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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $34,185 |
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 | $62,884 | $46,877+34.1% | $122,354-48.6% | $70,126-10.3% |
| Participation rate | 50.5% | 58.2%-7.7pp | 71.6%-21.1pp | 69.5%-19.0pp |
| Annual return | 15.69% | 24.22%-8.5pp | 30.28%-14.6pp | 73.15%-57.5pp |
| Employer contribution / active EE | $404 | $1,288-68.7% | $4,051-90.0% | $2,343-82.8% |
| Participant deferral / active EE | $3,253 | $2,167+50.1% | $3,287-1.0% | $3,332-2.4% |
| Admin fee / account holder | $579 | $3,324-82.6% | $5,479-89.4% | $4,645-87.5% |