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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Filed as: ALERUS FINACIAL, N.A. Service code 15 · EIN 45-6062081 | Recordkeeping | $38,951 |
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.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Plan reported corrective distributions (failed ADP/ACP testing).
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 | $53,892 | $63,924-15.7% | $108,582-50.4% | $55,167-2.3% |
| Participation rate | 56.9% | 74.3%-17.5pp | 79.6%-22.7pp | 69.0%-12.1pp |
| Annual return | 8.94% | 15.31%-6.4pp | -51.70%+60.6pp | 169.23%-160.3pp |
| Employer contribution / active EE | $309 | $1,879-83.5% | $3,758-91.8% | $1,963-84.2% |
| Participant deferral / active EE | $2,282 | $3,067-25.6% | $4,311-47.1% | $3,054-25.3% |
| Admin fee / account holder | $367 | $618-40.5% | $7,645-95.2% | $504-27.1% |