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| Provider | Service type | Compensation |
|---|---|---|
BEACON FINANCIAL ADVISORS, LLC3+ years Filed as: BEACON FINANCIAL ADVISORS, INC. Service code 26 · EIN 58-2343908 | Advisory (Participants) | $7,880 |
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $1,050 |
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.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Plan reported corrective distributions (failed ADP/ACP testing).
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 | $18,312 | $80,753-77.3% | $136,297-86.6% | $62,293-70.6% |
| Participation rate | 49.1% | 73.5%-24.5pp | 81.9%-32.9pp | 69.5%-20.5pp |
| Annual return | 13.19% | 35.83%-22.6pp | 5156.16%-5143.0pp | 28.90%-15.7pp |
| Employer contribution / active EE | $800 | $2,884-72.3% | $4,696-83.0% | $2,042-60.8% |
| Participant deferral / active EE | $1,223 | $5,164-76.3% | $6,247-80.4% | $3,169-61.4% |
| Admin fee / account holder | $140 | $525-73.4% | $9,244-98.5% | $479-70.9% |