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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.4+ years Filed as: ALERUS RETIREMENT SOLUTIONS Service code 15 · EIN 45-6062081 2300 SOUTH COLUMBIA RD · GRAND FORKS, ND 58201 | Recordkeeping | $9,028 |
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.)
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.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Sponsor crossed the 100-balance-holder threshold in the most recent filing - large-plan audit requirement now applies.
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 | $10,588 | $44,873-76.4% | $79,466-86.7% | $56,287-81.2% |
| Participation rate | 58.9% | 68.7%-9.8pp | 73.3%-14.4pp | 69.9%-10.9pp |
| Annual return | -9.93% | 0.81%-10.7pp | 718.28%-728.2pp | -9.96%0pp |
| Employer contribution / active EE | $442 | $2,140-79.4% | $2,800-84.2% | $2,111-79.1% |
| Participant deferral / active EE | $1,021 | $2,746-62.8% | $3,704-72.4% | $3,350-69.5% |
| Admin fee / account holder | $304 | $418-27.4% | $5,104-94.1% | $521-41.7% |