Filed January 9, 2023
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.4+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $39,584 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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 | $337,105 | $64,286+424.4% | $106,387+216.9% | $55,725+504.9% |
| Participation rate | 68.8% | 75.2%-6.4pp | 77.5%-8.7pp | 70.9%-2.1pp |
| Annual return | 5.42% | 0.84%+4.6pp | 0.25%+5.2pp | 244.93%-239.5pp |
| Employer contribution / active EE | $12,700 | $2,367+436.5% | $3,520+260.8% | $2,078+511.1% |
| Participant deferral / active EE | $0 | $4,158-100.0% | $5,421-100.0% | $3,356-100.0% |
| Admin fee / account holder | $111 | $102+8.4% | $7,510-98.5% | $115-3.7% |