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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $28,835 |
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.
The auditor declined to give an opinion. This is usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $35,150 | $62,324-43.6% | $68,509-48.7% | $55,191-36.3% |
| Participation rate | 69.8% | 78.9%-9.1pp | 74.7%-5.0pp | 69.2%+0.6pp |
| Annual return | 0.74% | 4.26%-3.5pp | 8.27%-7.5pp | 10.78%-10.0pp |
| Employer contribution / active EE | $302 | $2,223-86.4% | $2,278-86.7% | $1,899-84.1% |
| Participant deferral / active EE | $1,894 | $3,425-44.7% | $3,382-44.0% | $3,046-37.8% |
| Admin fee / account holder | $121 | $91+32.6% | $5,275-97.7% | $91+33.5% |