Filed June 20, 2023
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1 year Service code 15 · EIN 45-6062081 | Recordkeeping | $27,258 |
HAYS FINANCIAL GROUP1 year Filed as: HAYS COMPANIES, INC. Service code 26 · EIN 83-2217196 | Advisory (Participants) | $4,776 |
PRINCIPAL LIFE INSURANCE COMPANY6+ years Service code 13 · EIN 42-0127290 | Contract Administrator | $20 |
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.
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 signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $5,482 | $56,095-90.2% | $178,498-96.9% | $90,274-93.9% |
| Participation rate | 48.2% | 65.6%-17.3pp | 81.9%-33.7pp | 73.4%-25.1pp |
| Annual return | 18.71% | 28.81%-10.1pp | 151.09%-132.4pp | 53.97%-35.3pp |
| Employer contribution / active EE | $310 | $1,572-80.3% | $5,011-93.8% | $2,523-87.7% |
| Participant deferral / active EE | $660 | $2,669-75.3% | $5,202-87.3% | $4,231-84.4% |
| Admin fee / account holder | $53 | $101-47.4% | $13,985-99.6% | $114-53.6% |