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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $14,468 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Participant contribution per participant is in the bottom quintile of the peer cohort.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $19,154 | $54,368-64.8% | $117,039-83.6% | $62,293-69.3% |
| Participation rate | 51.0% | 64.9%-13.9pp | 77.2%-26.2pp | 69.5%-18.5pp |
| Annual return | 13.79% | 21.77%-8.0pp | 18.95%-5.2pp | 28.90%-15.1pp |
| Employer contribution / active EE | $0 | $1,692-100.0% | $3,785-100.0% | $2,042-100.0% |
| Participant deferral / active EE | $493 | $2,269-78.3% | $3,929-87.5% | $3,169-84.4% |
| Admin fee / account holder | $107 | $493-78.3% | $5,974-98.2% | $479-77.6% |