Filed October 27, 2014
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1 year Service code 15 · EIN 45-6062081 | Recordkeeping | $2,718 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Sponsor crossed the 100-balance-holder threshold in the most recent filing - large-plan audit requirement now applies.
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 | $5,946 | $43,423-86.3% | $78,676-92.4% | $55,167-89.2% |
| Participation rate | 49.4% | 68.0%-18.7pp | 73.6%-24.2pp | 69.0%-19.6pp |
| Annual return | 56.33% | 11.53%+44.8pp | 62.19%-5.9pp | 169.23%-112.9pp |
| Employer contribution / active EE | $581 | $1,997-70.9% | $2,850-79.6% | $1,963-70.4% |
| Participant deferral / active EE | $1,392 | $2,509-44.5% | $3,517-60.4% | $3,054-54.4% |
| Admin fee / account holder | $22 | $416-94.6% | $4,510-99.5% | $504-95.6% |