Filed January 24, 2023
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.5+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $37,267 |
Employer contribution per participant 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.
Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.
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 | $16,512 | $63,114-73.8% | $92,893-82.2% | $65,185-74.7% |
| Participation rate | 83.3% | 68.8%+14.6pp | 76.0%+7.3pp | 70.2%+13.1pp |
| Annual return | 18.11% | 28.75%-10.6pp | 109.41%-91.3pp | 29.38%-11.3pp |
| Employer contribution / active EE | $494 | $2,571-80.8% | $3,653-86.5% | $2,177-77.3% |
| Participant deferral / active EE | $2,869 | $3,108-7.7% | $4,236-32.3% | $3,514-18.4% |
| Admin fee / account holder | $83 | $624-86.7% | $5,794-98.6% | $847-90.2% |