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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.5+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $13,846 |
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.)
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 | $88,964 | $40,522+119.5% | $84,628+5.1% | $67,579+31.6% |
| Participation rate | 7.1% | 51.1%-44.0pp | 68.2%-61.2pp | 71.3%-64.2pp |
| Annual return | 20.95% | 32.72%-11.8pp | 258.80%-237.8pp | 378.56%-357.6pp |
| Employer contribution / active EE | $204 | $1,146-82.2% | $2,653-92.3% | $2,148-90.5% |
| Participant deferral / active EE | $443 | $2,132-79.2% | $3,900-88.7% | $3,539-87.5% |
| Admin fee / account holder | $387 | $145+166.3% | $4,914-92.1% | $142+172.0% |