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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1+ years Filed as: ALERUS FINANCIAL Service code 13 · EIN 45-6062081 | Contract Administrator | $21,636 |
BOULAY PLLP1+ years Service code 15 · EIN 41-0887288 | Recordkeeping | $10,000 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
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 | $82,810 | $50,898+62.7% | $171,082-51.6% | $55,167+50.1% |
| Participation rate | 68.6% | 63.3%+5.4pp | 76.7%-8.1pp | 69.0%-0.4pp |
| Annual return | 12.45% | 15.34%-2.9pp | 32.56%-20.1pp | 169.23%-156.8pp |
| Employer contribution / active EE | $1,333 | $1,433-7.0% | $4,002-66.7% | $1,963-32.1% |
| Participant deferral / active EE | $7,524 | $2,994+151.3% | $4,797+56.8% | $3,054+146.3% |
| Admin fee / account holder | $330 | $500-34.0% | $8,520-96.1% | $504-34.6% |