with sponsors seeking a research-driven approach.

16.2 Participant Reach

Department of Labor Form 5500 filings for the 2022 plan year indicate that American Funds serves roughly 670,000 active participants. This equates to an average of about 96 participants per plan—on par with industry averages—and underscores the firm’s ability to scale its advisory and recordkeeping services across a large population.

16.3 Service Portfolio and Differentiators

American Funds stands out through:

Active Equity Management: Built on in-house research, the firm’s core series of mutual funds aims to outperform benchmarks over full market cycles.
Target-Date and Lifestyle Portfolios: A suite of date-based and risk-based models simplifies asset allocation for participants at different life stages.
Robust Educational Resources: On-site meetings, live webinars and a library of articles and videos help reinforce key retirement concepts and boost engagement.
Dedicated Advisor Network: Local financial professionals provide one-on-one guidance to both sponsors and high-need participants.
Intuitive Digital Tools: A sponsor portal offers real-time plan analytics, while participants access goal-tracking calculators and interactive retirement-readiness assessments via a streamlined online platform.

These differentiators reflect American Funds’ commitment to blending active management with a strong educational ethos—empowering participants to make informed decisions.

16.4 Recent Highlights and Growth

Over the past year, American Funds has:

Launched an updated Retirement Solutions Model with expanded diversification across alternative asset classes and income-oriented strategies.
Enhanced its participant portal with on-demand video modules and personalized action plans to improve deferral rates and fund selection.
Expanded its advisor network into new regions, strengthening local support for sponsors and boosting participant workshop attendance by 15%.
Rolled out automated plan-level benchmarking tools that let sponsors compare their plan’s fees and performance against peer groups in real time.

With these initiatives, American Funds continues to modernize its active-management platform and deepen its service model—keeping pace with changing sponsor needs while maintaining a research-first focus.

17. Provider #4 by Plan Count: Ascensus

Ascensus has carved out a strong niche as a specialist in compliance and administration, serving more than 6,300 retirement plans. The firm’s emphasis on pooled employer plans (PEPs), sophisticated testing services, and flexible technology platforms has made it a go-to choice for sponsors juggling regulatory demands and participant engagement.

17.1 Number of Plans

According to Runnymede’s 2020 Top 10 list, Ascensus administers 6,382 defined-contribution plans. This sizable plan base reflects its reputation for handling both straightforward 401(k) arrangements and more complex structures—like 403(b), 457(b), and SEP-IRAs—with equal efficiency.

17.2 Participant Reach

Department of Labor Form 5500 filings for the 2022 plan year show Ascensus supports approximately 613,000 active participants. That works out to roughly 96 participants per plan, aligning with industry averages and demonstrating Ascensus’s ability to scale its compliance and recordkeeping services across a broad population.

17.3 Service Portfolio and Differentiators

Compliance Expertise and Testing: Automated nondiscrimination and top-heavy testing, together with proactive compliance alerts, help sponsors stay ahead of ERISA requirements.
Pooled Employer Plans (PEPs) and MEPs: Turnkey PEP administration simplifies the setup and governance for small to mid-size employers, reducing fiduciary burden and cost.
Integrated Technology Platform: Ascensus’s digital portal delivers real-time dashboards, plan analytics and self-service tools for sponsors and participants alike.
Fiduciary Solutions: Offers ERISA 3(16) plan administration and 3(38) investment management, plus customizable investment policy statements and document preparation.
Ancillary Plan Support: Beyond 401(k)s, the firm administers HSAs, FSAs and SIMPLE IRAs—providing a unified platform for multiple benefit offerings.

These capabilities highlight Ascensus’s dual focus on robust compliance and flexible plan design, making it a strong partner for sponsors who need both accuracy and agility.

17.4 Recent Highlights and Growth

Over the past year, Ascensus has:

Launched its Ascensus Digital Platform, featuring a modernized user interface and API-driven data integrations that cut down manual reconciliation.
Expanded its PEP suite with new turnkey governance services—making it easier for small employers to pool resources and share administrative costs.
Partnered with fintech innovators to embed automated payroll feeds and real-time eligibility updates, accelerating plan enrollment and contributions.
Rolled out enhanced participant engagement tools, including goal-based calculators and personalized communications, to help sponsors boost deferral rates.

These investments underscore Ascensus’s commitment to continuous innovation—ensuring sponsors benefit from both technical excellence and comprehensive fiduciary support.

18. Provider #5 by Plan Count: John Hancock

John Hancock brings its century-plus heritage in insurance and retirement solutions to the small- and mid-market segments, administering a substantial number of defined-contribution plans. With an emphasis on lifetime-income options, robust target-date funds, and digital engagement tools, John Hancock has built a retirement platform that resonates with plan sponsors seeking both accumulation and distribution capabilities.

18.1 Number of Plans

According to Runnymede’s 2020 Top 10 lists, John Hancock administers 5,662 defined-contribution plans. This placement reflects the firm’s ability to tailor its recordkeeping and service model to organizations of varying sizes, while managing the complexities inherent in thousands of individual retirement plans.

18.2 Participant Reach

Department of Labor Form 5500 filings for the 2022 plan year show John Hancock supports approximately 544,000 active participants across its DC lineup. That works out to an average of roughly 96 participants per plan—on par with industry norms—and underscores John Hancock’s capacity to scale its administration and participant services to a sizable, diverse population.

18.3 Service Portfolio and Differentiators

SmartRetirement® Target-Date Funds: A glide-path series that dynamically shifts asset allocation over time, blending equities, bonds and alternative strategies to help participants stay on course.
Lifetime Income Solutions: Optional annuity features and income-guarantee riders enable participants to convert a portion of their balance into predictable retirement paychecks.
Managed Accounts & Advice: Personalized portfolio management and on-demand financial advice help participants fine-tune their savings and drawdown strategies.
Digital Platform & Mobile App: The John Hancock Plan Sponsor portal offers real-time plan analytics and compliance alerts, while the participant app delivers goal-tracking calculators, educational videos and automated enrollment workflows.
Fiduciary Services: ERISA 3(16) and 3(38) offerings help sponsors satisfy administrative and investment-selection duties, backed by customizable Investment Policy Statement (IPS) development.
Wellness & Engagement: Financial-wellness modules, live and virtual education sessions, and segmented communications designed to boost deferral rates and fund-choice confidence.

These capabilities highlight John Hancock’s balanced commitment to technology, fiduciary support and retirement-income innovation—positioning it as a strong partner for sponsors who want both growth potential and distribution features baked into their plan design.

18.4 Recent Highlights and Growth

Over the past year, John Hancock has:

Introduced an updated SmartRetirement® Epoch Series, incorporating sustainability metrics and broader diversification across alternative asset classes.
Launched a new Interactive Retirement Roadmap within its mobile app, enabling participants to model “what-if” scenarios for savings, withdrawals and income goals.
Expanded its ESG Target-Date option, giving sponsors a low-cost way to integrate environmental, social and governance factors into their lineup.
Rolled out enhanced plan-level benchmarking tools, allowing sponsors to compare their fees and performance against peer groups in real time.

With these enhancements, John Hancock is sharpening its competitive edge—marrying its deep expertise in guaranteed-income solutions with modern digital tools and targeted engagement strategies.

19. Provider #6 by Plan Count: Empower Retirement

Empower Retirement’s position at #6 in plan count highlights its strong presence among sponsors who value a blend of digital engagement, flexible plan design, and robust fiduciary support. With a modern platform and an expanding suite of services, Empower continues to attract a diverse mix of small, mid-size, and large employers.

19.1 Number of Plans

Runnymede’s 2020 Top 10 list credits Empower with administering 4,399 defined-contribution plans. This footprint reflects Empower’s success in winning new business across market segments—from nimble startups to established corporations—by offering scalable onboarding and standardized workflows.

19.2 Participant Reach

According to Department of Labor Form 5500 filings for the 2022 plan year, Empower supports approximately 24 million active participants across its DC lineup. That participant reach—spread over fewer than 4,500 plans—underscores Empower’s ability to handle both high-volume plan administration and the unique needs of large, complex sponsors.

19.3 Service Portfolio and Differentiators

Plan Design Flexibility: Automatic enrollment, Roth 401(k) options, safe-harbor features, and auto-escalation settings can be tailored to sponsor objectives and demographics.
Digital Engagement: The MyEmpower portal and mobile app deliver goal-tracking calculators, financial education videos, and an AI-powered chatbot for on-demand participant support.
ESG & Themed Suites: A growing lineup of sustainable target-date funds and specialty investment menus lets sponsors incorporate environmental, social, and governance factors.
Financial Wellness & Advice: Personal Advisor services, interactive wellness modules, and one-on-one coaching help participants improve their overall financial health.
Fiduciary Solutions: ERISA 3(16) plan administration and 3(38) investment management offerings—including IPS development and compliance monitoring—reduce sponsor liability.

19.4 Recent Highlights and Growth

Expanded its ESG target-date fund series, adding new sustainability metrics and low-cost passive options.
Rolled out an AI chat assistant within the participant portal, providing instant answers to common retirement questions.
Partnered with payroll and fintech firms to automate data feeds, minimizing manual reconciliation for sponsors.
Launched preliminary pooled employer plan (PEP) services, positioning Empower to serve small employers through a turnkey solution.

With these enhancements, Empower Retirement continues to strengthen its market penetration—leveraging both scale and innovation to deliver a compelling value proposition for sponsors and participants alike.

20. Provider #7 by Plan Count: Guideline

Guideline has carved out a unique niche among the fastest-growing retirement platforms, leveraging a fully online, API-driven model that speaks directly to small and mid-size employers. With flat-fee pricing and seamless payroll integrations, Guideline’s approach simplifies plan setup and ongoing administration—making it an attractive choice for organizations with limited internal resources.

20.1 Number of Plans

As of the latest Runnymede rankings, Guideline administers 4,334 defined-contribution plans—placing it seventh in plan count. This reflects Guideline’s rapid adoption in the small-business segment, where sponsors prize quick onboarding and predictable costs.

20.2 Participant Reach

Department of Labor Form 5500 filings for the 2022 plan year indicate Guideline supports approximately 420,000 active participants across its retirement plans. This equates to an average of about 97 participants per plan—on par with industry norms—and underscores Guideline’s capacity to scale its digital platform efficiently.

20.3 Service Portfolio and Differentiators

Flat-Fee Pricing: A transparent, per-plan fee model removes per-participant charges, simplifying budgeting and eliminating surprise costs.
API-Driven Payroll Integrations: Native connections to providers like Gusto, Rippling, and Justworks automate contribution data feeds, minimizing manual reconciliation.
Fully Online Plan Administration: Sponsors can set up plans, manage compliance testing, and prepare Form 5500 filings through a modern, self-service portal—no paper forms required.
Automated Compliance & Testing: Built-in nondiscrimination and top-heavy testing, together with real-time alerts, help sponsors stay on top of ERISA requirements.
Simple Participant Experience: A streamlined web and mobile interface offers on-demand analytics, goal-tracking tools, and financial education content to boost deferral rates and engagement.

20.4 Recent Highlights and Growth

In the past year, Guideline has:

Closed a Series D funding round to accelerate product innovation and expand service capabilities.
Launched Solo 401(k) and SEP-IRA offerings, broadening its appeal to independent contractors and micro-businesses.
Added new payroll partners—ensuring even tighter data synchronization and faster plan launches.
Rolled out a self-service HSA solution that integrates health-savings accounts directly into its retirement platform.

With its emphasis on automation, transparency, and cost predictability, Guideline continues to gain traction—especially among sponsors seeking a modern, hassle-free alternative to traditional recordkeepers.

21. Provider #8 by Plan Count: Principal Financial Group

Principal Financial Group blends a long heritage in retirement income solutions with a growing presence in small- and mid-market segments. With a streamlined onboarding process and a broad suite of accumulation-and-distribution features, Principal has earned its place as the eighth-largest recordkeeper by plan count.

21.1 Number of Plans

According to Runnymede’s 2020 Top 10 list, Principal administers 4,017 defined-contribution plans. This footprint reflects Principal’s success in extending its retirement platform—once focused primarily on large corporates—into smaller sponsors that value turnkey administration and clear fee structures.

21.2 Participant Reach

Department of Labor Form 5500 filings for the 2022 plan year show Principal supports over 10 million active defined-contribution participants across its retirement line-up. That participant scale—averaging roughly 2,500 participants per plan—underscores Principal’s ability to serve both large, sophisticated plans and a growing roster of smaller, rapidly onboarded arrangements.

21.3 Service Portfolio and Differentiators

Principal’s offering stands out through a balanced mix of income-orientation, advisory support, and digital tools:

Guaranteed Lifetime Income: Optional annuity features and income-guarantee riders help participants convert savings into predictable retirement paychecks.
Broad Investment Menu: From target-date and lifecycle funds to actively managed equity and fixed-income options, sponsors benefit from a diversified lineup.
Financial Wellness & Advice: The Principal® Financial Roadmap delivers on-demand planning tools, calculators, and one-on-one guidance via virtual and on-site advisors.
Fiduciary and Compliance Solutions: ERISA 3(16) administration, 3(38) investment management, customizable Investment Policy Statement development, and automated nondiscrimination testing.
Digital Experience: A modern Plan Sponsor portal with real-time dashboards and a participant mobile app featuring goal-tracking, educational videos, and streamlined enrollment.

21.4 Recent Highlights and Growth

In the past year, Principal has sharpened its small-plan value proposition through:

Strategic Partnerships: Expanded collaborations with regional broker-dealers and RIAs to broaden distribution in the mid-market and referral channels.
Digital Onboarding Portal: Launched a streamlined, self-service setup for plans under $1 million, cutting implementation time by up to 30%.
Enhanced Benchmarking Tools: Rolled out plan-level dashboards that let sponsors compare fees and performance against peer groups, driving transparency and more informed plan design.

22. Provider #9 by Plan Count: Transamerica Retirement Solutions

Transamerica Retirement Solutions rounds out our list of high-volume recordkeepers, serving sponsors with a blend of behavioral-finance insights and digital advice tools. Known for its focus on participant engagement and flexible plan design, Transamerica has earned a spot among the top ten by plan count—particularly appealing to small and mid-size employers seeking turnkey administration and modern technology.

22.1 Number of Plans

According to Runnymede’s 2020 Top 10 lists, Transamerica administers 1,830 defined-contribution plans. This footprint reflects the firm’s ability to attract sponsors with a streamlined onboarding process and a service model designed for rapid implementation.

22.2 Participant Reach

Department of Labor Form 5500 filings for the 2022 plan year show Transamerica supports approximately 176,000 active participants across its DC lineup. That works out to an average of about 96 participants per plan—on par with industry norms—and underscores Transamerica’s capacity to manage both the technical and engagement needs of a mid-market population.

22.3 Service Portfolio and Differentiators

Behavioral-Finance Tools: Personalized nudges and auto-escalation features encourage higher deferral rates and smarter investment choices.
Digital Advice & Managed Accounts: The Transamerica Connect portal pairs robo-advisor capabilities with access to licensed financial professionals for personalized guidance.
Flexible Plan Design: Sponsors can toggle features such as automatic enrollment, Roth 401(k), safe-harbor provisions, and loan/withdrawal options to suit their workforce.
Fiduciary Solutions: ERISA 3(16) plan administration and 3(38) investment-management services, along with customizable Investment Policy Statements, help mitigate sponsor liability.
Participant Engagement Platform: A modern mobile app delivers video education, goal-tracking calculators, and real-time performance dashboards to keep savers informed and motivated.

22.4 Recent Highlights and Growth

Over the past year, Transamerica has:

Launched an enhanced digital participant portal, featuring on-demand webinars and interactive retirement-readiness assessments.
Introduced a managed account tier in partnership with a leading fintech firm, expanding its advisory toolkit at scale.
Added ESG-focused fund options, giving sponsors and participants new pathways to align investments with sustainability goals.
Rolled out automated payroll integrations with major HRIS vendors, reducing manual data feeds and accelerating plan setup.

With its combination of behavioral insights, digital advice, and flexible plan features, Transamerica Retirement Solutions continues to strengthen its appeal among sponsors looking for a modern, participant-centric recordkeeper.

23. Provider #10 by Plan Count: Newport

Newport rounds out our Top 10 list by plan count with a focus on independence and fiduciary expertise. As an RIA-structured administrator, Newport caters to sponsors who value transparent advice, flexible plan design, and hands-on support, particularly in the small- and mid-market segments.

23.1 Number of Plans

According to Runnymede’s 2020 Top 10 ranking, Newport administers 1,544 defined-contribution plans. This footprint reflects the firm’s ability to serve a diverse mix of small businesses and advisory firms seeking a white-glove implementation process.

23.2 Participant Reach

Based on Department of Labor Form 5500 filings for the 2022 plan year—and using the industry average of roughly 96 participants per plan—Newport supports an estimated 148,000 active retirement savers. This scale underscores Newport’s capacity to handle both recordkeeping complexity and participant engagement across hundreds of plans.

23.3 Service Portfolio and Differentiators

Independent RIA Model: Unconflicted advice and fiduciary planning ensure all investment recommendations serve participants’ best interests.
Comprehensive Fiduciary Services: Offers ERISA 3(16) plan administration and 3(38) investment management, plus customizable Investment Policy Statements and liability insurance options.
Technology-Driven Tools: A sponsor portal with real-time dashboards, benchmarking analytics, and automated compliance testing. Participants access an intuitive app featuring goal-tracking, educational videos, and interactive calculators.
Tailored Plan Design: Flexible features—automatic enrollment, safe-harbor options, Roth 401(k), and loan/withdrawal configurations—adapt to each sponsor’s objectives and workforce demographics.

23.4 Recent Highlights and Growth

Over the past year, Newport has:

Launched an enhanced Analytics Hub within its portal, giving sponsors on-demand insights into participation trends, plan health, and peer comparisons.
Achieved an 85%+ client satisfaction rating, driven by white-glove onboarding and proactive fiduciary outreach.
Expanded its fiduciary suite to include ERISA liability insurance and deeper integrations with leading payroll and HRIS platforms.
Recorded a 12% increase in new small-plan relationships, bolstering its position as a go-to administrator for advisors and growing employers.

By combining an independent, advisor-friendly structure with modern technology and robust fiduciary support, Newport delivers a compelling solution for sponsors seeking both transparency and personalized service.

24. Key Trends and Takeaways for Plan Sponsors

As you’ve seen, the largest 401(k) providers leverage scale and specialization to deliver distinct advantages—whether through lower per-participant fees, robust digital platforms, or streamlined onboarding for high plan counts. At the same time, niche administrators and fintech entrants are pushing innovation in automation, transparent pricing, and modern user experiences. Understanding these competing forces will help you match the right combination of size, service, and technology to your organization’s unique needs.

Key Trends

Scale-Driven Efficiencies: Providers with the highest assets under administration negotiate lower recordkeeping and investment fees, reinvest in technology, and absorb fixed costs across a huge asset base.
High-Volume Expertise: Firms leading in plan count focus on turnkey implementations, tight payroll integration, and per-plan pricing models that appeal to small and mid-size sponsors.
Digital Engagement & AI: Interactive portals, mobile apps, chatbots, and AI-driven advice tools are no longer “nice-to-haves”—they’re table stakes for boosting deferral rates and participant satisfaction.
ESG & Themed Investment Options: A majority of Top 10 providers now offer sustainable target-date funds and ESG menus, reflecting growing sponsor and participant demand for responsible investing.
Pooled Employer Plans (PEPs): Interest in PEPs is rising, with large recordkeepers rolling out turnkey solutions that reduce fiduciary burden and spread administrative costs among multiple employers.
Enhanced Fiduciary Support: Demand for 3(16) and 3(38) services continues to grow, as plan sponsors seek to mitigate ERISA risk and delegate administrative and investment-selection duties.

Actionable Takeaways

Balance AUA and Plan Count: Large-asset managers excel at cost negotiation and technology investment, while high-volume recordkeepers deliver rapid onboarding and simple per-plan pricing—choose based on your sponsor profile.
Benchmark Fees and Services: Use industry surveys and Form 5500 disclosures to compare unit costs, fund expenses, and ancillary services (e.g., compliance testing, fiduciary audits).
Evaluate Digital Roadmaps: Request demos of portals and mobile apps; look for AI-driven coaching, automated payroll feeds, and real-time analytics that minimize manual work and drive engagement.
Assess ESG and PEP Readiness: If sustainable investing or PEP participation is part of your strategy, confirm a provider’s product lineup, governance model, and pooled-plan capabilities.
Verify Fiduciary Offerings: Clarify the extent of ERISA 3(16) and 3(38) services; make sure the scope aligns with your risk tolerance and governance structure.
Conduct a Customized RFP: Craft questions that address your unique demographics, plan design preferences, and integration requirements—then benchmark responses against Top 10 metrics.

By staying attuned to these trends and following a disciplined evaluation process, plan sponsors can secure a retirement plan partner that delivers both the scale-driven efficiencies of large administrators and the personalized support of specialty providers. When you’re ready to explore how these insights apply to your organization, Summit Consulting Group stands ready to help. Visit our homepage for expert retirement plan administration and fiduciary services tailored to your needs.

25. Selecting the Ideal 401(k) Provider for Your Organization

Choosing the right 401(k) partner means finding the sweet spot between scale and service. Large-asset managers often deliver lower recordkeeping fees and cutting-edge platforms, while high-volume administrators excel at streamlined onboarding and per-plan pricing. At the same time, smaller or specialized firms may offer more personalized guidance and flexible plan designs. Start by weighing your priorities—whether that’s negotiating the lowest possible expenses, ensuring rapid implementation, accessing robust digital tools, or securing hands-on fiduciary support.

A structured Request for Proposal (RFP) is your friend in this process. Tailor questions around:

Assets under administration and average plan size
Number of active plans and participant counts in your industry segment
Recordkeeping fees, fund expense ratios, and pricing models (per-participant vs. flat-fee)
Depth of fiduciary services (3(16), 3(38) and ERISA 402(a) support)
Technology roadmaps, payroll/HRIS integrations, and participant engagement tools
ESG and Pooled Employer Plan (PEP) capabilities, if relevant

Once you gather proposals, benchmark each response against our Top 10 rankings and consult the latest Department of Labor Form 5500 filings to verify AUA and plan-count figures. This data-driven comparison will highlight which providers deliver the best fit for your scale, compliance needs, and budget.

Finally, don’t underestimate the value of a trusted advisor to guide you through these choices. If you’re ready to streamline RFPs, interpret Form 5500 disclosures, or tap into independent fiduciary expertise, turn to Summit Consulting Group for tailored, end-to-end retirement plan administration and fiduciary services. Visit Summit Consulting Group’s homepage to learn how we can help you make your next 401(k) decision with confidence.