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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.4+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $12,373 |
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.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
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 | $36,914 | $42,396-12.9% | $67,313-45.2% | $56,287-34.4% |
| Participation rate | 8.4% | 61.0%-52.6pp | 69.1%-60.7pp | 69.9%-61.5pp |
| Annual return | -3.25% | -36.63%+33.4pp | -4.08%+0.8pp | -9.96%+6.7pp |
| Employer contribution / active EE | $0 | $1,414-100.0% | $2,566-100.0% | $2,111-100.0% |
| Participant deferral / active EE | $296 | $2,360-87.5% | $3,568-91.7% | $3,350-91.2% |
| Admin fee / account holder | $317 | $510-37.7% | $4,507-93.0% | $521-39.1% |