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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.7+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $23,550 |
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.
More than 10% of assets are held in cash - possible menu-design or default-fund problem.
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $62,398 | $84,936-26.5% | $111,308-43.9% | $79,391-21.4% |
| Participation rate | 50.3% | 75.9%-25.5pp | 77.3%-27.0pp | 70.7%-20.4pp |
| Annual return | 19.82% | 17.45%+2.4pp | 54.67%-34.8pp | 116.88%-97.1pp |
| Employer contribution / active EE | $907 | $1,979-54.2% | $2,732-66.8% | $2,428-62.7% |
| Participant deferral / active EE | $1,809 | $3,888-53.5% | $4,487-59.7% | $4,046-55.3% |
| Admin fee / account holder | $231 | $537-57.0% | $7,965-97.1% | $627-63.1% |