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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.6+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $13,751 |
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.
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 | $23,117 | $73,638-68.6% | $95,964-75.9% | $73,497-68.5% |
| Participation rate | 62.2% | 76.2%-14.0pp | 77.1%-14.9pp | 70.7%-8.5pp |
| Annual return | 18.19% | 16.78%+1.4pp | 91.64%-73.5pp | 28.51%-10.3pp |
| Employer contribution / active EE | $751 | $1,863-59.7% | $2,541-70.5% | $2,270-66.9% |
| Participant deferral / active EE | $1,564 | $3,617-56.8% | $4,167-62.5% | $3,740-58.2% |
| Admin fee / account holder | $102 | $482-78.9% | $6,797-98.5% | $513-80.2% |