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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $18,968 |
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.
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 | $25,843 | $51,466-49.8% | $78,778-67.2% | $62,293-58.5% |
| Participation rate | 44.7% | 59.8%-15.1pp | 69.2%-24.5pp | 69.5%-24.8pp |
| Annual return | 15.01% | 19.96%-4.9pp | 35.62%-20.6pp | 28.90%-13.9pp |
| Employer contribution / active EE | $38 | $827-95.5% | $1,986-98.1% | $2,042-98.2% |
| Participant deferral / active EE | $1,352 | $2,147-37.1% | $2,958-54.3% | $3,169-57.4% |
| Admin fee / account holder | $179 | $489-63.4% | $5,134-96.5% | $479-62.7% |