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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Filed as: ALERUS FINACIAL, N.A. Service code 15 · EIN 45-6062081 | Recordkeeping | $43,951 |
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.)
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 | $62,300 | $71,192-12.5% | $117,861-47.1% | $62,2930% |
| Participation rate | 52.1% | 74.2%-22.1pp | 79.7%-27.5pp | 69.5%-17.4pp |
| Annual return | 16.63% | 18.66%-2.0pp | 335.11%-318.5pp | 28.90%-12.3pp |
| Employer contribution / active EE | $280 | $1,934-85.5% | $3,786-92.6% | $2,042-86.3% |
| Participant deferral / active EE | $2,084 | $3,189-34.7% | $4,482-53.5% | $3,169-34.2% |
| Admin fee / account holder | $392 | $587-33.2% | $8,021-95.1% | $479-18.1% |