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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $1,473 |
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.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $15,069 | $63,924-76.4% | $108,579-86.1% | $55,167-72.7% |
| Participation rate | 38.0% | 74.3%-36.4pp | 79.6%-41.6pp | 69.0%-31.0pp |
| Annual return | 11.05% | 15.31%-4.3pp | -51.70%+62.7pp | 169.23%-158.2pp |
| Employer contribution / active EE | $0 | $1,879-100.0% | $3,758-100.0% | $1,963-100.0% |
| Participant deferral / active EE | $683 | $3,067-77.7% | $4,311-84.2% | $3,054-77.6% |
| Admin fee / account holder | $17 | $618-97.3% | $7,645-99.8% | $504-96.7% |