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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3 years Service code 15 · EIN 45-6062081 | Recordkeeping | $3,687 |
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.
Plan reported corrective distributions (failed ADP/ACP testing).
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 | $16,331 | $32,865-50.3% | $75,826-78.5% | $56,289-71.0% |
| Participation rate | 25.2% | 53.0%-27.8pp | 68.2%-43.0pp | 69.9%-44.6pp |
| Annual return | -6.33% | -5.01%-1.3pp | 1914.15%-1920.5pp | -9.96%+3.6pp |
| Employer contribution / active EE | $0 | $891-100.0% | $1,913-100.0% | $2,111-100.0% |
| Participant deferral / active EE | $623 | $1,683-63.0% | $2,862-78.2% | $3,350-81.4% |
| Admin fee / account holder | $47 | $185-74.7% | $4,726-99.0% | $521-91.0% |