Alerus Financial 401(k) Review & Grade
Alerus Financial Corporation Safe Harbor 401k Plan
Grand Forks, NDFinance & Insurance796 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,067Employer $ per active participant
$8,321Employee $ saved per active participant
0.01%Direct admin cost, % of plan assets
$191.0MNet plan assets, end of year
$158,501Average balance per account
Score breakdown
- Employer generosity28.2 / 5056th percentile for employer $ per participant
- Low cost24.2 / 2597th percentile for low admin cost vs. same-size plans
- Employee saving9.7 / 1564th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
Total score62 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 56th |
| Lower admin cost | 97th |
| Employee saving | 64th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Alerus Financial put in about $4,067 per active participant, more than the typical peer ($3,606). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $3,239,200 |
| Participant (employee) contributions | $6,627,966 |
| Other contributions (incl. rollovers in) | $2,388,750 |
| Administrative expenses paid from the plan | $24,181 |
| Investment advisory & management fees | $24,181 |
| Benefits paid out | $16,036,460 |
| Net assets, start / end of year | $169.6M / $191.0M |
| Active participants, start / end of year | 729 / 864 |
| Participants with account balances | 1,205 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Eide Bailly LLP |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250729161443NAL0003628961001, received 2025-07-29, EIN 45-0375407, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.