Filed January 9, 2023
See peer percentile detail. $4.99 for your first month.
Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.
See the 10-year trajectory. $4.99 for your first month.
Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.
| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $15,997 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Participant contribution per participant is in the bottom quintile of the peer cohort.
Plan reported corrective distributions (failed ADP/ACP testing).
The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $26,938 | $57,435-53.1% | $105,218-74.4% | $55,191-51.2% |
| Participation rate | 36.3% | 71.3%-35.1pp | 77.2%-41.0pp | 69.2%-32.9pp |
| Annual return | 0.86% | 2.97%-2.1pp | 5.33%-4.5pp | 10.78%-9.9pp |
| Employer contribution / active EE | $0 | $1,920-100.0% | $3,255-100.0% | $1,899-100.0% |
| Participant deferral / active EE | $1,084 | $3,495-69.0% | $4,867-77.7% | $3,046-64.4% |
| Admin fee / account holder | $101 | $70+44.0% | $6,992-98.6% | $91+11.5% |