Filed January 26, 2018
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $55,291 |
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 | $61,285 | $47,448+29.2% | $94,993-35.5% | $62,293-1.6% |
| Participation rate | 97.7% | 66.5%+31.2pp | 73.9%+23.9pp | 69.5%+28.2pp |
| Annual return | 14.34% | 22.64%-8.3pp | 27.14%-12.8pp | 28.90%-14.6pp |
| Employer contribution / active EE | $1,458 | $1,300+12.1% | $2,603-44.0% | $2,042-28.6% |
| Participant deferral / active EE | $2,230 | $2,375-6.1% | $3,317-32.8% | $3,169-29.6% |
| Admin fee / account holder | $331 | $434-23.7% | $4,960-93.3% | $479-30.9% |