Filed September 12, 2024
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| Provider | Service type | Compensation |
|---|---|---|
WELLS FARGO BANK, N.A.7+ years Service code 15 · EIN 94-1347393 | Recordkeeping | $183,528 |
Service code 13 · EIN 42-0127290 | Contract Administrator | $165,782 |
Filed as: CAPFINANCIAL PARTNERS Service code 27 · EIN 26-0056143 | Advisory (Plan) | $29,100 |
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).
The auditor signed off without reservation. This is the cleanest opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $29,562 | $56,274-47.5% | $109,895-73.1% | $106,520-72.2% |
| Participation rate | 34.5% | 46.3%-11.7pp | 74.2%-39.7pp | 71.3%-36.8pp |
| Annual return | 26.11% | 27.85%-1.7pp | 29.45%-3.3pp | 19.28%+6.8pp |
| Employer contribution / active EE | $808 | $1,010-19.9% | $2,842-71.6% | $2,840-71.5% |
| Participant deferral / active EE | $1,324 | $1,973-32.9% | $4,048-67.3% | $4,948-73.2% |
| Admin fee / account holder | $61 | $57+7.4% | $6,066-99.0% | $75-17.7% |