Filed February 13, 2023
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| Provider | Service type | Compensation |
|---|---|---|
RBC WEALTH MANAGEMENT1 year Service code 26 · EIN 41-1416330 | Advisory (Participants) | $8,572 |
Service code 26 · EIN 41-1416330 | Advisory (Participants) | $8,569 |
ALERUS FINANCIAL, N.A.1 year Service code 15 · EIN 45-6062081 | Recordkeeping | $875 |
Annual investment return is in the bottom quintile of the peer cohort.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
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 | $29,754 | $52,884-43.7% | $84,753-64.9% | $55,167-46.1% |
| Participation rate | 83.6% | 67.5%+16.1pp | 76.6%+7.0pp | 69.0%+14.6pp |
| Annual return | -2.70% | 18.03%-20.7pp | 22.78%-25.5pp | 169.23%-171.9pp |
| Employer contribution / active EE | $2,338 | $2,233+4.7% | $3,574-34.6% | $1,963+19.1% |
| Participant deferral / active EE | $4,897 | $2,644+85.2% | $3,712+31.9% | $3,054+60.3% |
| Admin fee / account holder | $133 | $581-77.0% | $5,333-97.5% | $504-73.5% |