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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.8+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $9,726 |
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.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $29,840 | $61,338-51.4% | $149,717-80.1% | $71,495-58.3% |
| Participation rate | 42.9% | 62.5%-19.7pp | 78.8%-35.9pp | 67.9%-25.1pp |
| Annual return | 8.65% | 35.86%-27.2pp | 134.41%-125.8pp | 28.85%-20.2pp |
| Employer contribution / active EE | $387 | $2,381-83.8% | $4,820-92.0% | $2,589-85.1% |
| Participant deferral / active EE | $718 | $2,919-75.4% | $5,682-87.4% | $4,291-83.3% |
| Admin fee / account holder | $74 | $1,263-94.1% | $13,213-99.4% | $1,588-95.3% |