Filed August 19, 2024
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $48,086 |
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Annual investment return 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 | $153,888 | $63,346+142.9% | $92,233+66.8% | $70,131+119.4% |
| Participation rate | 80.2% | 68.7%+11.6pp | 76.5%+3.8pp | 69.5%+10.7pp |
| Annual return | 12.19% | 530.12%-517.9pp | 176.28%-164.1pp | 73.14%-60.9pp |
| Employer contribution / active EE | $0 | $2,471-100.0% | $3,679-100.0% | $2,342-100.0% |
| Participant deferral / active EE | $8,815 | $2,854+208.9% | $3,897+126.2% | $3,332+164.6% |
| Admin fee / account holder | $553 | $3,840-85.6% | $5,194-89.4% | $4,645-88.1% |