Retirement plan

ALERUS FINANCIAL CORPORATION SAFE HARBOR 401K PLAN

Name: ALERUS FINANCIAL - ALERUS FINANCIAL CORPORATION SAFE HARBOR 401K PLAN (2022) Form 5500
Creator: ALERUS FINANCIAL
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, ALERUS FINANCIAL CORPORATION SAFE HARBOR 401K PLAN, ALERUS FINANCIAL

ALERUS FINANCIALEIN 45-0375407Plan #003PY 2022

P.O. BOX 6001 - GRAND FORKS, ND 582066001701-795-3200

Other plans on this EIN

1 filing

#001Retirement-$30.0M assets

Prospect flagsNo flags tripped

Top hat statement on fileNQDC

Filed November 16, 2023

Plan administrator

Plan administrator name— Sign in and upgrade to view

PO Box 6001

Grand Forks, ND 58206

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Plans declared (1)

Alerus Financial Corporation Deferred Compensation Plan79 emp

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Total assets (EOY)

$152.3M

-15.7% from 2021

Total participants

1,118

-2.9% from 2021

Average account balance

$139,623

-14.0% from 2021

Annual return

-14.61%

-31.38 pp from 2021

Benchmarks

See 1,529 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,529 peers

Snapshot2022

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$192.06M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$159K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

1,205

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

95.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$9.87M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$11K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+16.51%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$20

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2G2J2R3D

Plan features

2G
Total participant-directed account plan
Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.

Opportunity flags

0 tripped

No flags tripped for this filing year. This plan looks clean.

Expense breakdown

Schedule H Part II

Admin total

$26K

$34 / participant

Investment mgmt$26K100.0%

% of EOY assets

0.017%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: EIDE BAILLY LLP
Auditor EIN: 450250958
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$139,623

$86,897+60.7%

$151,645-7.9%

$64,824+115.4%

Participation rate

96.5%

87.3%+9.2pp

87.5%+9.0pp

71.5%+25.0pp

Annual return

-14.61%

-3.57%-11.0pp

3.34%-18.0pp

32.84%-47.5pp

Employer contribution / active EE

$4,062

$4,010+1.3%

$6,165-34.1%

$2,507+62.0%

Participant deferral / active EE

$8,763

$6,690+31.0%

$8,363+4.8%

$4,311+103.3%

Admin fee / account holder

$24

$153-84.1%

$11,614-99.8%

$188-87.1%

ALERUS FINANCIAL CORPORATION SAFE HARBOR 401K PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

ALERUS FINANCIAL CORPORATION SAFE HARBOR 401K PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion