Wells Fargo 401(k) match, vesting and fees
What Wells Fargo's 401(k) plan says about matching contributions
Matching contributions are equal to 100% of salary deferral contributions up to 6% of participant's eligible certified compensation in the plan year and are paid at year-end. Matching contributions for eligible employees hired January 1, 2021 or after are subject to 3-year cliff vesting. Eligible employees hired prior to January 1, 2021 are 100% vested in their current and future matching contributions. The matching contributions are invested in the Wells Fargo ESOP Fund, which is primarily invested in the Company’s common stock, and participants can reallocate their Plan account balance, including matching contributions, at any time.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | 2023 audit report, p. 34 ↗ |
| Match vesting | Matching contributions for eligible employees hired January 1, 2021 or after are subject to 3-year cliff vesting. Eligible employees hired prior to January 1, 2021 are 100% vested in their current and future matching contributions. Base contributions are subject to 3-year cliff vesting. | 2023 audit report, p. 34 ↗ |
| Loans | Two types of loans are available to participants under the Plan: general purpose and principal residence. General purpose loans may be obtained for periods of up to five years. Principal residence loans are available only to finance the purchase or construction of the participant’s principal residence and may not exceed 20 years. Participants may have two loans outstanding at any time, one of which may be a principal residence loan. The maximum amount of any loan, when added to the balance outstanding on all other loans to the participant, may not exceed the lesser of (1) $50,000 reduced by the excess (if any) of (A) the highest outstanding balance of loans from the Plan to the Participant during the one-year period ending on the day before the date on which the loan is made, over (B) the outstanding balance of loans from the Plan to the Participant on the date on which the loan is made, or (2) one-half of the value of the Participant’s vested account balance on the date on which the loan is made. The minimum principal amount for any loan is $500. The loan interest rate is 2% above the prime rate published in the Wall Street Journal on the origination date of the loan. Repayments on loans are generally made through biweekly payroll deductions and are allocated to the participant's account and invested according to the participant’s investment elections. Upon termination of employment from Wells Fargo, participants may pay off their loan in full or elect to continue to make loan payments directly to the 401(k) Plan. As of December 31, 2023 and 2022, interest rates ranged from 3.25% to 11.50% and loans mature through December 26, 2043 and December 30, 2042, respectively. | 2023 audit report, p. 35 ↗ |
| Recordkeeper | Empower Annuity Ins Co of America | 2024 Schedule C ↗ |
| Independent auditor | KPMG, LLP (unmodified opinion) | 2024 Schedule H ↗ |
| Plan type and status | 401(k) · Active | 2024 Form 5500 ↗ |
Match, vesting and other plan features are from the plan year 2023 filing's audit report (the latest one extracted so far). Rows cited to the Form 5500 and its schedules are from the plan year 2024 filing.
How the plan compares
Plan year 2024 medians for 37 defined-contribution plans with 50,000 or more participants.
| Wells Fargo: employer contribution per participant | $4,159 | |
| Peer median | $2,100 |
| Wells Fargo: average balance | $233,985 | |
| Peer median | $77,284 |
| Wells Fargo: admin expenses ÷ assets | 0.02% | |
| Peer median | 0.05% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $51.8B at the end of plan year 2023 to $57.9B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 255,580 | $57.9B | $1B | $4,159 | 0.02% | Not published | Form 5500 ↗ |
| 2023 | 287,389 | $51.8B | $965M | $3,448 | 0.01% | Quoted in the audit report, p. 34 ↗ | Form 5500 ↗ |
Other Wells Fargo plans (2)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Wells Fargo & Company Cash Balance Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Recordkeeper | Bank of New York | Schedule C ↗ |
| Independent auditor | Crowe, LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Frozen | Form 5500 ↗ |
Puerto Rico Financial Retirement Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Recordkeeper | Banco Popular de Puerto Rico | Schedule C ↗ |
| Independent auditor | Crowe LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Frozen | Form 5500 ↗ |
Common questions
Does Wells Fargo match 401(k) contributions?
The audit report attached to the Wells Fargo & Company 401(k) Plan's plan year 2023 Form 5500, page 34 says: “Matching contributions are equal to 100% of salary deferral contributions up to 6% of participant's eligible certified compensation in the plan year and are paid at year-end. Matching contributions for eligible employees hired January 1, 2021 or after are subject to 3-year cliff vesting. Eligible employees hired prior to January 1, 2021 are 100% vested in their current and future matching contributions. The matching contributions are invested in the Wells Fargo ESOP Fund, which is primarily invested in the Company’s common stock, and participants can reallocate their Plan account balance, including matching contributions, at any time.” Plan terms may have changed; check your current Summary Plan Description.
When is the Wells Fargo 401(k) match vested?
The audit report attached to the plan year 2023 Form 5500, page 34 says: “Matching contributions for eligible employees hired January 1, 2021 or after are subject to 3-year cliff vesting. Eligible employees hired prior to January 1, 2021 are 100% vested in their current and future matching contributions. Base contributions are subject to 3-year cliff vesting.”
Who manages the Wells Fargo 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Empower Annuity Ins Co of America. The plan administrator is Head of HR, Head of Total Rewards, and Head of Benefits.
I left Wells Fargo. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Head of HR, Head of Total Rewards, and Head of Benefits, (877) 479-3557) or the recordkeeper, Empower Annuity Ins Co of America. The Wells Fargo old 401(k) page lists the contacts from every plan filing. Find an old Wells Fargo 401(k)
Data from the public Form 5500 annual reports Wells Fargo filed with the U.S. Department of Labor (plan years 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Wells Fargo. Not financial advice. Report a correction · Methodology