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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2 years Service code 15 · EIN 45-6062081 | Recordkeeping | $63,614 |
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).
Plan reported corrective distributions (failed ADP/ACP testing).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $131,313 | $65,437+100.7% | $86,698+51.5% | $66,949+96.1% |
| Participation rate | 78.3% | 75.5%+2.8pp | 76.6%+1.7pp | 69.8%+8.4pp |
| Annual return | -15.30% | -10.91%-4.4pp | 35.96%-51.3pp | 1.57%-16.9pp |
| Employer contribution / active EE | $959 | $2,154-55.4% | $2,837-66.2% | $2,545-62.3% |
| Participant deferral / active EE | $6,237 | $4,102+52.1% | $4,656+33.9% | $4,239+47.1% |
| Admin fee / account holder | $624 | $642-2.8% | $7,492-91.7% | $594+5.1% |