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| Provider | Service type | Compensation |
|---|---|---|
FINANCIAL STRATEGIES GROUP2+ years Service code 28 · EIN 37-1456006 | Investment Management | $46,805 |
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $10,585 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $38,696 | $42,546-9.0% | $71,796-46.1% | $55,167-29.9% |
| Participation rate | 55.8% | 59.1%-3.4pp | 69.1%-13.4pp | 69.0%-13.2pp |
| Annual return | 11.11% | 12.36%-1.3pp | 78.04%-66.9pp | 169.23%-158.1pp |
| Employer contribution / active EE | $603 | $803-25.0% | $1,924-68.7% | $1,963-69.3% |
| Participant deferral / active EE | $2,223 | $2,064+7.7% | $2,794-20.5% | $3,054-27.2% |
| Admin fee / account holder | $385 | $650-40.7% | $4,815-92.0% | $504-23.6% |