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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $16,863 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Employer 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 | $21,685 | $42,546-49.0% | $71,796-69.8% | $55,167-60.7% |
| Participation rate | 44.4% | 59.1%-14.7pp | 69.1%-24.7pp | 69.0%-24.5pp |
| Annual return | 5.07% | 12.36%-7.3pp | 78.04%-73.0pp | 169.23%-164.2pp |
| Employer contribution / active EE | $52 | $803-93.5% | $1,924-97.3% | $1,963-97.3% |
| Participant deferral / active EE | $1,098 | $2,064-46.8% | $2,794-60.7% | $3,054-64.1% |
| Admin fee / account holder | $153 | $650-76.4% | $4,815-96.8% | $504-69.6% |