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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.4+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $12,554 |
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 | $18,411 | $73,102-74.8% | $123,553-85.1% | $56,289-67.3% |
| Participation rate | 11.7% | 74.3%-62.6pp | 82.3%-70.6pp | 69.9%-58.1pp |
| Annual return | -6.39% | 3.01%-9.4pp | 119.21%-125.6pp | -9.96%+3.6pp |
| Employer contribution / active EE | $0 | $2,977-100.0% | $4,628-100.0% | $2,111-100.0% |
| Participant deferral / active EE | $793 | $5,423-85.4% | $6,426-87.7% | $3,350-76.3% |
| Admin fee / account holder | $161 | $554-70.9% | $9,284-98.3% | $521-69.1% |