Five defined contribution record keepers accounted for 70% of the assets, based on responses to Pensions & Investments’ annual survey. They are record keepers for $7.59 trillion of DC assets.
The five DC record keepers had more than 73 million participants, or 58% of the total.
Fidelity Investments, Empower Retirement and Vanguard Group kept records primarily for corporate 401(k) plans, based on their total DC record-keeping assets. About 62% of Alight’s record-keeping assets were for DC plans other than 401(k), and 75% of TIAA-CREF’s assets were for 403(b) plans.
In terms of the number of participants, Fidelity kept records for more than 25 million in corporate 401(k) plans, 79% of its nearly 32 million total participants. Empower and Vanguard’s corporate 401(k) record keeping participants were 64% and 88%, respectively, of their participant total.
