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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3 years Filed as: ALERUS FINANCIAL NA Service code 15 · EIN 45-6062081 | Recordkeeping | $32,882 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer contribution per participant is in the bottom quintile of the peer cohort.
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 | $50,655 | $79,184-36.0% | $102,438-50.6% | $74,546-32.0% |
| Participation rate | 67.2% | 74.8%-7.5pp | 76.5%-9.3pp | 67.2%0pp |
| Annual return | 11.56% | 54.95%-43.4pp | 29.37%-17.8pp | 1366.03%-1354.5pp |
| Employer contribution / active EE | $551 | $2,362-76.7% | $3,024-81.8% | $2,624-79.0% |
| Participant deferral / active EE | $2,436 | $4,414-44.8% | $5,054-51.8% | $4,347-44.0% |
| Admin fee / account holder | $228 | $2,001-88.6% | $9,448-97.6% | $1,944-88.3% |