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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.4+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $2,286 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Sponsor crossed the 100-balance-holder threshold in the most recent filing - large-plan audit requirement now applies.
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 | $21,708 | $73,102-70.3% | $123,552-82.4% | $56,287-61.4% |
| Participation rate | 52.8% | 74.3%-21.5pp | 82.3%-29.5pp | 69.9%-17.0pp |
| Annual return | 3.88% | 3.01%+0.9pp | 119.20%-115.3pp | -9.96%+13.8pp |
| Employer contribution / active EE | $1,078 | $2,977-63.8% | $4,628-76.7% | $2,111-48.9% |
| Participant deferral / active EE | $3,690 | $5,423-32.0% | $6,426-42.6% | $3,350+10.2% |
| Admin fee / account holder | $21 | $554-96.2% | $9,285-99.8% | $521-96.0% |