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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1 year Filed as: ALERUS FINANCIAL N.A. Service code 15 · EIN 45-6062081 | Recordkeeping | $22,110 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Sponsor crossed the 100-balance-holder threshold in the most recent filing - large-plan audit requirement now applies.
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 | $92,910 | $52,884+75.7% | $84,753+9.6% | $55,167+68.4% |
| Participation rate | 61.0% | 67.5%-6.5pp | 76.6%-15.6pp | 69.0%-8.0pp |
| Annual return | 9.76% | 18.03%-8.3pp | 22.78%-13.0pp | 169.23%-159.5pp |
| Employer contribution / active EE | $4,309 | $2,233+92.9% | $3,574+20.5% | $1,963+119.5% |
| Participant deferral / active EE | $4,586 | $2,644+73.5% | $3,712+23.6% | $3,054+50.2% |
| Admin fee / account holder | $215 | $581-63.0% | $5,333-96.0% | $504-57.4% |