Filed March 7, 2023
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| Provider | Service type | Compensation |
|---|---|---|
WELLS FARGO BANK, N.A.2 years Filed as: WELLS FARGO CLEARING SERVICES LLC Service code 55 · EIN 23-2384840 | Other Commissions | $55,393 |
Service code 37 · EIN 04-2647786 | Loan Processing | $2,631 |
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 | $36,956 | $78,852-53.1% | $76,768-51.9% | $75,289-50.9% |
| Participation rate | 62.6% | 85.0%-22.3pp | 77.0%-14.3pp | 72.4%-9.8pp |
| Annual return | 7.23% | -1.29%+8.5pp | 2.43%+4.8pp | -0.04%+7.3pp |
| Employer contribution / active EE | $0 | $2,794-100.0% | $2,485-100.0% | $2,405-100.0% |
| Participant deferral / active EE | $8,200 | $4,800+70.8% | $3,852+112.9% | $3,739+119.3% |
| Admin fee / account holder | $3 | $79-95.6% | $6,676-99.9% | $102-96.6% |