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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3 years Service code 15 · EIN 45-6062081 | Recordkeeping | $47,396 |
Service code 26 · EIN 36-4500709 | Advisory (Participants) | $26,401 |
BFBA, LLP1 year Service code 10 · EIN 68-0000424 | Accounting | $9,846 |
Service code 10 · EIN 26-2363334 | Accounting | $8,800 |
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).
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 | $27,338 | $55,449-50.7% | $83,830-67.4% | $56,287-51.4% |
| Participation rate | 75.3% | 68.0%+7.3pp | 76.1%-0.9pp | 69.9%+5.4pp |
| Annual return | -7.75% | -1.38%-6.4pp | 850.97%-858.7pp | -9.96%+2.2pp |
| Employer contribution / active EE | $1,986 | $2,430-18.3% | $3,631-45.3% | $2,111-5.9% |
| Participant deferral / active EE | $2,033 | $2,935-30.7% | $4,082-50.2% | $3,350-39.3% |
| Admin fee / account holder | $323 | $656-50.8% | $5,479-94.1% | $521-38.0% |