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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 | $100,061-80.3% | $120,344-83.6% | $64,728-69.6% |
| Participation rate | 66.6% | 79.8%-13.3pp | 76.7%-10.1pp | 57.9%+8.7pp |
| Annual return | 37.71% | 16.53%+21.2pp | 20.30%+17.4pp | 49.38%-11.7pp |
| Employer contribution / active EE | $0 | $3,112-100.0% | $3,020-100.0% | $2,243-100.0% |
| Participant deferral / active EE | $1,877 | $4,955-62.1% | $5,135-63.5% | $2,729-31.2% |
| Admin fee / account holder | $50 | $428-88.4% | $12,742-99.6% | $1,145-95.7% |