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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $10,959 |
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.
Annual investment return is in the bottom quintile of the peer cohort.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
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 | $25,150 | $39,819-36.8% | $67,834-62.9% | $57,658-56.4% |
| Participation rate | 9.3% | 61.2%-52.0pp | 68.8%-59.5pp | 70.2%-61.0pp |
| Annual return | 3.99% | 9.19%-5.2pp | 138.47%-134.5pp | 5.13%-1.1pp |
| Employer contribution / active EE | $0 | $1,277-100.0% | $2,403-100.0% | $1,974-100.0% |
| Participant deferral / active EE | $367 | $2,209-83.4% | $3,160-88.4% | $3,061-88.0% |
| Admin fee / account holder | $157 | $84+87.2% | $4,622-96.6% | $95+65.6% |