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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $31,040 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer contribution per participant is in the bottom quintile of the peer cohort.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Plan reported corrective distributions (failed ADP/ACP testing).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $69,044 | $76,696-10.0% | $96,538-28.5% | $71,529-3.5% |
| Participation rate | 44.2% | 66.6%-22.3pp | 74.3%-30.1pp | 67.9%-23.7pp |
| Annual return | 17.76% | 48.32%-30.6pp | 35.74%-18.0pp | 28.97%-11.2pp |
| Employer contribution / active EE | $170 | $3,032-94.4% | $3,740-95.5% | $2,590-93.4% |
| Participant deferral / active EE | $1,799 | $3,770-52.3% | $4,880-63.1% | $4,291-58.1% |
| Admin fee / account holder | $357 | $2,030-82.4% | $6,737-94.7% | $1,588-77.5% |