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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.4 years Service code 15 · EIN 45-6062081 | Recordkeeping | $34,884 |
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 signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $37,976 | $37,440+1.4% | $77,081-50.7% | $66,930-43.3% |
| Participation rate | 54.3% | 52.9%+1.4pp | 67.9%-13.6pp | 69.8%-15.5pp |
| Annual return | -18.26% | -3.26%-15.0pp | 42.33%-60.6pp | 1.57%-19.8pp |
| Employer contribution / active EE | $2,157 | $1,534+40.6% | $2,813-23.3% | $2,545-15.3% |
| Participant deferral / active EE | $1,123 | $2,620-57.1% | $4,428-74.6% | $4,238-73.5% |
| Admin fee / account holder | $356 | $568-37.3% | $5,427-93.4% | $593-40.0% |