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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.5+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $54,724 |
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.
The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $37,610 | $48,072-21.8% | $182,532-79.4% | $77,787-51.6% |
| Participation rate | 33.4% | 64.3%-30.9pp | 78.0%-44.6pp | 73.2%-39.9pp |
| Annual return | 28.34% | 31.26%-2.9pp | 148.54%-120.2pp | 32.57%-4.2pp |
| Employer contribution / active EE | $318 | $1,453-78.1% | $4,076-92.2% | $2,504-87.3% |
| Participant deferral / active EE | $1,600 | $3,209-50.1% | $5,524-71.0% | $3,967-59.7% |
| Admin fee / account holder | $106 | $131-19.5% | $8,592-98.8% | $100+5.8% |