Minnesota › Management of companies (holding companies) › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Puerto Rico Financial Retirement 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, Puerto Rico Financial Retirement Plan covered 1,539 participants and held $53.3M in net assets. The plan is a defined benefit pension plan sponsored by Wells Fargo & Company of Minneapolis, Minnesota.
Net assets came to $34,664 per participant, well below the $87,935 median for defined benefit plans with 1,000 to 4,999 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 3 service provider organisations paid $5,000 or more, with reported compensation of $383K: $249 per participant, well below the same-size median of $325. Administrative expenses charged to the plan were $383K. 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 $43.0M in 2016 to $53.3M in 2024 (up 24%), and participants from 1,632 to 1,539 (down 6%).
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 | $34,664 | $87,935 | $94,230 | $86,221 |
| Employer contributions per active participant | — | $10,593 | $14,787 | $10,244 |
| Schedule C compensation per participant | $249 | $325 | $326 | $344 |
| Schedule C compensation, share of net assets | 0.72% | 0.41% | 0.39% | 0.42% |
| Administrative expenses per participant | $249 | $513 | $519 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 1,000 to 4,999 participants (1,540 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 | 1,539 | $53.3M | $34,664 | — | — | $383K |
| 2023 | 1,553 | $52.3M | $33,685 | — | — | $374K |
| 2022 | 1,561 | $49.0M | $31,365 | — | — | $349K |
| 2021 | 1,564 | $61.0M | $39,008 | $3.2M | — | $338K |
| 2020 | 1,566 | $55.3M | $35,301 | $1.3M | — | $319K |
| 2019 | 1,570 | $50.3M | $32,052 | $475K | — | $298K |
| 2018 | 1,577 | $44.4M | $28,179 | — | — | $335K |
| 2017 | 1,626 | $49.5M | $30,432 | $3.1M | — | $287K |
| 2016 | 1,632 | $43.0M | $26,355 | $1.3M | — | $370K |
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$52,313,036
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$0
- Total income, including investment results$4,426,738
- Benefits paid$3,009,145
- Administrative expenses$382,615
- Total expenses$3,391,760
- Net income$1,034,978
- Net transfers$0
- Net assets, end of year$53,348,014
Participants
- Active participants0
- Retired or separated, receiving benefits903
- Retired or separated, entitled to future benefits574
- Total participants, end of year1,539
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Aon Consulting, Inc. | Actuarial; Contract Administrator; Consulting (pension); Participant communication | $254,611 | $0 |
| Banco Popular de Puerto Rico | Recordkeeping and information management; Trustee (bank, trust company, or similar financial institution) | $125,812 | $0 |
| State Street Global Advisors | Investment management | $2,192 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. 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
- Recordkeeping fees$254,611
- Trustee and custodial fees$125,812
- Investment advisory and management fees$2,192
- Total administrative expenses$382,615
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.
- Common/collective trusts$53.1M · 99.4%
- Cash (interest and non-interest bearing)$257K · 0.5%
- Registered investment companies (mutual funds)$46K · 0.1%
- Receivables$1,182 · 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 year—
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
1ABenefits are primarily pay related1IFrozen plan3CPlan not intended to be qualified3HPlan 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 |
| Wells Fargo & Company Cash Balance Plan | 165,927 | $8.25B |
Similar plans in Minnesota
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Bremer Retirement Plan | Bremer Financial Corporation | 3,569 | $337M | $94,292 |
| Retirement Income Plan for Employees of the KWS Seeds Group | KWS Seeds, Inc. | 429 | $31.4M | $73,258 |
| Wells Fargo & Company Cash Balance Plan | Wells Fargo & Company | 165,927 | $8.25B | $49,704 |
Defined benefit plans in management of companies (holding companies) closest in size.
Questions and answers
How big is Puerto Rico Financial Retirement Plan?
1,539 participants at the end of the plan year ending 31 Dec 2024, of whom 0 were active employees, with net assets of $53,348,014. Among defined benefit plans that places it in the 1,000 to 4,999 participants band, which held 1,540 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 $382,615 in compensation to service provider organisations, $249 per participant or 0.72% of net assets. The same-size median among plans reporting any Schedule C compensation was $325 per participant. Administrative expenses on Schedule H were $382,615. 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: Aon Consulting, Inc. and Banco Popular de Puerto Rico. Investment advisory or management: State Street Global Advisors. Trustee or custodian: Banco Popular de Puerto Rico. 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 10 Sep 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 022, received 10 Sep 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.