Filed March 7, 2023
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| Provider | Service type | Compensation |
|---|---|---|
WELLS FARGO BANK, N.A.3 years Filed as: WELLS FARGO CLEARING SERVICES LLC Service code 55 · EIN 23-2384840 | Other Commissions | $87,928 |
Service code 37 · EIN 04-2647786 | Loan Processing | $5,358 |
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.
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 | $45,371 | $105,173-56.9% | $87,102-47.9% | $77,775-41.7% |
| Participation rate | 67.6% | 85.8%-18.1pp | 76.9%-9.2pp | 73.2%-5.6pp |
| Annual return | 58.45% | 24.52%+33.9pp | 28.19%+30.3pp | 32.58%+25.9pp |
| Employer contribution / active EE | $0 | $2,890-100.0% | $2,521-100.0% | $2,504-100.0% |
| Participant deferral / active EE | $7,831 | $5,048+55.1% | $4,048+93.4% | $3,966+97.5% |
| Admin fee / account holder | $4 | $105-95.7% | $7,493-99.9% | $100-95.5% |