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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.6+ years Filed as: ALERUS FINANCIAL Service code 15 · EIN 45-0140105 2300 S COLUMBIA RD · GRAND FORKS, ND 58211 | Recordkeeping | $31,494 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Annual investment return is in the bottom quintile of the peer cohort.
More than 10% of assets are held in cash - possible menu-design or default-fund problem.
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 | $77,528 | $98,760-21.5% | $149,715-48.2% | $79,858-2.9% |
| Participation rate | 61.5% | 75.8%-14.2pp | 82.5%-20.9pp | 69.6%-8.1pp |
| Annual return | 9.80% | 27.43%-17.6pp | 276.66%-266.9pp | 31.72%-21.9pp |
| Employer contribution / active EE | $893 | $3,217-72.2% | $4,645-80.8% | $2,471-63.9% |
| Participant deferral / active EE | $7,450 | $5,681+31.1% | $6,842+8.9% | $3,740+99.2% |
| Admin fee / account holder | $319 | $6,053-94.7% | $9,310-96.6% | $5,306-94.0% |