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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3 years Filed as: ALERUS FINANCIAL Service code 15 · EIN 45-6062081 | Recordkeeping | $1,740 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer contribution per participant is in the bottom quintile of the peer cohort.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $71,453 | $77,677-8.0% | $109,188-34.6% | $79,389-10.0% |
| Participation rate | 50.0% | 67.8%-17.8pp | 75.9%-25.9pp | 70.7%-20.7pp |
| Annual return | 17.27% | 23.44%-6.2pp | 25.76%-8.5pp | 116.89%-99.6pp |
| Employer contribution / active EE | $5 | $2,798-99.8% | $3,723-99.9% | $2,428-99.8% |
| Participant deferral / active EE | $2,614 | $3,517-25.7% | $4,654-43.8% | $4,046-35.4% |
| Admin fee / account holder | $28 | $732-96.2% | $6,755-99.6% | $626-95.5% |