Filed October 27, 2014
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.8 years Service code 15 · EIN 45-6062081 | Recordkeeping | $16,453 |
CHARLES SCHWAB & CO., INC.6 years Filed as: CHARLES SCHWAB BANK Service code 19 · EIN 82-3967259 | Securities Custodian | $659 |
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).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $21,616 | $52,188-58.6% | $86,656-75.1% | $74,473-71.0% |
| Participation rate | 53.0% | 66.3%-13.3pp | 71.7%-18.7pp | 70.7%-17.7pp |
| Annual return | 18.00% | 44.46%-26.5pp | 593.09%-575.1pp | 34.36%-16.4pp |
| Employer contribution / active EE | $498 | $2,282-78.2% | $3,025-83.5% | $2,638-81.1% |
| Participant deferral / active EE | $2,752 | $3,383-18.7% | $4,439-38.0% | $4,530-39.3% |
| Admin fee / account holder | $49 | $319-84.6% | $5,619-99.1% | $347-85.8% |