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 | $31,813 |
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 | $20,424 | $64,286-68.2% | $106,387-80.8% | $55,725-63.3% |
| Participation rate | 71.3% | 75.2%-3.9pp | 77.5%-6.2pp | 70.9%+0.4pp |
| Annual return | 0.89% | 0.84%+0.1pp | 0.25%+0.6pp | 244.93%-244.0pp |
| Employer contribution / active EE | $1,610 | $2,367-32.0% | $3,520-54.3% | $2,078-22.5% |
| Participant deferral / active EE | $2,775 | $4,158-33.2% | $5,421-48.8% | $3,356-17.3% |
| Admin fee / account holder | $82 | $102-20.1% | $7,510-98.9% | $115-29.0% |