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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-0345592 | Recordkeeping | $14,941 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
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 | $56,013 | $54,541+2.7% | $78,778-28.9% | $70,126-20.1% |
| Participation rate | 50.0% | 60.8%-10.8pp | 69.2%-19.2pp | 69.5%-19.5pp |
| Annual return | 16.29% | 21.07%-4.8pp | 35.62%-19.3pp | 73.15%-56.9pp |
| Employer contribution / active EE | $1,414 | $1,089+29.9% | $1,986-28.8% | $2,343-39.7% |
| Participant deferral / active EE | $1,594 | $2,210-27.9% | $2,958-46.1% | $3,332-52.2% |
| Admin fee / account holder | $178 | $3,709-95.2% | $5,134-96.5% | $4,645-96.2% |