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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.
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 | $45,280 | $47,163-4.0% | $149,696-69.8% | $74,460-39.2% |
| Participation rate | 33.5% | 63.4%-29.9pp | 78.8%-45.3pp | 70.7%-37.3pp |
| Annual return | 18.33% | 22.75%-4.4pp | 134.46%-116.1pp | 34.38%-16.0pp |
| Employer contribution / active EE | $316 | $1,907-83.4% | $4,821-93.4% | $2,638-88.0% |
| Participant deferral / active EE | $1,907 | $2,730-30.2% | $5,682-66.4% | $4,530-57.9% |
| Admin fee / account holder | $260 | $343-24.1% | $13,212-98.0% | $348-25.2% |