Updated November 3, 2026 · Admin316, Independent Retirement Plan Fiduciary · ERISA §402(a) Named Fiduciary and §3(16) Plan Administrator
Which are the largest 401(k) administrators?
Fidelity, Empower and Vanguard lead the 401(k) recordkeepers by assets in the 2025 PLANSPONSOR Recordkeeping Survey. Alight, Principal, Voya, Bank of America, T. Rowe Price, Schwab and Ascensus complete that survey’s top ten.
Recordkeeping size and fiduciary responsibility answer different questions. A recordkeeper maintains participant accounts and processes plan transactions. The plan administrator is the ERISA role responsible for administering the plan. Check the written appointment and service agreement before assuming your provider accepts that role.
Largest 401(k) providers: a source-backed comparison
The table follows one measure throughout: 401(k) assets in the 2025 survey, reflecting business as of December 31, 2024. Plan-count ranks are shown separately because the order changes substantially. These are rankings among survey respondents, not service-quality scores.
| Provider | Assets rank | Plan-count rank | Participant rank | Provider fee range |
|---|---|---|---|---|
| Fidelity Investments | 1 | 10 | 1 | Request a plan-specific quote |
| Empower | 2 | 3 | 2 | Request a plan-specific quote |
| The Vanguard Group | 3 | 12 | 4 | Request a plan-specific quote |
| Alight | 4 | 33 | 6 | Request a plan-specific quote |
| Principal Financial Group | 5 | 7 | 3 | Request a plan-specific quote |
| Voya Financial | 6 | 9 | 7 | Request a plan-specific quote |
| Bank of America Corporation | 7 | 28 | 9 | Request a plan-specific quote |
| T. Rowe Price Retirement Plan Services | 8 | 17 | 11 | Request a plan-specific quote |
| Schwab Retirement Plan Services | 9 | 26 | 13 | Request a plan-specific quote |
| Ascensus | 10 | 1 | 8 | Request a plan-specific quote |
Basis: PLANSPONSOR’s published 2025 401(k) ranking graphic combines single-employer, pooled-employer and multiple-employer 401(k) plans. Ranks are shown rather than unverified asset-dollar or plan-count totals. No comparable provider-specific fee ranges are established by this ranking. The newer 2026 survey is available, but its detailed provider rankings require sign-in; this table deliberately retains the dated, publicly verifiable 2025 basis.
For example, Ascensus ranks first by plan count but tenth by assets. ADP ranks second by plan count and twelfth by assets in the same published graphic. Neither measure tells you who will resolve an eligibility error or sign your plan’s Form 5500.
What comparable plans report paying
Admin316 recalculated the following sample from public Department of Labor Form 5500 and Schedule H files for plan years beginning in 2024. Among 53,573 qualifying 401(k) filings, median reported plan-paid administrative expense was $164 per active participant. The median expense-to-assets ratio was 26.7 basis points, or about 0.267%.
| Active participants | Qualifying filings | Median annual expense per active participant | Median expense in basis points |
|---|---|---|---|
| 25 to 99 | 4,651 | $358 | 31.2 |
| 100 to 249 | 21,514 | $228 | 31.1 |
| 250 to 499 | 11,860 | $167 | 28.4 |
| 500 or more | 15,548 | $105 | 18.7 |
| All qualifying filings | 53,573 | $164 | 26.7 |
Method: Admin316 analysis refreshed November 3, 2026, using its stored DOL public filing dataset. Select the latest available filing for each EIN, plan number and reporting period; require a plan year beginning in 2024, benefit code 2J, at least 25 active participants, positive Schedule H total administrative expense and positive year-end assets. Expense per participant equals reported expense divided by active participants; basis points equal expense divided by year-end assets, multiplied by 10,000. The two medians are calculated independently. This is a sample, not a complete census or an all-in fee estimate. It excludes zero-expense and non-Schedule-H filings, employer-paid amounts not reported as plan expenses, and investment costs not captured in that expense line.
A higher expense can reflect additional services; a low number can omit costs paid elsewhere. Compare the same service scope, employer-paid charges, investment expenses and revenue sharing before treating any fee as reasonable or excessive. For the responsibilities behind the bill, see our 401(k) administration services overview.
See how your plan’s fees compare
Look up your company’s plan by name or EIN. The free tool uses public Form 5500 data to compare reported plan-paid administrative expense with similar-size plans.
Check my plan’s fees A filing-based snapshot, not a quote or a determination of fee reasonableness. Peer results may differ from the broad size bands above.How to pick a 401(k) administrator
Start with the work your team wants someone else to own. Changing a platform can take months of payroll coordination and participant communication. If the problem is an unassigned fiduciary duty, a platform conversion may add cost without fixing it.
- List the duties and the person responsible. Include eligibility, payroll reconciliation, notices, distributions, testing, corrections and the Form 5500. Mark who performs each task and who approves it.
- Read the appointment, not just the proposal. Identify the plan administrator in the plan document, any §3(16) delegation, and the §402(a) named fiduciary. Check exclusions and which duties remain with the employer. Those roles are related but not interchangeable.
- Get a complete written fee disclosure. Ask for dollar charges, asset-based charges, participant fees and indirect compensation. A percentage without a service list is not a usable comparison.
- Test your payroll and exceptions. Have the provider explain how it handles your payroll feeds, late deposits, rehires, Roth catch-up contributions and an employee who becomes eligible midyear. Ask for the escalation owner and response commitments in writing.
- Document the selection and monitoring. Keep the proposals, fee comparison, reasons for the decision and review schedule. Hiring a fiduciary does not eliminate the sponsor’s responsibility to prudently select and monitor that provider.
Recordkeeper, TPA and named fiduciary: who does what?
| Role | Typical responsibility | What the sponsor should verify |
|---|---|---|
| Recordkeeper | Participant account records, transactions, statements and platform services | Included services, payroll integration, fees and any separately contracted fiduciary services |
| Third-party administrator (TPA) | Plan documents, compliance testing and filing preparation, depending on scope | Preparing work does not by itself establish appointment as the ERISA plan administrator |
| §3(16) plan administrator | Administrative duties assigned under the plan and written appointment | Who accepts the appointment, delegated duties, exclusions and filing-signature responsibility |
| §402(a) named fiduciary | Authority to control and manage plan operation and administration as provided by the plan | The named person or entity, allocation of authority and oversight duties |
| §3(38) investment manager | Discretionary investment management under a qualifying written acknowledgment | Investment authority; this is separate from administrative fiduciary duties |
Admin316 serves as an Independent Retirement Plan Fiduciary, accepting §3(16) plan administrator and §402(a) named fiduciary roles under written appointment. We work alongside the sponsor’s recordkeeper and advisor. Whether an existing arrangement can stay in place depends on its documents, contracts and operational compatibility. Who signs the Form 5500 is a useful place to check the division of responsibility.
Frequently asked questions
Who is the largest 401(k) administrator?
Fidelity Investments ranks first by 401(k) assets in the 2025 PLANSPONSOR Recordkeeping Survey, based on business as of December 31, 2024. Ascensus ranks first by plan count. These rankings describe recordkeeping scale, not acceptance of the plan administrator’s fiduciary role.
Is a recordkeeper the same as a plan administrator?
No. A recordkeeper maintains participant account records and processes transactions. The ERISA plan administrator is the person or entity designated under the plan, or the statutory default if none is designated. A recordkeeping contract alone does not establish that appointment.
Who signs the Form 5500?
The plan administrator or an authorized representative signs in the plan-administrator capacity. A named §3(16) administrator may accept that responsibility under its written appointment. The filing’s other applicable signature requirements still apply; a §402(a) appointment is a separate issue.
Does hiring a fiduciary remove all employer liability?
No. A provider can accept fiduciary responsibility for duties within its appointment. The employer still must prudently select and monitor the provider and perform responsibilities it retains.
Can I keep my recordkeeper and add Admin316?
It may be possible. Admin316 works alongside recordkeepers and advisors, but compatibility, the plan document and existing agreements must be reviewed before confirming the arrangement.
How much do 401(k) administrators charge?
Charges depend on plan size, services, investments and compensation arrangements. Admin316’s refreshed sample of 53,573 qualifying 2024 401(k) filings reported a median $164 per active participant in plan-paid administrative expense. That is a filing-based sample statistic, not a provider quote or an all-in fee estimate.
How should I compare provider fees?
Compare written quotes for the same duties, including employer-paid and participant-paid charges, investment expenses and indirect compensation. Public filing expenses help identify questions, but they do not alone establish whether a fee is reasonable.
Sources
- PLANSPONSOR 2025 Recordkeeping Survey: 401(k) market and published provider ranking graphic, plus its survey methodology. Published June 10, 2025; provider business as of December 31, 2024.
- U.S. Department of Labor Form 5500 datasets, analyzed by Admin316 using the sample definition above.
- DOL: Meeting Your Fiduciary Responsibilities, on service-provider selection and monitoring.
General information for plan sponsors, not legal, tax or investment advice. Service scope and fiduciary responsibilities depend on plan documents and written agreements.
