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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $31,130 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
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 | $23,839 | $60,165-60.4% | $74,184-67.9% | $55,167-56.8% |
| Participation rate | 67.6% | 74.2%-6.5pp | 76.6%-9.0pp | 69.0%-1.3pp |
| Annual return | 8.68% | 10.00%-1.3pp | 17.74%-9.1pp | 169.23%-160.6pp |
| Employer contribution / active EE | $559 | $1,600-65.0% | $2,370-76.4% | $1,963-71.5% |
| Participant deferral / active EE | $1,818 | $2,973-38.8% | $3,550-48.8% | $3,054-40.5% |
| Admin fee / account holder | $189 | $419-55.0% | $5,586-96.6% | $504-62.6% |