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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $24,396 |
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).
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 | $30,108 | $57,921-48.0% | $84,753-64.5% | $57,658-47.8% |
| Participation rate | 21.0% | 72.9%-52.0pp | 76.6%-55.6pp | 70.2%-49.3pp |
| Annual return | 3.61% | 10.24%-6.6pp | 22.78%-19.2pp | 5.13%-1.5pp |
| Employer contribution / active EE | $709 | $2,598-72.7% | $3,574-80.2% | $1,974-64.1% |
| Participant deferral / active EE | $1,199 | $2,742-56.3% | $3,712-67.7% | $3,061-60.8% |
| Admin fee / account holder | $152 | $130+16.8% | $5,333-97.2% | $95+60.3% |