SURVEY |

2026
Recordkeeping Survey

As employers adopt pooled employer plans and as plans become more than just savings vehicles for retirement, the recordkeeper service model is evolving.

Reported by PLANSPONSOR | Art by Davide Comai
Industry Snapshot
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Industry Snapshot

Recordkeeping Industry Snapshot

Total Defined Contribution Plan Assets and Participants


  Defined contribution assets
  Participants

Assets ($Trillion)

Participants (Millions)

150

$20

132.2m

141.7m

138.6m

120

$16

129.6m

117.7m

$14.5t

90

$12

$12.8t

$10.9t

$10.3t

$9.8t

60

$8

30

$4

$0

0

2022

2023

2024

2025

2026

Assets ($Trillion)

Participants (Millions)

150

$20

132.2m

141.7m

138.6m

120

$16

129.6m

117.7m

$14.5t

90

$12

$12.8t

$10.9t

$10.3t

$9.8t

60

$8

30

$4

$0

0

2022

2023

2024

2025

2026

Assets ($Trillion)

Participants (Millions)

150

$20

132.2m

141.7m

138.6m

120

$16

129.6m

117.7m

$14.5t

90

$12

$12.8t

$10.9t

$10.3t

$9.8t

60

$8

30

$4

$0

0

2022

2023

2024

2025

2026

Assets ($Trillion)

Participants (Millions)

150

$20

132.2m

141.7m

138.6m

120

$16

129.6m

117.7m

$14.5t

90

$12

$12.8t

$10.9t

$10.3t

$9.8t

60

$8

30

$4

$0

0

2022

2023

2024

2025

2026



Defined Contribution Assets, by Plan Type

Single-employer 401(k)
$9,682.2B
Multiple employer 401(k)
$125.6B
Pooled employer 401(k)
$34.2B
Single-employer 403(b)
$1,697.1B
Multiple employer 403(b)
$12.7B
Pooled employer 403(b)
$0.3B
457(f)
$5.0B
457(b) governmental
$653.6B
457(b) nongovernmental
$52.6B
ESOP / KSOP*
$154.5B
Money purchase / Profit-sharing
$335.1B
NQDC†, excluding 457s
$235.9B
SEP / SIMPLE IRA‡
$42.9B
State-sponsored§
$2.7B
Any other DC plan type
$1,500.5B
* A qualified retirement plan combining an employee stock ownership plan with a 401(k).
† Nonqualified deferred compensation.
‡ Simple employer pension / Savings incentive match plan for employees individual retirement account.
§ State-sponsored individual retirement plans—e.g., Secure Choice.


Tenure With the Provider

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


Plans, by Participant Size

<10 participants
571,380
10 – 50 participants
331,575
51 – 100 participants
76,789
101 – 500 participants
75,417
>500 participants
32,154


55.6%
of recordkeepers offer multiple service models		 117,719
DC recordkeeping plans were added in 2025		 7,353
adopting employers joined MEPs or PEPs in 2025

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

Top 5
Top 10
Top 20
2026
69%
86%
98%
2021
63%
83%
97%

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

Top 5
Top 10
Top 20
2026
58%
78%
96%
2021
18%
33%
82%

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

Top 5
Top 10
Top 20
2026
61%
81%
96%
2021
51%
76%
94%