Filed February 14, 2020
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.4+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $794 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Annual investment return 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 | $53,709 | $70,083-23.4% | $59,883-10.3% | $55,725-3.6% |
| Participation rate | 64.5% | 78.4%-13.9pp | 74.7%-10.2pp | 70.9%-6.4pp |
| Annual return | -5.39% | 3.13%-8.5pp | 3.46%-8.8pp | 244.93%-250.3pp |
| Employer contribution / active EE | $1,243 | $2,878-56.8% | $2,722-54.3% | $2,078-40.2% |
| Participant deferral / active EE | $3,407 | $3,079+10.7% | $3,402+0.2% | $3,356+1.5% |
| Admin fee / account holder | $3 | $70-95.5% | $3,591-99.9% | $115-97.3% |