Filed January 22, 2024
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| Provider | Service type | Compensation |
|---|---|---|
WELLS FARGO BANK, N.A.2 years Filed as: WELLS FARGO ADVISORS Service code 27 6005 PLUMAS ST · RENO, NV 895196067 | Advisory (Plan) | $20,892 |
Service code 15 · EIN 48-1205033 | Recordkeeping | $14,963 |
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 | $24,607 | $54,121-54.5% | $134,162-81.7% | $73,412-66.5% |
| Participation rate | 41.9% | 64.4%-22.5pp | 72.2%-30.3pp | 72.2%-30.3pp |
| Annual return | 14.62% | -312.52%+327.1pp | 36.35%-21.7pp | 59.30%-44.7pp |
| Employer contribution / active EE | $0 | $1,402-100.0% | $3,705-100.0% | $2,234-100.0% |
| Participant deferral / active EE | $782 | $2,844-72.5% | $3,500-77.6% | $3,806-79.4% |
| Admin fee / account holder | $180 | $132+36.1% | $6,685-97.3% | $158+14.1% |