Filed October 27, 2014
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.9 years Service code 15 · EIN 45-6062081 | Recordkeeping | $10,270 |
CHARLES SCHWAB & CO., INC.7 years Filed as: CHARLES SCHWAB BANK Service code 19 · EIN 82-3967259 | Securities Custodian | $1,123 |
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).
The auditor signed off without reservation. This is the cleanest opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $14,270 | $65,908-78.3% | $81,812-82.6% | $77,643-81.6% |
| Participation rate | 76.3% | 65.8%+10.5pp | 72.3%+3.9pp | 70.6%+5.7pp |
| Annual return | 13.83% | 26.64%-12.8pp | 773.79%-760.0pp | 31.24%-17.4pp |
| Employer contribution / active EE | $488 | $2,370-79.4% | $2,912-83.3% | $2,726-82.1% |
| Participant deferral / active EE | $2,580 | $3,505-26.4% | $4,319-40.3% | $4,647-44.5% |
| Admin fee / account holder | $17 | $526-96.7% | $7,386-99.8% | $430-95.9% |