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.
You Might Also Like:
ASPPA Designs Qualified Pooled Plan Professional Credential
The qualification is designed to help providers whose roles include moving employers in and out of MEP and PEP arrangements.
Small Businesses’ Retirement Coverage Gap Could Narrow With Education
Misperceptions, rather than economic hardships, may be behind the lack of coverage, according to the Center for Retirement Research.
The Standard Launches PEP for 403(b) Nonprofits
The provider has nearly $5 billion in pooled employer plan assets under management.

