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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.5+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $25,404 |
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.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
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 | $47,008 | $49,138-4.3% | $84,020-44.1% | $65,185-27.9% |
| Participation rate | 36.6% | 60.7%-24.1pp | 69.0%-32.4pp | 70.2%-33.6pp |
| Annual return | 18.46% | 23.00%-4.5pp | 71.31%-52.8pp | 29.38%-10.9pp |
| Employer contribution / active EE | $67 | $914-92.7% | $1,984-96.6% | $2,177-96.9% |
| Participant deferral / active EE | $1,419 | $2,397-40.8% | $3,239-56.2% | $3,514-59.6% |
| Admin fee / account holder | $379 | $543-30.2% | $6,101-93.8% | $847-55.2% |