Filed March 25, 2022 (most recent of 2 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2 years Filed as: ALERUS Service code 15 · EIN 45-6062081 | Recordkeeping | $21,839 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $45,436 | $73,102-37.8% | $123,549-63.2% | $56,287-19.3% |
| Participation rate | 57.4% | 74.3%-16.9pp | 82.3%-24.9pp | 69.9%-12.5pp |
| Annual return | -1.93% | 3.01%-4.9pp | 119.20%-121.1pp | -9.96%+8.0pp |
| Employer contribution / active EE | $2,193 | $2,977-26.3% | $4,628-52.6% | $2,111+3.9% |
| Participant deferral / active EE | $4,203 | $5,423-22.5% | $6,426-34.6% | $3,350+25.5% |
| Admin fee / account holder | $216 | $554-60.9% | $9,284-97.7% | $521-58.5% |