Filed January 22, 2024
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| Provider | Service type | Compensation |
|---|---|---|
WELLS FARGO BANK, N.A.6 years Filed as: WELLS FARGO ADVISORS Service code 27 6005 PLUMAS ST · RENO, NV 895196067 | Advisory (Plan) | $36,807 |
Service code 15 · EIN 48-1205033 | Recordkeeping | $25,622 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Participant 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 signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $28,764 | $58,969-51.2% | $129,406-77.8% | $77,762-63.0% |
| Participation rate | 27.5% | 59.5%-32.0pp | 69.6%-42.1pp | 70.6%-43.1pp |
| Annual return | 13.92% | 24.78%-10.9pp | 9468.18%-9454.3pp | 31.27%-17.4pp |
| Employer contribution / active EE | $0 | $1,959-100.0% | $4,155-100.0% | $2,728-100.0% |
| Participant deferral / active EE | $769 | $3,224-76.1% | $4,167-81.5% | $4,651-83.5% |
| Admin fee / account holder | $234 | $593-60.6% | $7,689-97.0% | $433-46.0% |