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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $50,796 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Annual investment return is in the bottom quintile of the peer cohort.
The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $38,542 | $69,305-44.4% | $82,313-53.2% | $69,631-44.6% |
| Participation rate | 63.5% | 80.3%-16.7pp | 76.9%-13.4pp | 70.7%-7.2pp |
| Annual return | 12.10% | 21.47%-9.4pp | 25.88%-13.8pp | 27571.02%-27558.9pp |
| Employer contribution / active EE | $823 | $1,887-56.4% | $2,428-66.1% | $2,032-59.5% |
| Participant deferral / active EE | $2,009 | $3,568-43.7% | $3,706-45.8% | $3,224-37.7% |
| Admin fee / account holder | $130 | $97+33.6% | $5,608-97.7% | $110+17.6% |