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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.4 years Service code 15 · EIN 45-6062081 | Recordkeeping | $34,709 |
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.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
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 | $22,476 | $65,376-65.6% | $87,104-74.2% | $65,185-65.5% |
| Participation rate | 63.2% | 75.3%-12.1pp | 76.9%-13.7pp | 70.2%-7.0pp |
| Annual return | 21.75% | 31.27%-9.5pp | 28.19%-6.4pp | 29.38%-7.6pp |
| Employer contribution / active EE | $355 | $1,822-80.5% | $2,521-85.9% | $2,177-83.7% |
| Participant deferral / active EE | $1,906 | $3,388-43.8% | $4,048-52.9% | $3,514-45.8% |
| Admin fee / account holder | $218 | $520-58.0% | $7,491-97.1% | $847-74.2% |