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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.4+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $33,305 |
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.
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 | $37,049 | $56,443-34.4% | $83,830-55.8% | $55,725-33.5% |
| Participation rate | 17.0% | 72.0%-55.0pp | 76.1%-59.1pp | 70.9%-53.8pp |
| Annual return | -4.11% | 393.67%-397.8pp | 850.97%-855.1pp | 244.93%-249.0pp |
| Employer contribution / active EE | $550 | $2,682-79.5% | $3,631-84.8% | $2,078-73.5% |
| Participant deferral / active EE | $968 | $2,965-67.3% | $4,082-76.3% | $3,356-71.1% |
| Admin fee / account holder | $204 | $156+30.8% | $5,479-96.3% | $115+77.4% |