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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.4 years Service code 15 · EIN 45-6062081 | Recordkeeping | $50,692 |
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 signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $34,548 | $86,692-60.1% | $119,634-71.1% | $66,949-48.4% |
| Participation rate | 60.3% | 75.6%-15.3pp | 79.3%-19.0pp | 69.8%-9.5pp |
| Annual return | -15.59% | -8.00%-7.6pp | -14.98%-0.6pp | 1.57%-17.2pp |
| Employer contribution / active EE | $379 | $2,536-85.0% | $4,232-91.0% | $2,545-85.1% |
| Participant deferral / active EE | $2,535 | $4,360-41.9% | $5,601-54.7% | $4,239-40.2% |
| Admin fee / account holder | $321 | $755-57.5% | $10,329-96.9% | $594-45.9% |