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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.5+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $403 |
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.
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 | $46,855 | $65,322-28.3% | $70,494-33.5% | $73,497-36.2% |
| Participation rate | 28.3% | 77.0%-48.6pp | 75.1%-46.8pp | 70.7%-42.4pp |
| Annual return | 10.37% | 15.71%-5.3pp | 109.16%-98.8pp | 28.51%-18.1pp |
| Employer contribution / active EE | $0 | $2,460-100.0% | $2,738-100.0% | $2,270-100.0% |
| Participant deferral / active EE | $805 | $3,375-76.1% | $3,711-78.3% | $3,740-78.5% |
| Admin fee / account holder | $11 | $214-95.0% | $3,848-99.7% | $513-97.9% |