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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1 year Service code 15 · EIN 45-6062081 | Recordkeeping | $8,713 |
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.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $5,496 | $62,132-91.2% | $185,835-97.0% | $73,493-92.5% |
| Participation rate | 64.5% | 67.8%-3.4pp | 78.0%-13.6pp | 70.7%-6.2pp |
| Annual return | 15.29% | 20.44%-5.2pp | 35.96%-20.7pp | 28.51%-13.2pp |
| Employer contribution / active EE | $534 | $1,681-68.3% | $4,087-86.9% | $2,270-76.5% |
| Participant deferral / active EE | $1,417 | $3,711-61.8% | $5,633-74.8% | $3,740-62.1% |
| Admin fee / account holder | $106 | $419-74.6% | $9,502-98.9% | $513-79.3% |