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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $18,618 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Participant 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 declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $39,751 | $63,314-37.2% | $91,004-56.3% | $62,293-36.2% |
| Participation rate | 29.1% | 73.3%-44.2pp | 75.6%-46.5pp | 69.5%-40.4pp |
| Annual return | 332.38% | 21.00%+311.4pp | 4.60%+327.8pp | 28.90%+303.5pp |
| Employer contribution / active EE | $0 | $1,807-100.0% | $2,456-100.0% | $2,042-100.0% |
| Participant deferral / active EE | $1,135 | $2,944-61.4% | $3,548-68.0% | $3,169-64.2% |
| Admin fee / account holder | $396 | $468-15.3% | $5,417-92.7% | $479-17.4% |