SURVEY |

2025
Recordkeeping Survey

As the defined contribution market grows and changes, recordkeepers are addressing increasing plan sponsor and participant service expectations.

Reported by PLANSPONSOR | Art by Georgie McAusland
Art by Georgie McAusland
Industry Snapshot
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Industry Snapshot

Recordkeeping Industry Snapshot

Total Defined Contribution Plan Assets and Participants


  Defined contribution assets
  Participants

Assets

Participants

$13t

180m

$12.8t

138.6m

$12t

150m

129.6m

132.2m

117.7m

$11t

120m

$10.9t

113.8m

$10.3t

$10t

90m

$9.8t

$9.4t

$9t

60m

2021

2022

2023

2024

2025

Participants

Assets

$13t

180m

$12.8t

138.6m

$12t

150m

129.6m

132.2m

117.7m

$11t

120m

$10.9t

113.8m

$10.3t

$10t

90m

$9.8t

$9.4t

$9t

60m

2021

2022

2023

2024

2025

Participants

Assets

$13t

180m

$12.8t

138.6m

$12t

150m

129.6m

132.2m

117.7m

$11t

120m

$10.9t

113.8m

$10.3t

$10t

90m

$9.8t

$9.4t

$9t

60m

2021

2022

2023

2024

2025

$13t

180m

$12.8t

138.6m

$12t

150m

129.6m

132.2m

117.7m

$11t

120m

$10.9t

113.8m

$10.3t

$10t

90m

$9.8t

$9.4t

$9t

60m

2021

2022

2023

2024

2025


Defined Contribution Assets, by Plan Type

Single-employer 401(k)
$8,467.2B
Pooled employer or multiple employer 401(k)
$106.3B
Single-employer 403(b)
$1,511.7B
Pooled employer or multiple employer 403(b)
$14.1B
457 – 457(b) / 457(f)
$617.5B
Money purchase / Profit-sharing
$356.3B
ESOP / KSOP*
$235.4B
NQDC†, excluding 457s
$166.8B
State-sponsored‡
$23.8B
SEP / SIMPLE IRA§
$26.0B
Any other defined contribution plan type
$1,263.6B
* A qualified retirement plan combining an employee stock ownership plan with a 401(k).
† Nonqualified deferred compensation.
‡ State-sponsored individual retirement plans—e.g., Secure Choice.
§ Simple employer pension / Savings incentive match plan for employees individual retirement account.


Tenure With the Provider

  • <5 years
  • 5 – 8 years
  • >8 years


Plans, by Participant Size

<10 participants
620,725
10 – 50 participants
345,325
51 – 100 participants
78,232
101 – 500 participants
73,066
>500 participants
25,839


47.4%
of recordkeepers offer multiple service models		 130,545
DC recordkeeping plans were added in 2024

Top 5, 10, 20 Recordkeepers’ Total DC Plan Market Share by Assets

Top 5
Top 10
Top 20
2025
69%
85%
97%
2020
57%
75%
92%

Top 5, 10, 20 Recordkeepers’ Total DC Plan Market Share by Plans

Top 5
Top 10
Top 20
2025
54%
74%
95%
2020
12%
25%
64%

Top 5, 10, 20 Recordkeepers’ Total DC Plan Market Share by Participants

Top 5
Top 10
Top 20
2025
60%
79%
95%
2020
44%
67%
86%