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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.9+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $21,420 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
More than 10% of assets are held in cash - possible menu-design or default-fund problem.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $27,177 | $55,472-51.0% | $155,567-82.5% | $74,546-63.5% |
| Participation rate | 53.4% | 61.9%-8.5pp | 78.2%-24.8pp | 67.2%-13.8pp |
| Annual return | 11.60% | 268.72%-257.1pp | 64.74%-53.1pp | 1366.03%-1354.4pp |
| Employer contribution / active EE | $739 | $2,269-67.4% | $4,674-84.2% | $2,624-71.8% |
| Participant deferral / active EE | $1,248 | $2,838-56.0% | $5,628-77.8% | $4,347-71.3% |
| Admin fee / account holder | $144 | $1,743-91.8% | $15,916-99.1% | $1,944-92.6% |