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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.7+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $26,252 |
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 | $19,711 | $53,344-63.0% | $121,204-83.7% | $74,460-73.5% |
| Participation rate | 18.0% | 60.0%-42.0pp | 69.5%-51.5pp | 70.7%-52.7pp |
| Annual return | 24.55% | 35.15%-10.6pp | 987.18%-962.6pp | 34.38%-9.8pp |
| Employer contribution / active EE | $0 | $1,898-100.0% | $4,170-100.0% | $2,638-100.0% |
| Participant deferral / active EE | $710 | $3,220-78.0% | $4,083-82.6% | $4,530-84.3% |
| Admin fee / account holder | $122 | $382-68.2% | $5,651-97.8% | $348-65.1% |