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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.4 years Service code 15 · EIN 45-6062081 | Recordkeeping | $6,129 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Participant contribution per participant is in the bottom quintile of the peer cohort.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $99,461 | $64,286+54.7% | $90,970+9.3% | $73,412+35.5% |
| Participation rate | 31.0% | 63.6%-32.6pp | 69.0%-38.0pp | 72.2%-41.1pp |
| Annual return | 19.39% | 21.46%-2.1pp | 134.60%-115.2pp | 59.30%-39.9pp |
| Employer contribution / active EE | $553 | $895-38.1% | $2,122-73.9% | $2,234-75.2% |
| Participant deferral / active EE | $901 | $2,453-63.3% | $3,373-73.3% | $3,806-76.3% |
| Admin fee / account holder | $28 | $287-90.3% | $5,961-99.5% | $158-82.3% |