Filed January 9, 2023
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1 year Filed as: ALERUS FINANCIAL NA Service code 15 · EIN 45-6062081 | Recordkeeping | $19,988 |
Participant contribution per participant is in the bottom quintile of the peer cohort.
Annual investment return is in the bottom quintile of the peer cohort.
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $172,444 | $82,093+110.1% | $379,746-54.6% | $73,412+134.9% |
| Participation rate | 99.5% | 76.8%+22.7pp | 78.4%+21.1pp | 72.2%+27.3pp |
| Annual return | -18.59% | 18.89%-37.5pp | 34.90%-53.5pp | 59.30%-77.9pp |
| Employer contribution / active EE | $7,626 | $2,847+167.9% | $3,540+115.4% | $2,234+241.4% |
| Participant deferral / active EE | $0 | $4,697-100.0% | $6,024-100.0% | $3,806-100.0% |
| Admin fee / account holder | $41 | $128-67.8% | $7,927-99.5% | $158-73.9% |