The top five defined contribution record keepers manage about 40% of all DC plans, or about 277,000 plans covering 11.2 million participants. The two largest record keepers were Paychex and ADP as of the end of 2016. Voya Financial and John Hancock led record keepers with investment capabilities in terms of number of plans.
Charles Schwab, Wells Fargo and Prudential Financial were among the top record keepers by the average number of participants. The average size for Schwab and Wells Fargo was more than 1,000 participants. Empower Retirement and Principal Financial oversee retirement assets for the greatest total number of participants at more than 2 million each.