Filed January 9, 2023
Sign up free to preview peer percentile detail
Free accounts unlock saves, downloads, and 3-year history.
Sign up free to preview 10-year trajectory
Free accounts unlock saves, downloads, and 3-year history.
| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $20,602 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Plan reported corrective distributions (failed ADP/ACP testing).
Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $23,031 | $68,544-66.4% | $115,752-80.1% | $69,631-66.9% |
| Participation rate | 69.6% | 74.0%-4.3pp | 77.8%-8.1pp | 70.7%-1.0pp |
| Annual return | 26.87% | 20.97%+5.9pp | 19.41%+7.5pp | 27571.02%-27544.2pp |
| Employer contribution / active EE | $1,694 | $2,400-29.4% | $3,492-51.5% | $2,032-16.6% |
| Participant deferral / active EE | $2,648 | $3,887-31.9% | $5,204-49.1% | $3,224-17.8% |
| Admin fee / account holder | $68 | $90-24.2% | $6,278-98.9% | $110-38.0% |