Filed October 23, 2023
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| Provider | Service type | Compensation |
|---|---|---|
SULLIVAN FINANCIAL LLC5 years Service code 26 · EIN 14-1893598 | Advisory (Participants) | $27,561 |
SYMMETRY PARTNERS, LLC2 years Filed as: SYMMETRY PARTNERS LLC Service code 26 · EIN 06-1482171 | Advisory (Participants) | $19,218 |
ALERUS FINANCIAL, N.A.1 year Service code 15 · EIN 46-6062081 | Recordkeeping | $8,143 |
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.)
More than 10% of assets are held in cash - possible menu-design or default-fund problem.
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $64,610 | $49,451+30.7% | $79,576-18.8% | $66,930-3.5% |
| Participation rate | 41.3% | 61.3%-20.0pp | 69.5%-28.1pp | 69.8%-28.5pp |
| Annual return | -10.55% | 84.25%-94.8pp | 0.15%-10.7pp | 1.57%-12.1pp |
| Employer contribution / active EE | $355 | $1,266-72.0% | $2,413-85.3% | $2,545-86.1% |
| Participant deferral / active EE | $3,655 | $3,159+15.7% | $3,985-8.3% | $4,238-13.8% |
| Admin fee / account holder | $462 | $595-22.4% | $6,834-93.2% | $593-22.2% |