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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2 years Filed as: ALERUS FINANCIAL, N.A Service code 15 · EIN 45-6202081 | Recordkeeping | $781,449 |
Service code 13 · EIN 42-0127290 | Contract Administrator | $205,965 |
Filed as: MERRILL LYNCH, FENNER & Service code 17 · EIN 13-5674085 | Pension Consulting | $89,441 |
Filed as: THE HOWELL & SHARP GROUP AT MERRILL Service code 26 250 MONROE AVE NW · GRAND RAPIDS, MI 49503 | Advisory (Participants) | $89,286 |
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.
Employer 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 signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $79,670 | $118,441-32.7% | $151,634-47.5% | $89,433-10.9% |
| Participation rate | 59.6% | 88.0%-28.4pp | 87.5%-27.9pp | 71.3%-11.7pp |
| Annual return | -9.74% | -9.10%-0.6pp | 3.32%-13.1pp | -11.88%+2.1pp |
| Employer contribution / active EE | $1,773 | $4,770-62.8% | $6,165-71.2% | $3,021-41.3% |
| Participant deferral / active EE | $4,754 | $7,648-37.8% | $8,363-43.2% | $5,125-7.2% |
| Admin fee / account holder | $88 | $90-2.1% | $11,614-99.2% | $79+10.5% |