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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.6 years Service code 15 · EIN 45-6062081 | Recordkeeping | $42,805 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer 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.
The auditor signed off without reservation. This is the cleanest opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $40,753 | $89,436-54.4% | $164,813-75.3% | $77,643-47.5% |
| Participation rate | 66.0% | 78.6%-12.6pp | 78.6%-12.6pp | 70.6%-4.6pp |
| Annual return | 15.98% | 28.83%-12.8pp | 69.93%-53.9pp | 31.24%-15.3pp |
| Employer contribution / active EE | $420 | $2,569-83.7% | $4,341-90.3% | $2,726-84.6% |
| Participant deferral / active EE | $2,898 | $4,897-40.8% | $6,031-52.0% | $4,647-37.7% |
| Admin fee / account holder | $221 | $339-35.0% | $12,690-98.3% | $430-48.7% |