Filed April 9, 2019
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2 years Service code 15 · EIN 45-6062081 | Recordkeeping | $31,088 |
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $34,480 | $83,045-58.5% | $130,045-73.5% | $71,511-51.8% |
| Participation rate | 94.2% | 74.1%+20.1pp | 78.5%+15.7pp | 67.9%+26.3pp |
| Annual return | 23.87% | 20.61%+3.3pp | -137.30%+161.2pp | 28.86%-5.0pp |
| Employer contribution / active EE | $2,565 | $2,623-2.2% | $4,321-40.6% | $2,589-0.9% |
| Participant deferral / active EE | $4,243 | $4,436-4.3% | $5,820-27.1% | $4,291-1.1% |
| Admin fee / account holder | $155 | $1,727-91.0% | $10,600-98.5% | $1,588-90.2% |