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 | $59,467-8.2% | $93,727-41.7% | $74,478-26.7% |
| Participation rate | 56.0% | 59.6%-3.6pp | 68.7%-12.7pp | 67.2%-11.2pp |
| Annual return | 11.32% | 82.14%-70.8pp | 133.83%-122.5pp | 1370.56%-1359.2pp |
| Employer contribution / active EE | $352 | $1,267-72.2% | $2,421-85.5% | $2,626-86.6% |
| Participant deferral / active EE | $3,859 | $3,052+26.5% | $4,417-12.6% | $4,350-11.3% |
| Admin fee / account holder | $422 | $3,028-86.1% | $8,292-94.9% | $1,946-78.3% |