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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.4+ years Filed as: ALERUS RETIREMENT SOLUTIONS Service code 15 · EIN 45-0140105 3200 COLUMBIA ROAD · GRAND FORKS, ND 58201 | Recordkeeping | $16,692 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Participant contribution per participant is in the bottom quintile of the peer cohort.
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.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $67,484 | $51,620+30.7% | $90,304-25.3% | $65,185+3.5% |
| Participation rate | 29.1% | 68.6%-39.6pp | 73.3%-44.2pp | 70.2%-41.1pp |
| Annual return | 12.00% | 24.94%-12.9pp | 78.13%-66.1pp | 29.38%-17.4pp |
| Employer contribution / active EE | $0 | $2,235-100.0% | $2,855-100.0% | $2,177-100.0% |
| Participant deferral / active EE | $633 | $2,871-77.9% | $3,885-83.7% | $3,514-82.0% |
| Admin fee / account holder | $347 | $384-9.8% | $5,354-93.5% | $847-59.1% |