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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.8+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $1,698 |
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.
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $58,754 | $65,582-10.4% | $64,097-8.3% | $71,529-17.9% |
| Participation rate | 30.8% | 73.2%-42.4pp | 72.3%-41.6pp | 67.9%-37.2pp |
| Annual return | 14.20% | 18.96%-4.8pp | 33.75%-19.5pp | 28.97%-14.8pp |
| Employer contribution / active EE | $0 | $2,671-100.0% | $2,750-100.0% | $2,590-100.0% |
| Participant deferral / active EE | $1,060 | $3,628-70.8% | $3,881-72.7% | $4,291-75.3% |
| Admin fee / account holder | $44 | $616-92.9% | $3,070-98.6% | $1,588-97.3% |