Filed October 27, 2014
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.6 years Service code 15 · EIN 45-6062081 | Recordkeeping | $1,987 |
CHARLES SCHWAB & CO., INC.4 years Filed as: CHARLES SCHWAB BANK Service code 19 · EIN 82-3967259 | Securities Custodian | $538 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
The auditor signed off without reservation. This is the cleanest opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $17,857 | $58,290-69.4% | $98,442-81.9% | $86,799-79.4% |
| Participation rate | 67.1% | 68.3%-1.2pp | 73.3%-6.2pp | 72.3%-5.2pp |
| Annual return | 31.60% | 43.48%-11.9pp | 1492.73%-1461.1pp | 97.91%-66.3pp |
| Employer contribution / active EE | $452 | $2,008-77.5% | $2,960-84.7% | $2,405-81.2% |
| Participant deferral / active EE | $2,426 | $3,152-23.0% | $4,276-43.3% | $4,131-41.3% |
| Admin fee / account holder | $12 | $138-91.0% | $5,949-99.8% | $170-92.7% |