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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $5,483 |
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.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $24,185 | $39,458-38.7% | $60,547-60.1% | $55,191-56.2% |
| Participation rate | 10.4% | 59.6%-49.2pp | 68.0%-57.6pp | 69.2%-58.8pp |
| Annual return | -0.07% | 3.35%-3.4pp | 335.64%-335.7pp | 10.78%-10.8pp |
| Employer contribution / active EE | $0 | $1,210-100.0% | $2,419-100.0% | $1,899-100.0% |
| Participant deferral / active EE | $301 | $2,140-85.9% | $3,328-91.0% | $3,046-90.1% |
| Admin fee / account holder | $76 | $95-20.0% | $4,536-98.3% | $91-16.1% |