Filed February 14, 2022
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.10+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $65,903 |
HAWKINS ASH CPAS10+ years Service code 10 · EIN 39-0912608 | Accounting | $14,750 |
NICOLET NATIONAL BANK9 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.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $48,185 | $54,679-11.9% | $76,119-36.7% | $74,459-35.3% |
| Participation rate | 47.7% | 60.3%-12.6pp | 69.1%-21.4pp | 67.2%-19.5pp |
| Annual return | 21.65% | 31.90%-10.2pp | 361.25%-339.6pp | 1369.70%-1348.0pp |
| Employer contribution / active EE | $285 | $1,781-84.0% | $2,693-89.4% | $2,626-89.2% |
| Participant deferral / active EE | $2,242 | $3,072-27.0% | $4,259-47.4% | $4,350-48.4% |
| Admin fee / account holder | $400 | $2,238-82.1% | $6,421-93.8% | $1,945-79.5% |