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).
The auditor signed off without reservation. This is the cleanest opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $37,431 | $62,127-39.8% | $81,382-54.0% | $74,495-49.8% |
| Participation rate | 99.0% | 64.0%+34.9pp | 69.5%+29.5pp | 67.2%+31.8pp |
| Annual return | 11.89% | 16.48%-4.6pp | 24.73%-12.8pp | 1364.94%-1353.1pp |
| Employer contribution / active EE | $2,100 | $1,882+11.6% | $2,463-14.7% | $2,623-19.9% |
| Participant deferral / active EE | $6,924 | $3,229+114.4% | $3,883+78.3% | $4,346+59.3% |
| Admin fee / account holder | $332 | $1,934-82.8% | $5,768-94.2% | $1,942-82.9% |