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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1 year Filed as: ALERUS INVESTMENT ADVISORS, INC. Service code 26 · EIN 42-1378382 | Advisory (Participants) | $30,921 |
ALERUS FINANCIAL, N.A.5 years Service code 15 · EIN 45-6062081 | Recordkeeping | $17,824 |
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.)
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $55,257 | $55,402-0.3% | $76,089-27.4% | $77,714-28.9% |
| Participation rate | 45.2% | 63.6%-18.3pp | 69.1%-23.8pp | 70.6%-25.3pp |
| Annual return | 14.09% | 17.09%-3.0pp | 360.94%-346.8pp | 31.26%-17.2pp |
| Employer contribution / active EE | $1,695 | $1,789-5.3% | $2,690-37.0% | $2,727-37.8% |
| Participant deferral / active EE | $2,316 | $3,450-32.9% | $4,259-45.6% | $4,649-50.2% |
| Admin fee / account holder | $353 | $410-13.9% | $6,418-94.5% | $433-18.5% |