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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.2+ years Service code 15 · EIN 45-6062081 | Recordkeeping | $1,281 |
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.
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 | $36,654 | $80,177-54.3% | $123,894-70.4% | $57,658-36.4% |
| Participation rate | 22.0% | 74.4%-52.4pp | 81.4%-59.4pp | 70.2%-48.2pp |
| Annual return | 15.44% | 17.90%-2.5pp | 47.52%-32.1pp | 5.13%+10.3pp |
| Employer contribution / active EE | $0 | $2,913-100.0% | $4,617-100.0% | $1,974-100.0% |
| Participant deferral / active EE | $614 | $5,130-88.0% | $5,984-89.7% | $3,061-79.9% |
| Admin fee / account holder | $12 | $106-88.6% | $8,357-99.9% | $95-87.2% |