Filed September 6, 2022
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| Provider | Service type | Compensation |
|---|---|---|
WELLS FARGO BANK, N.A.1+ years Service code 15 · EIN 94-1347393 | Recordkeeping | $37,394 |
WELLS FARGO BANK, N.A.1+ years Filed as: WELLS FARGO ADVISORS FINET Service code 27 · EIN 59-2611726 | Advisory (Plan) | $28,815 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $63,309 | $48,277+31.1% | $63,244+0.1% | $55,191+14.7% |
| Participation rate | 27.9% | 69.4%-41.5pp | 71.0%-43.2pp | 69.2%-41.3pp |
| Annual return | -0.15% | 2.37%-2.5pp | -70.31%+70.2pp | 10.78%-10.9pp |
| Employer contribution / active EE | $435 | $1,592-72.6% | $2,322-81.2% | $1,899-77.1% |
| Participant deferral / active EE | $1,822 | $2,432-25.1% | $2,953-38.3% | $3,046-40.2% |
| Admin fee / account holder | $347 | $86+303.2% | $5,893-94.1% | $91+281.9% |