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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1 year Filed as: ALERUS Service code 15 · EIN 45-6062081 | Recordkeeping | $17,055 |
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 | $44,054 | $50,947-13.5% | $74,551-40.9% | $64,173-31.4% |
| Participation rate | 46.3% | 61.1%-14.8pp | 69.1%-22.9pp | 69.6%-23.3pp |
| Annual return | -5.67% | -1.85%-3.8pp | 32.53%-38.2pp | 7.63%-13.3pp |
| Employer contribution / active EE | $1,449 | $1,115+29.9% | $1,961-26.1% | $2,381-39.1% |
| Participant deferral / active EE | $1,734 | $2,302-24.7% | $3,108-44.2% | $3,470-50.0% |
| Admin fee / account holder | $213 | $4,221-94.9% | $5,059-95.8% | $4,887-95.6% |