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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.5 years Service code 15 · EIN 45-6062081 | Recordkeeping | $16,452 |
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).
Plan reported corrective distributions (failed ADP/ACP testing).
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 | $33,792 | $55,636-39.3% | $81,988-58.8% | $73,493-54.0% |
| Participation rate | 42.0% | 62.3%-20.3pp | 69.3%-27.2pp | 70.7%-28.7pp |
| Annual return | 15.14% | 19.07%-3.9pp | 41.31%-26.2pp | 28.51%-13.4pp |
| Employer contribution / active EE | $489 | $1,625-69.9% | $2,498-80.4% | $2,270-78.5% |
| Participant deferral / active EE | $1,511 | $2,762-45.3% | $3,722-59.4% | $3,740-59.6% |
| Admin fee / account holder | $158 | $493-67.9% | $5,665-97.2% | $513-69.2% |