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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2 years Service code 15 · EIN 45-6062081 | Recordkeeping | $16,939 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
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 | $42,586 | $43,133-1.3% | $89,414-52.4% | $73,493-42.1% |
| Participation rate | 57.3% | 55.0%+2.3pp | 68.0%-10.7pp | 70.7%-13.4pp |
| Annual return | 16.91% | 135.66%-118.7pp | 245.50%-228.6pp | 28.51%-11.6pp |
| Employer contribution / active EE | $1,286 | $1,438-10.5% | $2,586-50.3% | $2,270-43.3% |
| Participant deferral / active EE | $2,182 | $2,445-10.7% | $3,890-43.9% | $3,740-41.7% |
| Admin fee / account holder | $360 | $444-18.9% | $4,883-92.6% | $513-29.9% |