Filed January 9, 2023
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $43,625 |
Annual investment return is in the bottom quintile of the peer cohort.
More than 10% of assets are held in cash - possible menu-design or default-fund problem.
Assets per participant exceed $250,000 - top-decile high-value plan.
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $426,699 | $68,544+522.5% | $115,752+268.6% | $69,631+512.8% |
| Participation rate | 81.7% | 74.0%+7.8pp | 77.8%+4.0pp | 70.7%+11.0pp |
| Annual return | 10.36% | 20.97%-10.6pp | 19.41%-9.0pp | 27571.02%-27560.7pp |
| Employer contribution / active EE | $12,974 | $2,400+440.6% | $3,492+271.5% | $2,032+538.4% |
| Participant deferral / active EE | $0 | $3,887-100.0% | $5,204-100.0% | $3,224-100.0% |
| Admin fee / account holder | $128 | $90+42.0% | $6,278-98.0% | $110+16.2% |