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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.8 years Service code 15 · EIN 45-6062081 | Recordkeeping | $15,159 |
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.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $19,677 | $99,823-80.3% | $122,979-84.0% | $65,191-69.8% |
| Participation rate | 66.6% | 80.1%-13.5pp | 77.2%-10.6pp | 63.0%+3.6pp |
| Annual return | 37.71% | 13.47%+24.2pp | 20.12%+17.6pp | 51.24%-13.5pp |
| Employer contribution / active EE | $0 | $3,224-100.0% | $3,062-100.0% | $2,400-100.0% |
| Participant deferral / active EE | $1,877 | $4,328-56.6% | $5,003-62.5% | $2,671-29.7% |
| Admin fee / account holder | $50 | $325-84.8% | $12,864-99.6% | $907-94.5% |