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| Provider | Service type | Compensation |
|---|---|---|
BEACON FINANCIAL ADVISORS, LLC2+ years Filed as: BEACON FINANCIAL ADVISORS, INC. Service code 26 · EIN 58-2343908 | Advisory (Participants) | $6,794 |
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $1,126 |
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.
Annual investment return 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.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
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 | $16,035 | $76,551-79.1% | $123,894-87.1% | $62,881-74.5% |
| Participation rate | 45.8% | 73.0%-27.1pp | 81.4%-35.6pp | 69.3%-23.5pp |
| Annual return | 5.28% | 18.68%-13.4pp | 47.52%-42.2pp | 20.14%-14.9pp |
| Employer contribution / active EE | $0 | $2,882-100.0% | $4,617-100.0% | $2,281-100.0% |
| Participant deferral / active EE | $1,191 | $4,840-75.4% | $5,984-80.1% | $3,203-62.8% |
| Admin fee / account holder | $137 | $4,826-97.2% | $8,357-98.4% | $4,296-96.8% |