Retirement plan

WELLS FARGO & COMPANY 401(K) PLAN

Name: WELLS FARGO & COMPANY - WELLS FARGO & COMPANY 401(K) PLAN (2023) Form 5500
Creator: WELLS FARGO & COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, WELLS FARGO & COMPANY 401(K) PLAN, WELLS FARGO & COMPANY

WELLS FARGO & COMPANYEIN 41-0449260Plan #002PY 2023

MAC A0101-121, 420 MONTGOMERY STREET - SAN FRANCISCO, CA 94104877-479-3557LinkedIn11-50 employees

Other plans on this EIN

2 filings

#001Retirement-$8.78B assets #022Retirement-$52.4M assets

Prospect flagsCorrective distributions

Top hat statement on fileNQDC

Filed December 29, 1993 (most recent of 2 filings on file)

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$51831.4M

+13.3% from 2022

Total participants

287,389

-5.4% from 2022

Average account balance

$185,133

+19.1% from 2022

Annual return

18.97%

+34.58 pp from 2022

Benchmarks

See 1,196 peers

Peer group

Industryany (size+type match)

Plan typeDefined contribution

Participants>=10,000

Cohort1,196 peers

Snapshot2023

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$57.89B

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$234K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

247,396

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

95.1%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$2.77B

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$17K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+19.25%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$40

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

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Service providers

Top 8 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INS CO OF AMERICA Service code 15 · EIN 84-0467907	Recordkeeping	$2,717,269
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 26 · EIN 84-1532243	Advisory (Participants)	$2,674,753
QDRO CONSULTANTS COMPANY, LLC3 years Filed as: QDRO CONSULTANTS CO LLC Service code 16 · EIN 34-1820650	Consulting	$63,600
COMERICA BANK1 year Filed as: COMERICA BANK & TRUST, NA Service code 21 411 W LAFAYETTE BOULEVARD · DETROIT, MI 48226	Bank Trustee	$0
COWEN & COMPANY LLC2 years Service code 33 · EIN 84-1702964	Securities brokerage commissions and ...	$0
LAZARD ASSET MANAGEMENT1 year Service code 28 · EIN 04-3478313	Investment Management	$0
STIFEL NICOLAUS & CO INC1 year Filed as: STIFEL, NICOLAUS & COMPANY, INC. Service code 33 · EIN 43-0538770	Securities brokerage commissions and ...	$0
T ROWE PRICE RPS INC9+ years Filed as: T. ROWE PRICE TRUST COMPANY Service code 28 · EIN 52-1309931	Investment Management	$0

Plan features & details

Pension benefit codes2E2F2H2J2K2P2T3F3H

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
2P
Leveraged ESOP
Employee stock ownership plan that acquires employer securities with borrowed money or other debt-financing techniques.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
3F
Leased employees
Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

1 tripped

ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$5.5M

$31 / participant

Recordkeeping$3M49.8%
Investment mgmt$3M49.0%
Other / not subdivided$64K1.2%

% of EOY assets

0.011%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: KPMG, LLP
Auditor EIN: 135565207
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$185,133

$96,393+92.1%

$130,231+42.2%

$96,393+92.1%

Participation rate

95.8%

71.3%+24.6pp

76.3%+19.5pp

71.3%+24.6pp

Annual return

18.97%

22.88%-3.9pp

38.86%-19.9pp

22.88%-3.9pp

Employer contribution / active EE

$5,422

$3,239+67.4%

$4,126+31.4%

$3,239+67.4%

Participant deferral / active EE

$9,997

$5,455+83.3%

$6,799+47.1%

$5,455+83.3%

Admin fee / account holder

$19

$74-73.6%

$6,020-99.7%

$74-73.6%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INS CO OF AMERICA

Service code 15 · EIN 84-0467907

Recordkeeping

$2,717,269

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 26 · EIN 84-1532243

Advisory (Participants)

$2,674,753

QDRO CONSULTANTS COMPANY, LLC3 years

Filed as: QDRO CONSULTANTS CO LLC

Service code 16 · EIN 34-1820650

Consulting

$63,600

COMERICA BANK1 year

Filed as: COMERICA BANK & TRUST, NA

Service code 21

411 W LAFAYETTE BOULEVARD · DETROIT, MI 48226

Bank Trustee

COWEN & COMPANY LLC2 years

Service code 33 · EIN 84-1702964

Securities brokerage commissions and ...

LAZARD ASSET MANAGEMENT1 year

Service code 28 · EIN 04-3478313

Investment Management

STIFEL NICOLAUS & CO INC1 year

Filed as: STIFEL, NICOLAUS & COMPANY, INC.

Service code 33 · EIN 43-0538770

Securities brokerage commissions and ...

T ROWE PRICE RPS INC9+ years

Filed as: T. ROWE PRICE TRUST COMPANY

Service code 28 · EIN 52-1309931

Investment Management

WELLS FARGO & COMPANY 401(K) PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

WELLS FARGO & COMPANY 401(K) PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion