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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $86,413 |
Service code 10 · EIN 38-2771156 | Accounting | $19,650 |
JFP BENEFIT MANAGEMENT, INC.3+ years Service code 12 · EIN 38-2719340 | Claims processing | $18,211 |
MCGINTY ET AL3+ years Service code 22 · EIN 38-2060103 | Insurance Broker | $5,839 |
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 | $170,042 | $89,739+89.5% | $149,721+13.6% | $62,293+173.0% |
| Participation rate | 82.4% | 85.1%-2.8pp | 87.1%-4.7pp | 69.5%+12.8pp |
| Annual return | 14.81% | 21.01%-6.2pp | 1501.67%-1486.9pp | 28.90%-14.1pp |
| Employer contribution / active EE | $8,800 | $3,233+172.2% | $5,444+61.6% | $2,042+330.9% |
| Participant deferral / active EE | $0 | $4,797-100.0% | $6,568-100.0% | $3,169-100.0% |
| Admin fee / account holder | $927 | $551+68.2% | $11,282-91.8% | $479+93.4% |