Filed January 26, 2018
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.8+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $36,292 |
CAPFINANCIAL PARTNERS LLC2 years Service code 27 · EIN 26-0058143 | Advisory (Plan) | $25,775 |
PLANTE & MORAN, PLLC8+ years Service code 10 · EIN 38-1357951 | Accounting | $6,550 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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 | $72,159 | $44,714+61.4% | $91,225-20.9% | $66,938+7.8% |
| Participation rate | 51.0% | 65.0%-14.0pp | 73.2%-22.2pp | 69.8%-18.9pp |
| Annual return | -15.42% | -12.25%-3.2pp | 114.12%-129.5pp | 1.58%-17.0pp |
| Employer contribution / active EE | $0 | $1,710-100.0% | $2,851-100.0% | $2,545-100.0% |
| Participant deferral / active EE | $1,628 | $3,355-51.5% | $4,233-61.5% | $4,238-61.6% |
| Admin fee / account holder | $867 | $521+66.4% | $5,422-84.0% | $594+46.1% |