Filed August 19, 2024
See peer percentile detail. $4.99 for your first month.
Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.
See the 10-year trajectory. $4.99 for your first month.
Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.
| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $50,234 |
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
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 | $112,651 | $56,897+98.0% | $84,750+32.9% | $62,891+79.1% |
| Participation rate | 76.8% | 68.5%+8.3pp | 76.6%+0.2pp | 69.3%+7.5pp |
| Annual return | 5.88% | 6.30%-0.4pp | 22.78%-16.9pp | 20.14%-14.3pp |
| Employer contribution / active EE | $0 | $2,400-100.0% | $3,574-100.0% | $2,281-100.0% |
| Participant deferral / active EE | $12,676 | $2,709+367.9% | $3,712+241.5% | $3,203+295.8% |
| Admin fee / account holder | $335 | $3,581-90.6% | $5,332-93.7% | $4,296-92.2% |