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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.5+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $54,773 |
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.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Plan reported corrective distributions (failed ADP/ACP testing).
Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $31,945 | $102,393-68.8% | $147,041-78.3% | $80,911-60.5% |
| Participation rate | 64.7% | 75.9%-11.1pp | 82.2%-17.5pp | 67.6%-2.9pp |
| Annual return | 12.31% | 134.95%-122.6pp | 419.21%-406.9pp | 35.63%-23.3pp |
| Employer contribution / active EE | $0 | $3,715-100.0% | $4,935-100.0% | $2,756-100.0% |
| Participant deferral / active EE | $2,305 | $6,647-65.3% | $8,071-71.4% | $4,297-46.4% |
| Admin fee / account holder | $442 | $7,943-94.4% | $13,006-96.6% | $6,935-93.6% |