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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.6+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $19,260 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Participant contribution per participant is in the bottom quintile of the peer cohort.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $32,999 | $99,957-67.0% | $149,730-78.0% | $73,493-55.1% |
| Participation rate | 24.4% | 75.7%-51.3pp | 82.5%-58.1pp | 70.7%-46.3pp |
| Annual return | 18.78% | 53.87%-35.1pp | 276.70%-257.9pp | 28.51%-9.7pp |
| Employer contribution / active EE | $934 | $3,191-70.7% | $4,645-79.9% | $2,270-58.9% |
| Participant deferral / active EE | $2,119 | $6,073-65.1% | $6,843-69.0% | $3,740-43.4% |
| Admin fee / account holder | $182 | $551-67.0% | $9,310-98.0% | $513-64.6% |