Filed February 14, 2022
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.9+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $44,127 |
HAWKINS ASH CPAS9+ years Service code 10 · EIN 39-0912608 | Accounting | $0 |
NICOLET NATIONAL BANK8 years Service code 26 · EIN 39-1990426 | Advisory (Participants) | $0 |
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.
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $39,849 | $51,207-22.2% | $70,565-43.5% | $71,529-44.3% |
| Participation rate | 47.7% | 59.4%-11.7pp | 68.4%-20.7pp | 67.9%-20.2pp |
| Annual return | 19.02% | 42.71%-23.7pp | 32.79%-13.8pp | 28.97%-10.0pp |
| Employer contribution / active EE | $343 | $1,795-80.9% | $2,976-88.5% | $2,590-86.8% |
| Participant deferral / active EE | $2,063 | $3,033-32.0% | $4,568-54.8% | $4,291-51.9% |
| Admin fee / account holder | $272 | $2,002-86.4% | $6,430-95.8% | $1,588-82.9% |