Filed June 8, 2022
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| Provider | Service type | Compensation |
|---|---|---|
Filed as: VOYA FINANCIAL ADVISORS Service code 27 3 S. MAIN · WEBB CITY, MO 64870 | Advisory (Plan) | $15,457 |
ALERUS FINANCIAL, N.A.1 year Filed as: ALERUS RETIREMENT AND BENEFITS Service code 15 7650 EDINBOROUGH WAY, SUITE 645 · EDINA, MN 55435 | Recordkeeping | $8,143 |
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.
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $67,279 | $69,383-3.0% | $101,264-33.6% | $73,493-8.5% |
| Participation rate | 28.2% | 68.4%-40.2pp | 75.8%-47.6pp | 70.7%-42.5pp |
| Annual return | 15.39% | 18.46%-3.1pp | 46.48%-31.1pp | 28.51%-13.1pp |
| Employer contribution / active EE | $0 | $2,628-100.0% | $3,660-100.0% | $2,270-100.0% |
| Participant deferral / active EE | $1,149 | $3,301-65.2% | $4,370-73.7% | $3,740-69.3% |
| Admin fee / account holder | $281 | $704-60.1% | $5,947-95.3% | $513-45.2% |