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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.4 years Service code 15 · EIN 45-6062081 | Recordkeeping | $13,469 |
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 signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $28,777 | $73,638-60.9% | $95,964-70.0% | $73,497-60.8% |
| Participation rate | 53.3% | 76.2%-22.9pp | 77.1%-23.8pp | 70.7%-17.4pp |
| Annual return | 15.78% | 16.78%-1.0pp | 91.64%-75.9pp | 28.51%-12.7pp |
| Employer contribution / active EE | $604 | $1,863-67.6% | $2,541-76.2% | $2,270-73.4% |
| Participant deferral / active EE | $1,409 | $3,617-61.1% | $4,167-66.2% | $3,740-62.3% |
| Admin fee / account holder | $152 | $482-68.5% | $6,797-97.8% | $513-70.4% |