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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $7,575 |
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.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
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 | $11,794 | $31,741-62.8% | $56,077-79.0% | $199,921-94.1% |
| Participation rate | 5.7% | 32.3%-26.7pp | 52.5%-46.8pp | 72.0%-66.3pp |
| Annual return | 21.48% | 14.72%+6.8pp | 1709.28%-1687.8pp | 34.28%-12.8pp |
| Employer contribution / active EE | $47 | $508-90.8% | $1,040-95.5% | $3,035-98.5% |
| Participant deferral / active EE | $297 | $1,184-74.9% | $1,954-84.8% | $5,089-94.2% |
| Admin fee / account holder | $46 | $426-89.1% | $2,825-98.4% | $269-82.7% |