Wells Fargo & Company 401(k) Review & Grade
Wells Fargo & Company 401(k) Plan
Minneapolis, MNManagement of Companies173,126 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$5,943Employer $ per active participant
$10,074Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$57.9BNet plan assets, end of year
$233,985Average balance per account
Score breakdown
- Employer generosity40.5 / 5081th percentile for employer $ per participant
- Low cost23.1 / 2592th percentile for low admin cost vs. same-size plans
- Employee saving12.0 / 1580th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score76 / 100 · Grade A
This plan vs. peers
Peers: all industries, plans with 10,000+ active participants (fewer than 30 industry peers) (820 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 81th |
| Lower admin cost | 92th |
| Employee saving | 80th |
| Peers that auto-enroll | 50% |
Red flags from the filing
Corrective distributions: the plan refunded $260,932 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Wells Fargo & put in about $5,943 per active participant, more than the typical peer ($2,229). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $1,028,810,596 |
| Participant (employee) contributions | $1,744,071,399 |
| Other contributions (incl. rollovers in) | $219,851,879 |
| Administrative expenses paid from the plan | $9,818,207 |
| Investment advisory & management fees | $3,406,684 |
| Other admin expenses | $66,300 |
| Benefits paid out | $6,693,817,194 |
| Net assets, start / end of year | $51.8B / $57.9B |
| Active participants, start / end of year | 179,076 / 167,176 |
| Participants with account balances | 247,396 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | KPMG, LLP |
| Employer stock held by plan | $10,218,099,891 |
Largest service providers (Schedule C)
| Empower Annuity Ins Co of America | $6,345,223 reported compensation |
| Empower Advisory Group, LLC | $3,406,684 reported compensation |
| Stifel, Nicolaus & Company, Inc. | $494,365 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250910122413NAL0013437923001, received 2025-09-10, EIN 41-0449260, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
Get notified when Wells Fargo &'s next filing posts
The most generous employers, the worst red flags, and plain-English 401(k) tips. One email a month.