Filed August 29, 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 99 · EIN 34-1542819 1525 WEST W.T. HARRIS BLVD · CHARLOTTE, NC 28262 | Other Fees | $38,303 |
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
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 | $37,431 | $62,177-39.8% | $81,370-54.0% | $74,478-49.7% |
| Participation rate | 99.0% | 64.1%+34.9pp | 69.5%+29.4pp | 67.2%+31.7pp |
| Annual return | 11.89% | 16.62%-4.7pp | 24.85%-13.0pp | 1370.56%-1358.7pp |
| Employer contribution / active EE | $2,100 | $1,881+11.6% | $2,464-14.8% | $2,626-20.0% |
| Participant deferral / active EE | $6,924 | $3,219+115.1% | $3,885+78.2% | $4,350+59.2% |
| Admin fee / account holder | $332 | $1,927-82.8% | $5,749-94.2% | $1,946-82.9% |