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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1 year Service code 15 · EIN 45-6062081 | Recordkeeping | $44,851 |
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.)
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 | $71,009 | $52,967+34.1% | $172,753-58.9% | $65,186+8.9% |
| Participation rate | 69.9% | 66.2%+3.7pp | 82.6%-12.8pp | 70.2%-0.3pp |
| Annual return | 26.63% | 30.12%-3.5pp | 803.00%-776.4pp | 29.39%-2.8pp |
| Employer contribution / active EE | $1,374 | $2,190-37.3% | $5,144-73.3% | $2,177-36.9% |
| Participant deferral / active EE | $2,436 | $2,471-1.4% | $5,198-53.1% | $3,514-30.7% |
| Admin fee / account holder | $325 | $472-31.2% | $13,956-97.7% | $847-61.6% |