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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Filed as: ALERUS RETIREMENT SOLUTIONS Service code 15 · EIN 45-0140105 2300 S COLUMBIA RD · GRAND FORKS, ND 58201 | Recordkeeping | $9,794 |
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.
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 | $28,275 | $42,396-33.3% | $67,313-58.0% | $56,289-49.8% |
| Participation rate | 29.6% | 61.0%-31.4pp | 69.1%-39.5pp | 69.9%-40.2pp |
| Annual return | 8.91% | -36.63%+45.5pp | -4.08%+13.0pp | -9.96%+18.9pp |
| Employer contribution / active EE | $305 | $1,414-78.4% | $2,566-88.1% | $2,111-85.5% |
| Participant deferral / active EE | $658 | $2,360-72.1% | $3,568-81.6% | $3,350-80.4% |
| Admin fee / account holder | $188 | $510-63.1% | $4,507-95.8% | $521-63.9% |