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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $9,111 |
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.
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 | $19,597 | $80,753-75.7% | $136,298-85.6% | $62,293-68.5% |
| Participation rate | 14.1% | 73.5%-59.4pp | 81.9%-67.8pp | 69.5%-55.4pp |
| Annual return | 16.88% | 35.83%-19.0pp | 5156.27%-5139.4pp | 28.90%-12.0pp |
| Employer contribution / active EE | $0 | $2,884-100.0% | $4,696-100.0% | $2,042-100.0% |
| Participant deferral / active EE | $906 | $5,164-82.5% | $6,247-85.5% | $3,169-71.4% |
| Admin fee / account holder | $111 | $525-78.9% | $9,244-98.8% | $479-76.8% |