Filed June 4, 2024 (most recent of 4 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
WELLS FARGO BANK, N.A.1+ years Filed as: WELLS FARGO BANK N.A. Service code 15 · EIN 94-1347393 | Recordkeeping | $3,020 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Annual investment return is in the bottom quintile of the peer cohort.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $42,023 | $33,745+24.5% | $64,105-34.4% | $55,191-23.9% |
| Participation rate | 65.0% | 59.4%+5.6pp | 68.2%-3.2pp | 69.2%-4.2pp |
| Annual return | -3.26% | 4.95%-8.2pp | 791.24%-794.5pp | 10.78%-14.0pp |
| Employer contribution / active EE | $1,058 | $641+65.1% | $1,820-41.8% | $1,899-44.3% |
| Participant deferral / active EE | $2,759 | $1,929+43.0% | $2,822-2.2% | $3,046-9.4% |
| Admin fee / account holder | $223 | $94+136.0% | $4,499-95.1% | $91+145.3% |