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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $43,614 |
Service code 10 · EIN 52-1754364 | Accounting | $9,000 |
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $45,853 | $52,884-13.3% | $84,753-45.9% | $55,167-16.9% |
| Participation rate | 75.5% | 67.5%+8.0pp | 76.6%-1.1pp | 69.0%+6.5pp |
| Annual return | 7.11% | 18.03%-10.9pp | 22.78%-15.7pp | 169.23%-162.1pp |
| Employer contribution / active EE | $0 | $2,233-100.0% | $3,574-100.0% | $1,963-100.0% |
| Participant deferral / active EE | $2,763 | $2,644+4.5% | $3,712-25.6% | $3,054-9.5% |
| Admin fee / account holder | $309 | $581-46.7% | $5,333-94.2% | $504-38.6% |