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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $1,565 |
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.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
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 | $14,545 | $70,917-79.5% | $98,920-85.3% | $73,497-80.2% |
| Participation rate | 12.3% | 73.8%-61.5pp | 76.0%-63.7pp | 70.7%-58.4pp |
| Annual return | 38.17% | 34.18%+4.0pp | 196.47%-158.3pp | 28.51%+9.7pp |
| Employer contribution / active EE | $0 | $2,037-100.0% | $2,689-100.0% | $2,270-100.0% |
| Participant deferral / active EE | $965 | $3,501-72.4% | $4,245-77.3% | $3,740-74.2% |
| Admin fee / account holder | $171 | $535-68.0% | $6,643-97.4% | $513-66.6% |