Filed October 13, 2021
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| Provider | Service type | Compensation |
|---|---|---|
Service code 13 · EIN 42-0127290 | Contract Administrator | $33,524 |
WELLS FARGO BANK, N.A.1 year Filed as: WELLS FARGO CLEARING SERVICES LLC Service code 27 · EIN 34-1542819 | Advisory (Plan) | $26,541 |
Filed as: PENSION FINANCIAL SERVICES INC Service code 13 · EIN 58-1485803 | Contract Administrator | $19,134 |
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.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Annual investment return is in the bottom quintile of the peer cohort.
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 | $66,779 | $55,125+21.1% | $109,916-39.2% | $86,821-23.1% |
| Participation rate | 33.1% | 70.1%-37.0pp | 74.2%-41.1pp | 72.3%-39.2pp |
| Annual return | 11.85% | 26.20%-14.4pp | 29.46%-17.6pp | 97.94%-86.1pp |
| Employer contribution / active EE | $312 | $1,558-80.0% | $2,844-89.0% | $2,406-87.0% |
| Participant deferral / active EE | $1,380 | $3,337-58.6% | $4,047-65.9% | $4,132-66.6% |
| Admin fee / account holder | $510 | $141+261.4% | $6,069-91.6% | $170+200.5% |