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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1+ years Filed as: ALERUS RETIREMENT SOLUTIONS Service code 15 · EIN 45-0140105 3200 COLUMBIA ROAD · GRAND FORKS, ND 58201 | Recordkeeping | $5,133 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Annual investment return is in the bottom quintile of the peer cohort.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
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 | $18,091 | $48,078-62.4% | $78,676-77.0% | $62,881-71.2% |
| Participation rate | 53.7% | 65.2%-11.5pp | 73.6%-19.9pp | 69.3%-15.6pp |
| Annual return | -4.89% | 31.36%-36.2pp | 62.19%-67.1pp | 20.14%-25.0pp |
| Employer contribution / active EE | $0 | $2,015-100.0% | $2,850-100.0% | $2,281-100.0% |
| Participant deferral / active EE | $1,580 | $2,587-38.9% | $3,517-55.1% | $3,203-50.7% |
| Admin fee / account holder | $47 | $3,206-98.5% | $4,510-99.0% | $4,296-98.9% |