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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2 years Filed as: ALERUS Service code 15 · EIN 45-6062081 | Recordkeeping | $17,846 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Assets per participant exceed $250,000 - top-decile high-value plan.
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 | $374,241 | $106,923+250.0% | $84,023+345.4% | $152,909+144.7% |
| Participation rate | 0.0% | 75.3%-75.3pp | 69.0%-69.0pp | 82.5%-82.5pp |
| Annual return | 21.02% | 105.02%-84.0pp | 71.32%-50.3pp | 345.46%-324.4pp |
| Employer contribution / active EE | $0 | $2,735-100.0% | $1,984-100.0% | $4,764-100.0% |
| Participant deferral / active EE | $13,081 | $4,013+226.0% | $3,239+303.8% | $5,851+123.6% |
| Admin fee / account holder | $1,983 | $8,289-76.1% | $6,102-67.5% | $11,601-82.9% |