Filed October 10, 2022
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| Provider | Service type | Compensation |
|---|---|---|
WELLS FARGO BANK, N.A.3 years Service code 15 · EIN 94-1347393 | Recordkeeping | $41,011 |
WELLS FARGO BANK, N.A.2 years Filed as: WELLS FARGO ADVISORS Service code 27 · EIN 34-1542819 | Advisory (Plan) | $23,647 |
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.)
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 | $74,037 | $62,267+18.9% | $110,243-32.8% | $55,725+32.9% |
| Participation rate | 59.7% | 78.1%-18.4pp | 79.8%-20.1pp | 70.9%-11.1pp |
| Annual return | -4.21% | -1.07%-3.1pp | 314.76%-319.0pp | 244.93%-249.1pp |
| Employer contribution / active EE | $865 | $1,941-55.4% | $3,827-77.4% | $2,078-58.4% |
| Participant deferral / active EE | $2,733 | $3,516-22.3% | $4,672-41.5% | $3,356-18.6% |
| Admin fee / account holder | $311 | $121+157.2% | $8,548-96.4% | $115+169.9% |