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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $35,463 |
KENNETH RYAN1 year Filed as: KENNETH M WASSERMAN, CPA Service code 10 3616 LIBERTY AVE · PITTSBURGH, PA 15201 | Accounting | $6,990 |
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.)
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 | $48,572 | $38,969+24.6% | $109,313-55.6% | $55,167-12.0% |
| Participation rate | 47.6% | 58.2%-10.7pp | 71.3%-23.7pp | 69.0%-21.4pp |
| Annual return | 5.86% | 8.26%-2.4pp | 22.07%-16.2pp | 169.23%-163.4pp |
| Employer contribution / active EE | $339 | $1,227-72.3% | $3,892-91.3% | $1,963-82.7% |
| Participant deferral / active EE | $2,445 | $2,176+12.4% | $3,166-22.8% | $3,054-19.9% |
| Admin fee / account holder | $390 | $501-22.2% | $5,666-93.1% | $504-22.6% |