Filed March 7, 2023
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| Provider | Service type | Compensation |
|---|---|---|
WELLS FARGO BANK, N.A.1 year Filed as: WELLS FARGO CLEARING SERVICES LLC Service code 55 · EIN 23-2384840 | Other Commissions | $29,693 |
Service code 37 · EIN 04-2647786 | Loan Processing | $9,860 |
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.
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 | $40,992 | $69,305-40.9% | $82,312-50.2% | $69,634-41.1% |
| Participation rate | 59.3% | 80.3%-21.0pp | 76.9%-17.6pp | 70.7%-11.4pp |
| Annual return | 48.70% | 21.47%+27.2pp | 25.88%+22.8pp | 27572.26%-27523.6pp |
| Employer contribution / active EE | $0 | $1,887-100.0% | $2,428-100.0% | $2,032-100.0% |
| Participant deferral / active EE | $7,602 | $3,568+113.0% | $3,706+105.1% | $3,224+135.8% |
| Admin fee / account holder | $21 | $97-78.3% | $5,608-99.6% | $110-80.9% |