Filed January 24, 2023
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $19,194 |
Annual investment return is in the bottom quintile of the peer cohort.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
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 | $17,289 | $58,726-70.6% | $92,233-81.3% | $62,292-72.2% |
| Participation rate | 81.1% | 68.3%+12.8pp | 76.5%+4.7pp | 69.5%+11.6pp |
| Annual return | 11.63% | 43.62%-32.0pp | 176.28%-164.6pp | 28.90%-17.3pp |
| Employer contribution / active EE | $480 | $2,392-79.9% | $3,679-86.9% | $2,042-76.5% |
| Participant deferral / active EE | $2,586 | $2,766-6.5% | $3,897-33.6% | $3,169-18.4% |
| Admin fee / account holder | $50 | $556-91.1% | $5,194-99.0% | $479-89.7% |