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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.9+ years Filed as: ALERUS FINANICAL, N.A. Service code 15 · EIN 45-6062081 | Recordkeeping | $21,264 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer contribution per participant is in the bottom quintile of the peer cohort.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $26,502 | $58,292-54.5% | $86,640-69.4% | $71,511-62.9% |
| Participation rate | 62.9% | 65.0%-2.1pp | 71.7%-8.8pp | 67.9%-5.1pp |
| Annual return | 15.85% | 21.63%-5.8pp | 592.52%-576.7pp | 28.86%-13.0pp |
| Employer contribution / active EE | $0 | $2,574-100.0% | $3,024-100.0% | $2,589-100.0% |
| Participant deferral / active EE | $2,388 | $3,438-30.5% | $4,438-46.2% | $4,291-44.3% |
| Admin fee / account holder | $456 | $1,057-56.9% | $5,616-91.9% | $1,588-71.3% |