Filed September 12, 2024
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| Provider | Service type | Compensation |
|---|---|---|
WELLS FARGO BANK, N.A.5+ years Service code 15 · EIN 94-1347393 | Recordkeeping | $291,886 |
MILLER KAPLAN ARASE LLP4 years Filed as: MILLER KAPLAN ARASE, LLP Service code 10 · EIN 95-2036255 | Accounting | $31,000 |
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 | $22,023 | $43,466-49.3% | $99,489-77.9% | $89,609-75.4% |
| Participation rate | 30.1% | 41.5%-11.4pp | 73.8%-43.8pp | 69.6%-39.5pp |
| Annual return | 24.16% | 22.62%+1.5pp | 30.72%-6.6pp | 33.65%-9.5pp |
| Employer contribution / active EE | $446 | $788-43.4% | $2,541-82.5% | $2,584-82.8% |
| Participant deferral / active EE | $834 | $1,495-44.2% | $3,619-77.0% | $4,222-80.3% |
| Admin fee / account holder | $73 | $56+30.2% | $6,254-98.8% | $72+1.6% |