Filed October 23, 2023
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| Provider | Service type | Compensation |
|---|---|---|
SULLIVAN FINANCIAL LLC7 years Service code 26 · EIN 14-1893598 | Advisory (Participants) | $59,275 |
ALERUS FINANCIAL, N.A.3 years Service code 15 · EIN 46-6062081 | Recordkeeping | $7,779 |
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.)
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $54,600 | $59,456-8.2% | $93,669-41.7% | $74,429-26.6% |
| Participation rate | 56.0% | 59.6%-3.6pp | 68.7%-12.7pp | 67.2%-11.2pp |
| Annual return | 11.32% | 82.00%-70.7pp | 133.59%-122.3pp | 1368.38%-1357.1pp |
| Employer contribution / active EE | $352 | $1,266-72.2% | $2,424-85.5% | $2,625-86.6% |
| Participant deferral / active EE | $3,859 | $3,052+26.4% | $4,416-12.6% | $4,348-11.3% |
| Admin fee / account holder | $422 | $3,026-86.1% | $8,291-94.9% | $1,944-78.3% |