Filed January 9, 2023
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.5+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $32,622 |
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 | $270,896 | $75,419+259.2% | $392,568-31.0% | $67,579+300.9% |
| Participation rate | 78.6% | 74.8%+3.8pp | 78.1%+0.5pp | 71.3%+7.3pp |
| Annual return | 9.74% | 36.70%-27.0pp | 24.42%-14.7pp | 378.56%-368.8pp |
| Employer contribution / active EE | $6,102 | $2,636+131.5% | $3,783+61.3% | $2,148+184.1% |
| Participant deferral / active EE | $0 | $4,347-100.0% | $5,985-100.0% | $3,539-100.0% |
| Admin fee / account holder | $71 | $114-37.8% | $6,260-98.9% | $142-50.3% |