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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2 years Service code 15 · EIN 45-6062081 | Recordkeeping | $15,085 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Participant contribution per participant is in the bottom quintile of the peer cohort.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $21,528 | $59,191-63.6% | $76,767-72.0% | $56,289-61.8% |
| Participation rate | 58.9% | 75.2%-16.4pp | 77.0%-18.1pp | 69.9%-11.0pp |
| Annual return | -5.56% | 6.62%-12.2pp | 2.43%-8.0pp | -9.96%+4.4pp |
| Employer contribution / active EE | $524 | $1,759-70.2% | $2,485-78.9% | $2,111-75.2% |
| Participant deferral / active EE | $1,238 | $3,255-62.0% | $3,852-67.9% | $3,350-63.0% |
| Admin fee / account holder | $135 | $489-72.4% | $6,675-98.0% | $521-74.0% |