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Retirement plan

WELLS FARGO & COMPANY 401(K) PLAN

WELLS FARGO & COMPANYEIN 41-0449260Plan #002PY 2023
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MAC A0101-121, 420 MONTGOMERY STREET - SAN FRANCISCO, CA 94104877-479-3557LinkedIn11-50 employees
Other plans on this EIN
2 filings
#001Retirement-$8.78B assets#022Retirement-$52.4M assets
Prospect flagsCorrective distributions

Filing contacts

From the Form 5500, federal record
Plan sponsor signer
LEE KEEL
Signed 10/07/2024
(877) 479-3557
Plan administrator signer
DANIELA NESE
Signed 10/07/2024
Plan administrator entity
HEAD OF HR, HEAD OF TOTAL REWARDS, AND HEAD OF BENEFITS
EIN 410449260
550 S. 4TH STREET, MAC N9310-110 · MINNEAPOLIS, MN 55415
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Summary metrics

Total assets (EOY)
$51831.4M
-6.7% from 2016
Total participants
287,389
-0.9% from 2016
Average account balance
$185,133
-5.0% from 2016
Annual return
18.97%
-6.12 pp from 2016

Benchmarks

See 1,196 peers
Peer group
Industryany (size+type match)
Plan typeDefined contribution
Participants>=10,000
Cohort1,196 peers
Snapshot2023
Participant deferral / active EE
$9,997
median $4,454
Employer contribution / active EE
$5,422
median $2,149
Participation rate
95.8%
median 86.8%
Avg account balance
$185,133
median $66,781
Admin fee / account holder
$19
median $57
Annual return
18.97%
median 18.48%
Overall peer rank
76th percentileavg across 6 metrics

Analytics

2015 - 2024
Total assets (EOY)
Plan-year ending balance
$57.89B
Average account balance
Total assets / participants with a balance (line 6g)
$234K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
247,396
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
95.1%
Contributions (total)
Employer and participant dollars contributed each year
$2.77B
Contributions per participant
Average employer and participant contribution per enrolled participant
$17K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+19.25%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$40
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
  • Mutual / pooled
  • Stocks
  • Bonds
  • Cash
  • Real estate
  • Loans

Service providers

Top 8 by compensation
ProviderService typeCompensation
EMPOWER ANNUITY INS CO OF AMERICA1 year
Service code 15 · EIN 84-0467907
Recordkeeping
$2,717,269
EMPOWER ADVISORY GROUP, LLC2 years
Service code 26 · EIN 84-1532243
Advisory (Participants)
$2,674,753
QDRO CONSULTANTS CO LLC3 years
Service code 16 · EIN 34-1820650
Consulting
$63,600
COMERICA BANK & TRUST, NA1 year
Service code 21
411 W LAFAYETTE BOULEVARD · DETROIT, MI 48226
Bank Trustee
$0
COWEN & COMPANY LLC2 years
Service code 33 · EIN 84-1702964
Securities brokerage; Securities brok...
$0
LAZARD ASSET MANAGEMENT1 year
Service code 28 · EIN 04-3478313
Investment Management
$0
STIFEL, NICOLAUS & COMPANY, INC.1 year
Service code 33 · EIN 43-0538770
Securities brokerage; Securities brok...
$0
T. ROWE PRICE TRUST COMPANY9+ years
Service code 28 · EIN 52-1309931
Investment Management
$0

Top hat statement on fileNQDC

Filed December 29, 1993 (most recent of 2 filings on file)

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

Open the filing PDF

Plan features & details

Pension benefit codes2E2F2H2J2K2P2T3F3H
Plan features
  • 2E
    Profit-sharing
    Profit-sharing plan.
  • 2F
    ERISA section 404(c) plan
    This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
  • 2H
    Partial participant-directed account plan
    Participants have the opportunity to direct the investment of a portion of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • 2J
    Code section 401(k) feature
    Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
  • 2K
    Code section 401(m) arrangement
    Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
  • 2P
    Leveraged ESOP
    Employee stock ownership plan that acquires employer securities with borrowed money or other debt-financing techniques.
  • 2T
    Default investment account
    Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
  • 3F
    Leased employees
    Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.
  • 3H
    Controlled group member
    Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

1 tripped
  • ComplianceCorrective distributions

    Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II
Admin total
$5.5M
$31 / participant
  • Recordkeeping$3M49.8%
  • Investment mgmt$3M49.0%
  • Other / not subdivided$64K1.2%
% of EOY assets
0.011%
all-in expense ratio
Categories reported
2 / 9
subdivided buckets used

Audit opinion

Schedule H Part III
Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm
KPMG, LLP
Auditor EIN
135565207
Audit fees
(not subdivided)
Opinion code
Unqualified