Data & Research March 3, 2026
PEPs by the Numbers
Pooled employer plans with at least $200 million in assets hold nearly double the assets as those in smaller plans, according to PLANSPONSOR’s 2025 Recordkeeping Survey.
Reported by PLANADVISER Staff
Pooled Employer Plan Assets, by Plan Size
| ≤$25M | $4,351M |
| >$25M – $200M | $4,184M |
| ≥$200M | $8,123M |
Recordkeeper Rankings
Top 10, by Multiple Employer Plan Assets
| 1 | Empower | $30,132M |
| 2 | Principal Financial Group | $17,210M |
| 3 | Transamerica | $16,368M |
| 4 | Voya Financial | $15,408M |
| 5 | Schwab Retirement Plan Services, Inc. | $13,083M |
| 6 | T. Rowe Price Retirement Plan Services, Inc. | $11,440M |
| 7 | Ascensus | $7,706M |
| 8 | TIAA | $7,314M |
| 9 | Ameritas | $5,731M |
| 10 | TruStage | $3,109M |
Top 10, by Pooled Employer- or Multiple-Employer 401(k) Participants
| 1 | Principal Financial Group | 668,596 |
| 2 | Empower | 530,245 |
| 3 | Voya Financial | 314,080 |
| 4 | Transamerica | 289,499 |
| 5 | The Standard | 164,110 |
| 6 | Ascensus | 77,856 |
| 7 | Ameritas | 73,786 |
| 8 | TruStage | 42,246 |
| 9 | NWPS | 31,851 |
| 10 | Lincoln Financial | 27,207 |
Top 10, by Total # of Adopting Employers in PEPs
| 1 | Transamerica | 1,797 |
| 2 | Ameritas | 1,102 |
| 3 | Fidelity Investments | 981 |
| 4 | Ascensus | 733 |
| 5 | Principal Financial Group | 609 |
| 6 | The Standard | 583 |
| 7 | Empower | 501 |
| 8 | Alerus Retirement and Benefits | 441 |
| 9 | Voya Financial | 372 |
| 10 | Vestwell | 119 |
Source of all data: 2025 PLANSPONSOR Recordkeeping Survey. PLANSPONSOR, like PLANADVISER, is owned by ISS STOXX.