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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3 years Filed as: ALERUS FINANCIAL, N.A Service code 15 · EIN 45-6062098 | Recordkeeping | $21,975 |
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 | $39,097 | $59,328-34.1% | $118,946-67.1% | $73,493-46.8% |
| Participation rate | 51.8% | 62.3%-10.5pp | 75.4%-23.6pp | 70.7%-18.9pp |
| Annual return | 17.26% | 19.13%-1.9pp | 35.89%-18.6pp | 28.51%-11.3pp |
| Employer contribution / active EE | $0 | $1,803-100.0% | $3,263-100.0% | $2,270-100.0% |
| Participant deferral / active EE | $379 | $2,604-85.5% | $4,266-91.1% | $3,740-89.9% |
| Admin fee / account holder | $271 | $600-54.8% | $6,581-95.9% | $513-47.1% |