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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1 year Filed as: ALERUS RETIREMENT SOLUTIONS Service code 15 · EIN 45-0140105 2300 S COLUMBIA ROAD · GRAND FORKS, ND 58201 | Recordkeeping | $24,018 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $32,840 | $167,352-80.4% | $143,788-77.2% | $134,509-75.6% |
| Participation rate | 57.1% | 84.8%-27.7pp | 80.3%-23.2pp | 81.2%-24.1pp |
| Annual return | -17.24% | 0.47%-17.7pp | -0.03%-17.2pp | 418.13%-435.4pp |
| Employer contribution / active EE | $4,359 | $5,620-22.4% | $4,952-12.0% | $4,741-8.0% |
| Participant deferral / active EE | $9,150 | $6,447+41.9% | $5,638+62.3% | $6,400+43.0% |
| Admin fee / account holder | $500 | $18,091-97.2% | $14,675-96.6% | $11,427-95.6% |