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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1 year Filed as: ALERUS FINANCIAL, NA Service code 15 · EIN 45-6062081 | Recordkeeping | $47,601 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Assets per participant exceed $250,000 - top-decile high-value plan.
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $375,963 | $88,203+326.2% | $165,100+127.7% | $74,478+404.8% |
| Participation rate | 2.4% | 73.1%-70.8pp | 78.6%-76.3pp | 67.2%-64.9pp |
| Annual return | 23.54% | 17.13%+6.4pp | 70.21%-46.7pp | 1370.56%-1347.0pp |
| Employer contribution / active EE | $3,029 | $2,601+16.5% | $4,348-30.3% | $2,626+15.3% |
| Participant deferral / active EE | $3,104 | $4,505-31.1% | $6,035-48.6% | $4,350-28.6% |
| Admin fee / account holder | $3,400 | $2,235+52.1% | $12,696-73.2% | $1,946+74.7% |