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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.8+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $13,178 |
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.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $31,922 | $84,499-62.2% | $125,391-74.5% | $66,949-52.3% |
| Participation rate | 18.8% | 76.4%-57.6pp | 82.4%-63.6pp | 69.8%-51.0pp |
| Annual return | -15.51% | -8.49%-7.0pp | 572.41%-587.9pp | 1.57%-17.1pp |
| Employer contribution / active EE | $0 | $3,554-100.0% | $4,816-100.0% | $2,545-100.0% |
| Participant deferral / active EE | $1,281 | $6,785-81.1% | $7,448-82.8% | $4,239-69.8% |
| Admin fee / account holder | $377 | $685-45.0% | $10,009-96.2% | $594-36.6% |