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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1 year Service code 15 · EIN 45-6062081 | Recordkeeping | $724 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $26,392 | $63,346-58.3% | $92,240-71.4% | $70,126-62.4% |
| Participation rate | 65.3% | 68.7%-3.4pp | 76.5%-11.2pp | 69.5%-4.3pp |
| Annual return | 19.86% | 530.19%-510.3pp | 176.29%-156.4pp | 73.15%-53.3pp |
| Employer contribution / active EE | $0 | $2,471-100.0% | $3,680-100.0% | $2,343-100.0% |
| Participant deferral / active EE | $2,739 | $2,854-4.0% | $3,897-29.7% | $3,332-17.8% |
| Admin fee / account holder | $8 | $3,841-99.8% | $5,194-99.8% | $4,645-99.8% |