2025
Recordkeeping Survey
As the defined contribution market grows and changes, recordkeepers are addressing increasing plan sponsor and participant service expectations.
Methodology
The 2025 PLANSPONSOR Recordkeeping Survey was fielded from February through April via the Qualtrics survey platform. Thirty-eight recordkeepers of defined contribution plans participated and reported on their U.S. DC recordkeeping business as of December 31, 2024. In analyzing our data, we validate any data discrepancies with each provider to ensure the data totals align with the information provided. It is the responsibility of the survey respondent to provide accurate and true data to us for analysis.
This year, through interpretation and analysis of data in the 2025 Investment Company Fact Book, we found that these 38 providers account for 97% of the overall 401(k) DC market.
We collected data on assets, participants and plans for the following plan types: 401(k), 403(b), 457(b) and 457(f); ESOP [employee stock ownership plan]/KSOP [combined 401(k) and ESOP]; nonqualified deferred compensation, excluding 457; and state-sponsored individual retirement plans.
This year, we also asked for additional specific data as to assets, plans and participants for the following plan types: pooled employer or multiple employer 401(k); pooled employer or multiple employer 403(b); and SEP [simple employer pension]/SIMPLE IRA [savings incentive match plan for employees individual retirement account].
The recordkeeping provider rankings list the highest achievers in the various markets of the recordkeeping business, for measurements such as: total employer-sponsored DC plan participants; total single-employer 401(k) plans; pooled employer plan assets; total number of adopting employers in PEPs; total 457—i.e., 457(b) and 457(f)—plans; and more.
On each provider profile, we feature data revealing how that provider ranks among the entire pool in terms of assets, plans, participants and the following breakouts: assets by plan type, participants by plan size, student loan offerings, financial wellness options, new client restrictions, trustee services and more.
Paychex, which last appeared in the 2023 edition, opted not to participate in the 2025 survey.
If you have any questions about the findings published here or would like to participate in the 2026 PLANSPONSOR Recordkeeping Survey, please email Surveys@issmediasolutions.com.
—Kimberley Gonzalez-Quiles
