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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $13,988 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
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 | $13,252 | $37,044-64.2% | $71,796-81.5% | $57,658-77.0% |
| Participation rate | 51.5% | 61.1%-9.6pp | 69.1%-17.6pp | 70.2%-18.7pp |
| Annual return | 11.75% | 12.64%-0.9pp | 78.04%-66.3pp | 5.13%+6.6pp |
| Employer contribution / active EE | $333 | $720-53.7% | $1,924-82.7% | $1,974-83.1% |
| Participant deferral / active EE | $1,277 | $1,974-35.3% | $2,794-54.3% | $3,061-58.3% |
| Admin fee / account holder | $67 | $101-33.7% | $4,815-98.6% | $95-29.2% |