Filed January 24, 2023
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.8+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $23,194 |
Employer contribution per participant is in the bottom quintile of the peer cohort.
The auditor signed off without reservation. This is the cleanest opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $22,716 | $64,119-64.6% | $112,228-79.8% | $66,914-66.1% |
| Participation rate | 84.6% | 68.5%+16.1pp | 75.1%+9.6pp | 69.8%+14.8pp |
| Annual return | -13.41% | -13.81%+0.4pp | 27.45%-40.9pp | 1.58%-15.0pp |
| Employer contribution / active EE | $656 | $3,005-78.2% | $3,635-82.0% | $2,544-74.2% |
| Participant deferral / active EE | $3,229 | $3,693-12.6% | $4,728-31.7% | $4,237-23.8% |
| Admin fee / account holder | $81 | $625-87.0% | $6,410-98.7% | $593-86.3% |