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| Provider | Service type | Compensation |
|---|---|---|
Filed as: PETERSEN HASTINGS INVESTMENT MANAGE Service code 26 · EIN 91-1216229 | Advisory (Participants) | $21,302 |
ALERUS FINANCIAL, N.A.2 years Service code 15 · EIN 45-6062081 | Recordkeeping | $6,043 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Annual investment return 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).
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 | $48,324 | $39,948+21.0% | $89,400-45.9% | $73,412-34.2% |
| Participation rate | 19.6% | 50.4%-30.8pp | 68.0%-48.3pp | 72.2%-52.5pp |
| Annual return | 7.41% | 50.12%-42.7pp | 245.64%-238.2pp | 59.30%-51.9pp |
| Employer contribution / active EE | $182 | $1,200-84.8% | $2,586-93.0% | $2,234-91.9% |
| Participant deferral / active EE | $813 | $2,193-62.9% | $3,890-79.1% | $3,806-78.6% |
| Admin fee / account holder | $375 | $134+179.1% | $4,882-92.3% | $158+137.2% |