Filed July 1, 2026
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.9+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $51,799 |
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.
The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $45,280 | $47,126-3.9% | $149,673-69.7% | $74,419-39.2% |
| Participation rate | 33.5% | 63.4%-29.9pp | 78.8%-45.3pp | 70.7%-37.2pp |
| Annual return | 18.33% | 22.75%-4.4pp | 134.42%-116.1pp | 34.38%-16.0pp |
| Employer contribution / active EE | $316 | $1,905-83.4% | $4,818-93.4% | $2,637-88.0% |
| Participant deferral / active EE | $1,907 | $2,728-30.1% | $5,680-66.4% | $4,528-57.9% |
| Admin fee / account holder | $260 | $343-24.0% | $13,210-98.0% | $348-25.2% |