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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2 years Filed as: ALERUS FINANCIAL, N.A Service code 15 · EIN 45-6062098 | Recordkeeping | $25,034 |
LOVEJOY ASSOCIATES1 year Service code 38 · EIN 20-3989988 | Participant Communication | $1,503 |
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.
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 | $26,778 | $54,045-50.5% | $115,170-76.7% | $65,185-58.9% |
| Participation rate | 45.9% | 63.5%-17.7pp | 75.9%-30.0pp | 70.2%-24.3pp |
| Annual return | 24.00% | 26.55%-2.5pp | 35.60%-11.6pp | 29.38%-5.4pp |
| Employer contribution / active EE | $0 | $1,653-100.0% | $3,179-100.0% | $2,177-100.0% |
| Participant deferral / active EE | $383 | $2,504-84.7% | $4,169-90.8% | $3,514-89.1% |
| Admin fee / account holder | $258 | $626-58.8% | $7,089-96.4% | $847-69.6% |