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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2 years Filed as: ALERUS FINANCIAL, N. A. Service code 15 · EIN 45-6062081 | Recordkeeping | $23,168 |
HIGHTOWER ADVISORS LLC1 year Filed as: HIGHTOWER ADVISORS, LLC Service code 26 · EIN 36-4500709 | Advisory (Participants) | $22,594 |
BFBA, LLP3 years Service code 10 · EIN 68-0000424 | Accounting | $12,500 |
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.
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 | $47,803 | $69,383-31.1% | $101,271-52.8% | $73,493-35.0% |
| Participation rate | 75.8% | 68.4%+7.5pp | 75.8%0pp | 70.7%+5.1pp |
| Annual return | 10.32% | 18.46%-8.1pp | 46.48%-36.2pp | 28.51%-18.2pp |
| Employer contribution / active EE | $4,421 | $2,628+68.2% | $3,660+20.8% | $2,270+94.7% |
| Participant deferral / active EE | $2,636 | $3,301-20.1% | $4,371-39.7% | $3,740-29.5% |
| Admin fee / account holder | $321 | $704-54.4% | $5,948-94.6% | $513-37.4% |