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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2 years Service code 15 · EIN 45-6062081 | Recordkeeping | $14,240 |
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).
Sponsor crossed the 100-balance-holder threshold in the most recent filing - large-plan audit requirement now applies.
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 | $25,652 | $46,297-44.6% | $71,671-64.2% | $62,293-58.8% |
| Participation rate | 50.4% | 60.6%-10.3pp | 68.7%-18.4pp | 69.5%-19.1pp |
| Annual return | 19.76% | 22.32%-2.6pp | 20.65%-0.9pp | 28.90%-9.1pp |
| Employer contribution / active EE | $515 | $1,412-63.6% | $2,460-79.1% | $2,042-74.8% |
| Participant deferral / active EE | $1,352 | $2,235-39.5% | $3,438-60.7% | $3,169-57.3% |
| Admin fee / account holder | $140 | $461-69.7% | $5,558-97.5% | $479-70.9% |