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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.
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $40,753 | $89,465-54.4% | $165,100-75.3% | $77,762-47.6% |
| Participation rate | 66.0% | 78.6%-12.6pp | 78.6%-12.6pp | 70.6%-4.6pp |
| Annual return | 15.98% | 28.86%-12.9pp | 70.21%-54.2pp | 31.27%-15.3pp |
| Employer contribution / active EE | $420 | $2,565-83.6% | $4,348-90.3% | $2,728-84.6% |
| Participant deferral / active EE | $2,898 | $4,904-40.9% | $6,035-52.0% | $4,651-37.7% |
| Admin fee / account holder | $221 | $340-35.1% | $12,696-98.3% | $433-49.0% |