Filed April 19, 2021 (most recent of 2 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
WELLS FARGO BANK, N.A.1 year Service code 15 · EIN 94-1347393 | Recordkeeping | $260 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer contribution per participant is in the bottom quintile of the peer cohort.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $11,407 | $33,232-65.7% | $71,796-84.1% | $63,975-82.2% |
| Participation rate | 30.9% | 60.1%-29.2pp | 69.1%-38.2pp | 71.1%-40.2pp |
| Annual return | 6.90% | 11.99%-5.1pp | 78.04%-71.1pp | 48.65%-41.7pp |
| Employer contribution / active EE | $133 | $723-81.6% | $1,924-93.1% | $2,182-93.9% |
| Participant deferral / active EE | $662 | $1,604-58.8% | $2,794-76.3% | $3,356-80.3% |
| Admin fee / account holder | $32 | $63-49.3% | $4,815-99.3% | $70-54.3% |