Filed March 5, 2025 (most recent of 2 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $8,378 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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 | $43,245 | $38,833+11.4% | $78,778-45.1% | $77,958-44.5% |
| Participation rate | 25.5% | 60.9%-35.4pp | 69.2%-43.7pp | 71.6%-46.1pp |
| Annual return | 20.44% | 20.31%+0.1pp | 35.62%-15.2pp | 20.87%-0.4pp |
| Employer contribution / active EE | $522 | $840-37.9% | $1,986-73.7% | $2,310-77.4% |
| Participant deferral / active EE | $1,475 | $1,776-16.9% | $2,958-50.1% | $3,537-58.3% |
| Admin fee / account holder | $10 | $89-89.2% | $5,134-99.8% | $97-90.2% |