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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $7,561 |
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 declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $29,777 | $46,732-36.3% | $156,551-81.0% | $55,167-46.0% |
| Participation rate | 34.5% | 65.8%-31.3pp | 84.0%-49.5pp | 69.0%-34.5pp |
| Annual return | 6.82% | 17.72%-10.9pp | 32.23%-25.4pp | 169.23%-162.4pp |
| Employer contribution / active EE | $250 | $2,105-88.1% | $5,501-95.5% | $1,963-87.3% |
| Participant deferral / active EE | $883 | $2,204-60.0% | $4,871-81.9% | $3,054-71.1% |
| Admin fee / account holder | $126 | $418-69.9% | $13,028-99.0% | $504-75.0% |