Filed August 19, 2024
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $45,425 |
Employer contribution per participant is in the bottom quintile of the peer cohort.
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 | $110,035 | $50,464+118.0% | $75,782+45.2% | $52,331+110.3% |
| Participation rate | 81.5% | 66.8%+14.7pp | 75.8%+5.7pp | 68.1%+13.4pp |
| Annual return | 40.05% | 1.03%+39.0pp | 9.68%+30.4pp | 4.54%+35.5pp |
| Employer contribution / active EE | $0 | $1,988-100.0% | $3,323-100.0% | $1,882-100.0% |
| Participant deferral / active EE | $7,503 | $2,570+191.9% | $3,652+105.5% | $3,022+148.3% |
| Admin fee / account holder | $301 | $1,103-72.7% | $5,300-94.3% | $592-49.1% |