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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.6+ years Filed as: ALERUS RETIREMENT SOLUTIONS Service code 15 · EIN 45-0140105 2300 S COLUMBIA RD · GRAND FORKS, ND 58201 | Recordkeeping | $18,177 |
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 | $41,535 | $60,776-31.7% | $85,693-51.5% | $79,393-47.7% |
| Participation rate | 30.7% | 62.1%-31.4pp | 69.9%-39.2pp | 70.7%-40.0pp |
| Annual return | 25.85% | 16.57%+9.3pp | 21.49%+4.4pp | 116.87%-91.0pp |
| Employer contribution / active EE | $321 | $1,663-80.7% | $2,618-87.8% | $2,428-86.8% |
| Participant deferral / active EE | $601 | $2,919-79.4% | $3,923-84.7% | $4,046-85.1% |
| Admin fee / account holder | $290 | $438-33.8% | $6,874-95.8% | $627-53.7% |