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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.5 years Service code 15 · EIN 45-6062081 | Recordkeeping | $8,782 |
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.
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 | $28,657 | $54,717-47.6% | $86,216-66.8% | $71,511-59.9% |
| Participation rate | 32.5% | 60.1%-27.6pp | 69.0%-36.5pp | 67.9%-35.4pp |
| Annual return | 14.27% | 20.07%-5.8pp | 1169.42%-1155.1pp | 28.86%-14.6pp |
| Employer contribution / active EE | $466 | $1,267-63.2% | $2,382-80.4% | $2,589-82.0% |
| Participant deferral / active EE | $803 | $3,110-74.2% | $3,986-79.9% | $4,291-81.3% |
| Admin fee / account holder | $133 | $1,922-93.1% | $6,853-98.1% | $1,588-91.6% |