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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Filed as: ALERUS RETIREMENT SOLUTIONS Service code 15 · EIN 45-0140105 2300 S COLUMBIA RD · GRAND FORKS, ND 58201 | Recordkeeping | $2,569 |
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.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $22,522 | $46,297-51.4% | $71,671-68.6% | $62,293-63.8% |
| Participation rate | 32.9% | 60.6%-27.7pp | 68.7%-35.8pp | 69.5%-36.6pp |
| Annual return | 16.30% | 22.32%-6.0pp | 20.65%-4.4pp | 28.90%-12.6pp |
| Employer contribution / active EE | $320 | $1,412-77.3% | $2,460-87.0% | $2,042-84.3% |
| Participant deferral / active EE | $473 | $2,235-78.8% | $3,438-86.2% | $3,169-85.1% |
| Admin fee / account holder | $47 | $461-89.9% | $5,558-99.2% | $479-90.3% |