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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $47,825 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
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 | $77,163 | $65,378+18.0% | $87,103-11.4% | $65,186+18.4% |
| Participation rate | 60.7% | 75.3%-14.7pp | 76.9%-16.2pp | 70.2%-9.5pp |
| Annual return | 20.26% | 31.28%-11.0pp | 28.19%-7.9pp | 29.39%-9.1pp |
| Employer contribution / active EE | $631 | $1,823-65.4% | $2,521-75.0% | $2,177-71.0% |
| Participant deferral / active EE | $3,275 | $3,389-3.4% | $4,049-19.1% | $3,514-6.8% |
| Admin fee / account holder | $311 | $520-40.3% | $7,491-95.9% | $847-63.3% |