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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.8+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $28,162 |
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.
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $22,133 | $58,778-62.3% | $129,295-82.9% | $77,671-71.5% |
| Participation rate | 19.1% | 59.2%-40.2pp | 69.6%-50.5pp | 70.6%-51.5pp |
| Annual return | 18.80% | 24.73%-5.9pp | 9429.28%-9410.5pp | 31.21%-12.4pp |
| Employer contribution / active EE | $0 | $1,952-100.0% | $4,157-100.0% | $2,726-100.0% |
| Participant deferral / active EE | $737 | $3,212-77.1% | $4,169-82.3% | $4,648-84.1% |
| Admin fee / account holder | $125 | $589-78.9% | $7,665-98.4% | $430-71.0% |