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| Provider | Service type | Compensation |
|---|---|---|
BAM ADVISOR SERVICES1 year Service code 26 · EIN 20-8307105 | Advisory (Participants) | $20,505 |
ALERUS FINANCIAL, N.A.1 year Service code 15 · EIN 45-6062081 | Recordkeeping | $6,140 |
Filed as: CHARLES SCHWAB BANK Service code 19 · EIN 82-3967259 | Securities Custodian | $0 |
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.)
Annual investment return 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).
Plan reported corrective distributions (failed ADP/ACP testing).
The auditor signed off without reservation. This is the cleanest opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $70,165 | $70,908-1.0% | $98,907-29.1% | $73,488-4.5% |
| Participation rate | 36.2% | 73.8%-37.6pp | 76.0%-39.8pp | 70.7%-34.5pp |
| Annual return | 9.65% | 34.17%-24.5pp | 196.43%-186.8pp | 28.51%-18.9pp |
| Employer contribution / active EE | $768 | $2,036-62.3% | $2,689-71.4% | $2,270-66.2% |
| Participant deferral / active EE | $2,420 | $3,500-30.8% | $4,244-43.0% | $3,740-35.3% |
| Admin fee / account holder | $399 | $535-25.5% | $6,642-94.0% | $513-22.3% |