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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $33,932 |
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 | $26,553 | $64,909-59.1% | $82,312-67.7% | $62,293-57.4% |
| Participation rate | 61.1% | 74.9%-13.8pp | 76.9%-15.8pp | 69.5%-8.4pp |
| Annual return | 13.61% | 21.18%-7.6pp | 25.88%-12.3pp | 28.90%-15.3pp |
| Employer contribution / active EE | $474 | $1,676-71.7% | $2,428-80.5% | $2,042-76.8% |
| Participant deferral / active EE | $1,477 | $3,103-52.4% | $3,706-60.1% | $3,169-53.4% |
| Admin fee / account holder | $198 | $440-54.9% | $5,608-96.5% | $479-58.6% |