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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $60,396 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer contribution per participant is in the bottom quintile of the peer cohort.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Annual investment return 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.
The auditor signed off without reservation. This is the cleanest opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $2,884 | $48,265-94.0% | $68,791-95.8% | $68,494-95.8% |
| Participation rate | 0.0% | 60.7%-60.7pp | 69.0%-69.0pp | 67.9%-67.9pp |
| Annual return | -28.19% | -12.71%-15.5pp | -6.38%-21.8pp | -7.84%-20.3pp |
| Employer contribution / active EE | $232 | $1,829-87.3% | $2,655-91.3% | $2,596-91.1% |
| Participant deferral / active EE | $4,079 | $2,867+42.3% | $3,941+3.5% | $4,027+1.3% |
| Admin fee / account holder | $435 | $4,355-90.0% | $4,932-91.2% | $5,403-92.0% |