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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.5+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $24,964 |
ALERUS FINANCIAL, N.A.5+ years Filed as: ALERUS INVESTMENT ADVISORS, INC. Service code 27 · EIN 42-1378382 | Advisory (Plan) | $21,874 |
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.
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 | $100,565 | $81,474+23.4% | $133,971-24.9% | $73,493+36.8% |
| Participation rate | 65.3% | 76.4%-11.1pp | 79.8%-14.5pp | 70.7%-5.4pp |
| Annual return | 4.70% | 19.40%-14.7pp | 45.09%-40.4pp | 28.51%-23.8pp |
| Employer contribution / active EE | $679 | $2,209-69.3% | $3,919-82.7% | $2,270-70.1% |
| Participant deferral / active EE | $3,707 | $3,786-2.1% | $5,047-26.6% | $3,740-0.9% |
| Admin fee / account holder | $375 | $713-47.5% | $8,929-95.8% | $513-27.0% |