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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $26,580 |
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.)
Annual investment return is in the bottom quintile of the peer cohort.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Plan reported corrective distributions (failed ADP/ACP testing).
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 | $42,374 | $39,162+8.2% | $100,671-57.9% | $59,633-28.9% |
| Participation rate | 47.9% | 55.9%-8.0pp | 70.7%-22.8pp | 68.7%-20.8pp |
| Annual return | -2.93% | 21.07%-24.0pp | 20.43%-23.4pp | 2041.40%-2044.3pp |
| Employer contribution / active EE | $302 | $1,151-73.7% | $4,012-92.5% | $2,203-86.3% |
| Participant deferral / active EE | $2,396 | $1,992+20.3% | $3,144-23.8% | $3,192-24.9% |
| Admin fee / account holder | $548 | $2,969-81.5% | $4,850-88.7% | $4,297-87.2% |