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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.1+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $28,837 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Participant 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.)
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 | $50,410 | $27,330+84.4% | $67,704-25.5% | $55,191-8.7% |
| Participation rate | 5.3% | 47.5%-42.2pp | 67.5%-62.2pp | 69.2%-63.8pp |
| Annual return | 0.30% | 8.81%-8.5pp | 25.41%-25.1pp | 10.78%-10.5pp |
| Employer contribution / active EE | $98 | $855-88.5% | $2,559-96.2% | $1,899-94.8% |
| Participant deferral / active EE | $264 | $1,709-84.5% | $3,585-92.6% | $3,046-91.3% |
| Admin fee / account holder | $515 | $109+371.3% | $4,255-87.9% | $91+467.3% |