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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Filed as: ALERUS RETIREMENT SOLUTIONS Service code 15 · EIN 45-6062081 2300 SOUTH COLUMBIA RD · GRAND FORKS, ND 58201 | Recordkeeping | $7,690 |
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).
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 | $17,080 | $50,637-66.3% | $86,582-80.3% | $62,293-72.6% |
| Participation rate | 45.2% | 67.9%-22.7pp | 73.5%-28.3pp | 69.5%-24.3pp |
| Annual return | 17.10% | 20.80%-3.7pp | 965.08%-948.0pp | 28.90%-11.8pp |
| Employer contribution / active EE | $366 | $2,075-82.4% | $2,839-87.1% | $2,042-82.1% |
| Participant deferral / active EE | $1,005 | $2,611-61.5% | $3,609-72.1% | $3,169-68.3% |
| Admin fee / account holder | $438 | $413+5.9% | $4,904-91.1% | $479-8.7% |