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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3 years Service code 15 · EIN 45-6062081 | Recordkeeping | $9,643 |
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.
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $23,356 | $59,267-60.6% | $96,575-75.8% | $79,393-70.6% |
| Participation rate | 38.7% | 61.9%-23.2pp | 69.8%-31.2pp | 70.7%-32.0pp |
| Annual return | 22.70% | 27.08%-4.4pp | 37.79%-15.1pp | 116.87%-94.2pp |
| Employer contribution / active EE | $523 | $1,216-57.0% | $2,357-77.8% | $2,428-78.5% |
| Participant deferral / active EE | $830 | $2,947-71.8% | $3,849-78.4% | $4,046-79.5% |
| Admin fee / account holder | $122 | $659-81.4% | $6,182-98.0% | $627-80.5% |