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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1 year Service code 15 · EIN 45-6062081 | Recordkeeping | $45,008 |
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 | $67,502 | $86,341-21.8% | $125,195-46.1% | $65,186+3.6% |
| Participation rate | 52.2% | 75.3%-23.2pp | 79.8%-27.6pp | 70.2%-18.0pp |
| Annual return | 24.35% | 27.44%-3.1pp | 43.79%-19.4pp | 29.39%-5.0pp |
| Employer contribution / active EE | $283 | $2,040-86.1% | $3,866-92.7% | $2,177-87.0% |
| Participant deferral / active EE | $2,083 | $3,538-41.1% | $4,937-57.8% | $3,514-40.7% |
| Admin fee / account holder | $378 | $609-37.9% | $9,704-96.1% | $847-55.4% |