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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $30,655 |
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 | $40,583 | $75,284-46.1% | $91,001-55.4% | $69,631-41.7% |
| Participation rate | 66.5% | 80.4%-13.9pp | 75.6%-9.1pp | 70.7%-4.1pp |
| Annual return | 16.57% | 48.40%-31.8pp | 4.60%+12.0pp | 27571.02%-27554.5pp |
| Employer contribution / active EE | $296 | $2,473-88.0% | $2,456-87.9% | $2,032-85.4% |
| Participant deferral / active EE | $1,742 | $3,700-52.9% | $3,547-50.9% | $3,224-46.0% |
| Admin fee / account holder | $133 | $111+20.5% | $5,417-97.5% | $110+20.7% |