Minnesota › Management of companies (holding companies) › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Wells Fargo & Company Cash Balance Plan
Sponsored by Wells Fargo & Company, Minneapolis, MN
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
In the plan year ending 31 Dec 2024, Wells Fargo & Company Cash Balance Plan covered 165,927 participants and held $8.25B in net assets. The plan is a cash balance pension plan sponsored by Wells Fargo & Company of Minneapolis, Minnesota.
Net assets came to $49,704 per participant, well below the $88,040 median for defined benefit plans with 25,000 or more participants and well below the $94,230 median for defined benefit plans in management of companies (holding companies). The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
Schedule C lists 15 service provider organisations paid $5,000 or more, with reported compensation of $23.2M: $140 per participant, close to the same-size median of $143. Administrative expenses charged to the plan were $42.8M. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $9.32B in 2009 to $8.25B in 2024 (down 12%), and participants from 345,715 to 165,927 (down 52%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DB plans |
|---|---|---|---|---|
| Net assets per participant | $49,704 | $88,040 | $94,230 | $86,221 |
| Employer contributions per active participant | — | $6,524 | $14,787 | $10,244 |
| Schedule C compensation per participant | $140 | $143 | $326 | $344 |
| Schedule C compensation, share of net assets | 0.28% | 0.26% | 0.39% | 0.42% |
| Administrative expenses per participant | $258 | $306 | $519 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 25,000 or more participants (215 plans), management of companies (holding companies) (97) and all US plans (5,308). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 165,927 | $8.25B | $49,704 | — | — | $23.2M |
| 2023 | 174,938 | $8.76B | $50,073 | — | — | $24.1M |
| 2022 | 197,076 | $8.73B | $44,310 | — | — | $22.7M |
| 2021 | 205,213 | $11.7B | $57,112 | — | — | $23.4M |
| 2020 | 213,087 | $12.2B | $57,269 | $570M | — | $29.1M |
| 2019 | 220,360 | $11.0B | $49,986 | $130M | — | $26.5M |
| 2018 | 228,292 | $9.80B | $42,916 | $192M | — | $27.0M |
| 2017 | 236,754 | $10.8B | $45,707 | — | — | $30.3M |
| 2016 | 245,180 | $10.2B | $41,647 | — | — | $31.5M |
| 2015 | 255,901 | $10.2B | $39,951 | $1.27B | — | $33.4M |
| 2014 | 264,858 | $9.77B | $36,888 | — | — | $31.8M |
| 2013 | 283,327 | $9.59B | $33,844 | — | — | $34.1M |
| 2012 | 297,768 | $9.72B | $32,646 | — | — | $34.7M |
| 2011 | 309,427 | $9.27B | $29,966 | — | — | $34.3M |
| 2010 | 325,630 | $9.86B | $30,276 | — | — | $31.3M |
| 2009 | 345,715 | $9.32B | $26,968 | $82.5M | — | $20.2M |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$8,759,749,325
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$212,117,512
- Benefits paid$681,861,370
- Administrative expenses$42,815,971
- Total expenses$724,677,341
- Net income−$512,559,829
- Net transfers$0
- Net assets, end of year$8,247,189,496
Participants
- Active participants40,642
- Retired or separated, receiving benefits46,324
- Retired or separated, entitled to future benefits71,600
- Total participants, end of year165,927
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Towers Watson Delaware Inc. | Claims processing; Contract Administrator | $7,924,362 | $0 |
| Nisa Investment Advisors, LLC | Investment management | $2,054,937 | $0 |
| Blue Owl GPSC Advisors LLC | Investment management | $2,053,101 | $0 |
| Delaware Charter Guarantee & Trust | Trustee (bank, trust company, or similar financial institution) | $1,665,410 | $0 |
| Pinebridge Investments LLC | Investment management | $1,023,306 | $0 |
| Fiam LLC | Investment management | $917,982 | $0 |
| Dodge & Cox | Investment management | $911,613 | $0 |
| Doubleline Capital LP | Investment management | $892,505 | $0 |
| Global Infrastructure Partners | Investment management | $770,635 | $0 |
| T. Rowe Price Associates, Inc. | Investment management | $706,455 | $0 |
| Acadian Asset MGMT LLC | Investment management; Other services | $461,903 | $0 |
| MFS Heritage Trust Company | Investment management | $431,765 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. 3 smaller rows are not shown. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Other administrative expenses$19,831,649
- Investment advisory and management fees$12,889,015
- Recordkeeping fees$7,924,362
- Trustee and custodial fees$1,665,410
- Contract administrator fees$293,535
- IQPA audit fees$212,000
- Total administrative expenses$42,815,971
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Corporate debt instruments$3.83B · 46.2%
- U.S. Government securities$1.98B · 23.9%
- Common/collective trusts$810M · 9.8%
- Corporate stocks$558M · 6.7%
- Registered investment companies (mutual funds)$370M · 4.5%
- Partnership/joint venture interests$324M · 3.9%
- Other investments$322M · 3.9%
- Receivables$81.4M · 1.0%
- Insurance company general account$10.1M · 0.1%
- Employer securities$1.2M · 0.0%
- Cash (interest and non-interest bearing)$982K · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmCrowe, LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $100,000,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
1CCash balance or similar plan1ECode section 401(h) arrangement1IFrozen plan3HPlan sponsor(s) is (are) a member(s) of a controlled group
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 551111: Offices of Bank Holding Companies.
Other plans of Wells Fargo & Company
| Plan | Participants | Net assets |
|---|---|---|
| Wells Fargo & Company 401(k) Plan | 255,580 | $57.9B |
| Puerto Rico Financial Retirement Plan | 1,539 | $53.3M |
Similar plans in Minnesota
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Bremer Retirement Plan | Bremer Financial Corporation | 3,569 | $337M | $94,292 |
| Puerto Rico Financial Retirement Plan | Wells Fargo & Company | 1,539 | $53.3M | $34,664 |
| Retirement Income Plan for Employees of the KWS Seeds Group | KWS Seeds, Inc. | 429 | $31.4M | $73,258 |
Defined benefit plans in management of companies (holding companies) closest in size.
Questions and answers
How big is Wells Fargo & Company Cash Balance Plan?
165,927 participants at the end of the plan year ending 31 Dec 2024, of whom 40,642 were active employees, with net assets of $8,247,189,496. Among defined benefit plans that places it in the 25,000 or more participants band, which held 215 plans in plan year 2024.
What does Wells Fargo & Company contribute per participant?
This filing has no Schedule H financial statement, so employer contributions are not reported here.
What fees does the plan pay and how do they compare?
Schedule C reports $23,205,531 in compensation to service provider organisations, $140 per participant or 0.28% of net assets. The same-size median among plans reporting any Schedule C compensation was $143 per participant. Administrative expenses on Schedule H were $42,815,971. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Wells Fargo & Company. Recordkeeping or administration: Towers Watson Delaware Inc.. Investment advisory or management: Nisa Investment Advisors, LLC, Blue Owl GPSC Advisors LLC and Pinebridge Investments LLC. Trustee or custodian: Delaware Charter Guarantee & Trust. The financial statements were audited by Crowe, LLP. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 6 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 41-0449260, plan 001, received 6 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.