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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1 year Service code 15 · EIN 45-6062081 | Recordkeeping | $2,686 |
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.
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 | $23,104 | $65,118-64.5% | $76,766-69.9% | $55,725-58.5% |
| Participation rate | 32.1% | 79.6%-47.5pp | 77.0%-44.9pp | 70.9%-38.8pp |
| Annual return | 16.13% | -1.27%+17.4pp | 2.43%+13.7pp | 244.93%-228.8pp |
| Employer contribution / active EE | $0 | $1,941-100.0% | $2,485-100.0% | $2,078-100.0% |
| Participant deferral / active EE | $685 | $3,688-81.4% | $3,851-82.2% | $3,356-79.6% |
| Admin fee / account holder | $30 | $116-74.3% | $6,675-99.6% | $115-74.1% |