Filed September 12, 2024
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| Provider | Service type | Compensation |
|---|---|---|
WELLS FARGO BANK, N.A.4+ years Service code 15 · EIN 94-1347393 | Recordkeeping | $239,365 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
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 | $18,249 | $38,509-52.6% | $90,657-79.9% | $73,367-75.1% |
| Participation rate | 27.7% | 45.9%-18.3pp | 74.0%-46.3pp | 69.5%-41.8pp |
| Annual return | -3.93% | 2.07%-6.0pp | 1.89%-5.8pp | 173.45%-177.4pp |
| Employer contribution / active EE | $385 | $754-48.9% | $2,532-84.8% | $2,499-84.6% |
| Participant deferral / active EE | $699 | $1,495-53.2% | $3,424-79.6% | $4,033-82.7% |
| Admin fee / account holder | $60 | $48+23.8% | $4,994-98.8% | $68-12.6% |