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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.5+ years Filed as: ALERUS FINANCIAL, N.A Service code 15 · EIN 45-6062081 | Recordkeeping | $28,247 |
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 | $42,834 | $65,376-34.5% | $87,102-50.8% | $65,185-34.3% |
| Participation rate | 69.2% | 75.3%-6.1pp | 76.9%-7.7pp | 70.2%-1.0pp |
| Annual return | 22.31% | 31.27%-9.0pp | 28.19%-5.9pp | 29.38%-7.1pp |
| Employer contribution / active EE | $0 | $1,822-100.0% | $2,521-100.0% | $2,177-100.0% |
| Participant deferral / active EE | $1,515 | $3,388-55.3% | $4,048-62.6% | $3,514-56.9% |
| Admin fee / account holder | $173 | $520-66.8% | $7,491-97.7% | $847-79.6% |