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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2 years Service code 15 · EIN 45-6062081 | Recordkeeping | $30,494 |
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.)
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Plan reported corrective distributions (failed ADP/ACP testing).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $63,218 | $60,776+4.0% | $85,693-26.2% | $79,393-20.4% |
| Participation rate | 44.6% | 62.1%-17.5pp | 69.9%-25.3pp | 70.7%-26.1pp |
| Annual return | 15.75% | 16.57%-0.8pp | 21.49%-5.7pp | 116.87%-101.1pp |
| Employer contribution / active EE | $1,257 | $1,663-24.4% | $2,618-52.0% | $2,428-48.2% |
| Participant deferral / active EE | $1,835 | $2,919-37.1% | $3,923-53.2% | $4,046-54.6% |
| Admin fee / account holder | $393 | $438-10.4% | $6,874-94.3% | $627-37.3% |