Filed January 26, 2018
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.6+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $65,634 |
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.
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $0 | $63,861-100.0% | $104,625-100.0% | $79,852-100.0% |
| Participation rate | 0.0% | 64.9%-64.9pp | 74.1%-74.1pp | 69.6%-69.6pp |
| Annual return | 12.63% | 21.30%-8.7pp | 340.60%-328.0pp | 31.72%-19.1pp |
| Employer contribution / active EE | $107 | $1,588-93.3% | $2,681-96.0% | $2,471-95.7% |
| Participant deferral / active EE | $1,803 | $2,693-33.1% | $3,738-51.8% | $3,740-51.8% |
| Admin fee / account holder | $0 | $4,185-100.0% | $6,465-100.0% | $5,306-100.0% |