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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.3 years Service code 15 · EIN 45-6062081 | Recordkeeping | $28,706 |
CHARLES SCHWAB & CO., INC.3 years Filed as: CHARLES SCHWAB BANK Service code 19 · EIN 82-3967259 | Securities Custodian | $394 |
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
Auditor signed off without reservation - the cleanest possible opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $47,213 | $62,715-24.7% | $104,301-54.7% | $66,930-29.5% |
| Participation rate | 34.2% | 59.6%-25.4pp | 73.3%-39.1pp | 69.8%-35.7pp |
| Annual return | -12.50% | -14.70%+2.2pp | 24.61%-37.1pp | 1.57%-14.1pp |
| Employer contribution / active EE | $801 | $1,976-59.5% | $3,373-76.3% | $2,545-68.5% |
| Participant deferral / active EE | $1,456 | $2,852-48.9% | $4,626-68.5% | $4,238-65.6% |
| Admin fee / account holder | $469 | $657-28.6% | $7,340-93.6% | $593-20.9% |