2013 Recordkeeping Survey

The defined contribution (DC) recordkeeping market is – and always has been –extremely competitive.

Published in PLANSPONSOR June 2013

In 1999, our first Recordkeeping Survey covered 70 DC recordkeeping providers. Fourteen years later, the total providers under review has not changed much – we are now at 68 – but their numbers have: the number of plans serviced is up to 733,794, plan assets have increased to nearly $4.7 trillion, and the number of DC participants is now 86,522,049.

To purchase an Excel spreadsheet that contains the full data-set of responses from all 68 providers, please contact Michelle Judkins at Cost: $3,750.

Navigate Research


By Assets per Participant
1City National Bank$132,595
4Prudential Retirement$84,039
5Charles Schwab$82,600
6The Newport Group$71,577
7Fidelity Investments$69,414
8J.P. Morgan Retirement Plan Services$69,046
9Sentinel Benefits & Financial Group$67,481
10MBM Advisors Inc.$65,651
By Assets per Plan ($MM)
1Aon Hewitt$840
2Xerox HR Solutions LLC$521
4J.P. Morgan Retirement Plan Services$172
6Charles Schwab$94
7Bank of America Merrill Lynch$76
8Insperity Retirement Services$48
9Wells Fargo$41
10Prudential Retirement$39
By Net % Increase in Plans (2012 vs. 2011)
1Alliance Benefit Group94.4%*
2Sentinel Benefits & Financial Group32.2%~
3Insperity Retirement Services26.7%
4EPIC Advisors Inc.24.5%
6NestEgg Consulting Inc.14.5%
7Alliance Pension Consultants LLC13.3%
7The Online 401(k)13.3%
9ADP Retirement Services13.0%
10American Trust & Savings Bank11.9%
Footnote: * Alliance Benefit's plan growth was partially connected to a change in methodology;~ 2011 data does not include some of the assets/clients added from acquisition of Schloss & Co.
By Total 401(k) Recordkeeping Assets ($MM)
1Fidelity Investments$952,563
2Aon Hewitt$280,946
4ING U.S. Retirement$214,308
5Prudential Retirement$158,988
6J.P. Morgan Retirement Plan Services$119,519
7T. Rowe Price$112,798
8Charles Schwab$97,759
9Great-West Financial$93,388
10Wells Fargo$93,269
By Total 403(b) Recordkeeping Assets ($MM)
2Fidelity Investments$101,391
4ING U.S. Retirement$35,235
5MetLife Resources$26,353
6Transamerica Retirement Solutions$26,205
7Lincoln Financial Group$26,000
9Great-West Financial$15,888
10AXA Equitable Life Insurance Co.$14,746
By Total 457 Recordkeeping Assets ($MM)
1Great-West Financial$53,665
2ING U.S. Retirement$47,874
3Nationwide Financial$44,155
4ICMA Retirement Corporation$25,885
5MassMutual Financial Group$11,275
6Prudential Retirement$8,961
7T. Rowe Price$6,280
9Fidelity Investments$5,224
10Aon Hewitt$4,809
By Total ESOP Assets ($MM)
1Principal Financial Group$22,621
2Wells Fargo$10,760
3J.P. Morgan Retirement Plan Services$10,243
4Great-West Financial$2,300
5Pentegra Services Inc.$603
7Prudential Retirement$420
8New York Life Retirement Plan Services$349
9T. Rowe Price$321
By Total NQDC Liabilities ($MM)
1Prudential Retirement$15,539
2The Newport Group$10,544
3Fidelity Investments$8,569
4Aon Hewitt$5,899
5Wells Fargo$5,117
6Bank of America Merrill Lynch$4,770
7ING U.S. Retirement$3,962
8Principal Financial Group$3,668
9Charles Schwab$2,836
By Total Profit-Sharing Assets ($MM)
1Aon Hewitt$13,244
2Bank of America Merrill Lynch$12,536
4Wells Fargo$5,613
5J.P. Morgan Retirement Plan Services$3,852
6MassMutual Financial Group$3,811
8Principal Financial Group$2,488
9Alliance Benefit Group$1,946
By Total Recordkeeping Assets ($MM)
1Fidelity Investments$1,096,623
3Aon Hewitt$310,977
5ING U.S. Retirement$301,720
6Prudential Retirement$199,488
7Great-West Financial$178,166
8Wells Fargo$173,600
9J.P. Morgan Retirement Plan Services$144,408
10Principal Financial Group$136,987
By Total Recordkeeping Participants
1Fidelity Investments15,798,314
2Aon Hewitt5,432,125
3ING U.S. Retirement5,109,018
4Great-West Financial4,639,256
6Principal Financial Group3,745,502
8Wells Fargo3,173,166
9MassMutual Financial Group2,625,120
10Bank of America Merrill Lynch2,510,904
By Total Recordkeeping Plans
1Paychex Inc.60,000
2Principal Financial Group47,857
3ING U.S. Retirement47,718
4John Hancock Retirement Plan Services44,620
6Nationwide Financial40,698
7MassMutual Financial Group37,159
8ADP Retirement Services35,384
9American Funds Distributors Inc.34,686
10AXA Equitable Life Insurance Co.34,601


back to top

PLANSPONSOR’s 15th annual Defined Contribution Recordkeeping Survey questionnaire was distributed to providers of full-service and unbundled recordkeeping for defined contribution (DC) plans—68 complete responses were received this year. The questionnaire collected a wide range of information/data pertaining to each provider’s experience, service and capabilities and was available to providers for completion online between March and late April. All data are as of December 31, 2012; comparable data from the prior year are as of December 31, 2011.

The providers are listed in alphabetical order. “Asset rank” indicates the relative order by total recordkeeping assets under administration, reported in millions of dollars. KSOPs were counted as 401(k) plans unless otherwise noted. Mobile platforms reflect participant-focused offerings only. Plan counts by plan type are not all-inclusive and will not always match overall plan counts.

Although the following tables provide a wealth of information, they contain only a small portion of each provider’s response to the survey. To purchase an Excel spreadsheet that contains the full dataset of responses from all 68 providers, including historical information, please contact Michelle Judkins at Cost: $3,750.

Provider Listing Key  

  • New plans won: Count of new plans won during 2012
  • M&A in 2012: Did provider engage in a merger, acquisition or sale of business in 2012?
  • Participation rate: Average participation rate for all plans recordkept by the provider
  • Deferral rate: Average deferral rate for all participants in plans recordkept by the provider
  • % prop assets: % of recordkeeper’s own proprietary assets on its recordkeeping platform
  • Funds per plan: Average number of investment options offered in plans at the provider
  • NR = Not reported by provider; NA = Not applicable to the provider


NOTE: A KSOP combines the features and benefits of an employee stock ownership plan (ESOP) and a 401(k) plan. Employer contributions to a KSOP are usually made with employer stock options.  



back to top


As a complement to our Defined Contribution Survey - which measures how satisfied DC clients are with their providers - our annual Recordkeeping Survey gives employers the chance to see exactly which products and services each provider offers, as well as listing information on total assets and overall client demographics. This survey, as opposed to the DC survey, is comprised of data collected from the providers themselves.