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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Filed as: ALERUS RETIREMENT SOLUTIONS Service code 15 · EIN 45-6062081 2300 SOUTH COLUMBIA RD · GRAND FORKS, ND 58201 | Recordkeeping | $12,682 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Participant contribution per participant is in the bottom quintile of the peer cohort.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $26,103 | $56,171-53.5% | $108,745-76.0% | $55,167-52.7% |
| Participation rate | 22.9% | 70.7%-47.8pp | 77.7%-54.8pp | 69.0%-46.1pp |
| Annual return | 6.09% | 214.86%-208.8pp | 46.22%-40.1pp | 169.23%-163.1pp |
| Employer contribution / active EE | $571 | $2,153-73.5% | $3,323-82.8% | $1,963-70.9% |
| Participant deferral / active EE | $1,158 | $3,437-66.3% | $5,121-77.4% | $3,054-62.1% |
| Admin fee / account holder | $276 | $302-8.6% | $6,144-95.5% | $504-45.3% |