Filed May 14, 2026 (most recent of 3 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $17,246 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer contribution per participant is in the bottom quintile of the peer cohort.
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 | $55,207 | $80,211-31.2% | $74,184-25.6% | $63,975-13.7% |
| Participation rate | 59.9% | 84.2%-24.2pp | 76.6%-16.7pp | 71.1%-11.2pp |
| Annual return | 8.40% | 14.13%-5.7pp | 17.74%-9.3pp | 48.65%-40.3pp |
| Employer contribution / active EE | $800 | $2,553-68.7% | $2,370-66.3% | $2,182-63.3% |
| Participant deferral / active EE | $2,049 | $4,370-53.1% | $3,550-42.3% | $3,356-39.0% |
| Admin fee / account holder | $20 | $67-70.3% | $5,586-99.6% | $70-71.7% |