Providers › Recordkeeping and administration
Service provider · Schedule C, plan year 2024
Alerus Financial, N.A.
Most often reported for recordkeeping and administration
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Schedule C lists only providers a plan paid $5,000 or more, and is filed only by plans with 100 or more participants.
Alerus Financial, N.A. is named as a service provider on the Schedule C of 378 retirement plans with 100 or more participants for plan year 2024, covering 189,547 participant records. Most often it is reported for recordkeeping and administration.
Reported compensation from those plans, direct and indirect, totalled $17.6M. Per plan, the median was $99.18 per participant, with the middle half of plans between $54.23 and $175. These are amounts plans reported paying this organisation, not a price list: they depend on which services each plan buys and on how much is paid through fund expenses instead.
Its client plans are most numerous in Minnesota (69), Wisconsin (48) and North Dakota (28).
In 2009 it appeared on 266 such filings; in 2024, 378 (up 42%). Yearly counts include every filing that names it, so they can run slightly above the number of plans with pages here, and name or EIN changes after mergers can break the series.
Reported compensation per plan
| Across this provider's plans | 25th percentile | Median | 75th percentile |
|---|---|---|---|
| Compensation per participant | $54.23 | $99.18 | $175 |
| Compensation as a share of plan net assets | 0.10% | 0.24% | 0.39% |
What each plan reported paying this organisation, not the plan's total cost. For reference, the median US defined contribution plan reported $123 per participant to all Schedule C providers combined.
Plans served by year
Matched by employer identification number. A merger or a change of filing entity starts a new series, so a drop to zero is not a loss of clients by itself.
By state
By plan size
Services reported
Largest plans naming this provider
| Plan | Sponsor | State | Participants | Net assets | Reported to this provider |
|---|---|---|---|---|---|
| Access Pooled Employer Plan- Series II | Access Plans LLC | TX | 7,594 | $72.6M | $138K |
| Performance Contractors, Inc. 401(k) Salary Savings Plan | Performance Contractors, Inc. | LA | 5,612 | $128M | $316K |
| FS Brands 401(k) Plan | FS Brands, Inc. | MA | 4,607 | $125M | $355K |
| RMS Easyplan | Access Plans, LLC | TX | 4,157 | $122M | $217K |
| Altru Health System Retirement Savings Plan 401(k) | Altru Health System | ND | 4,078 | $489M | $276K |
| Eide Bailly LLP 401(k) Profit Sharing Plan | Eide Bailly LLP | ND | 4,012 | $614M | $275K |
| Shields Health Solutions 401(k) Profit Sharing Plan | Shields Health Solutions Holdings, LLC | MA | 3,488 | $124M | $83K |
| Umass Memorial Shields Pharmacy, LLC 401(k) Profit Sharing Plan | Umass Memorial Shields Pharmacy LLC | MA | 2,836 | $87.8M | $219K |
| Firebirds International, LLC 401(k) Plan | Firebirds International, LLC | NC | 2,485 | $1.9M | $7,575 |
| New Perspective Senior Living 401(k) Plan | New Perspective Senior Living, LLC | MN | 2,477 | $15.9M | $185K |
| Employee Stock Ownership Plan of Applied Research Associates, Inc. | Applied Research Associates, Inc. | NM | 2,452 | $611M | $51K |
| Goodwill Industries of Central Texas 403(b) Tda Plan | Goodwill Industries of Central Texas | TX | 2,277 | $13.1M | $59K |
| Jane Street Group, LLC 401(k) Plan | Jane Street Group, LLC | NY | 2,078 | $521M | $49K |
| Brandt Holdings Company 401(k) Plan | Brandt Holdings Company | ND | 2,008 | $113M | $157K |
| Sanstone Management Company 401(k) Plan | Sanstone Management Company, LLC | NC | 2,002 | $8.5M | $35K |
| Hotwire Communications 401(k) Plan | Hotwire Communications, Ltd. | FL | 1,980 | $36.5M | $122K |
| Avi Systems, Inc. Employee Stock Ownership Plan | Avi Systems, Inc. | KS | 1,832 | $350M | $244K |
| Menominee Indian Tribe of Wisconsin 401(k) Retirement Savings Plan | Menominee Indian Tribe of Wisconsin | WI | 1,790 | $64.5M | $275K |
| Wesco, Inc. Great Associate Savings | Wesco, Inc. | MI | 1,775 | $33.4M | $217K |
| Aspca 401(k) Retirement Plan | The American Society for the Prevention of Cruelty to Animals | NY | 1,691 | $162M | $42K |
| Superior Industries, Inc. 401(k) Retirement Plan | Superior Industries, Inc. | MN | 1,687 | $116M | $228K |
| Serv-U-Success 401(k) Plan | Thrifty Retail Services, LLC | MI | 1,633 | $24.0M | $33K |
| Davis Health System 401(k) Profit Sharing Plan | Davis Memorial Hospital | WV | 1,602 | $34.3M | $116K |
| Harlem Children's Zone, Inc. Profit Sharing Plan | Harlem Children's Zone, Inc. | NY | 1,600 | $17.6M | $109K |
| Dominium 401(k) Retirement Savings Plan | Dominium Management Services, LLC | MN | 1,458 | $78.4M | $211K |
| Pala 401(k) Retirement Savings Plan | Pala Band of Mission Indians | CA | 1,425 | $71.3M | $152K |
| Daniel G. Schuster LLC 401(k) Salary Reduction Plan | Daniel G. Schuster, LLC | MD | 1,390 | $40.1M | $30K |
| United Migrant Opportunity Services / Umos, Inc. 401(k) and Retirement Plan | United Migrant Opportunity Services Umos, Inc. | WI | 1,326 | $18.2M | $5,242 |
| Brycon Corporation 401(k) Profit Sharing Plan and Trust | Brycon Corporation | NM | 1,243 | $24.6M | $76K |
| Eventide 403(b) Tax Deferred Savings Plan | Eventide | MN | 1,233 | $22.1M | $96K |
| Nicolet National Bank 401(k) Plan | Nicolet National Bank | WI | 1,202 | $124M | $110K |
| The BMS Enterprises 401(k) Plan | The BMS Enterprises, LLC | TX | 1,105 | $21.7M | $64K |
| Nutramax Laboratories, Inc. 401(k) Profit Sharing Plan | Nutramax Laboratories, Inc. | SC | 996 | $74.1M | $111K |
| Agi 401(k) Retirement Plan | Westfield Distributing (ND), Inc. | IL | 969 | $48.6M | $185K |
| Strata Corporation 401(k) | Strata Corporation | ND | 960 | $59.4M | $128K |
| Edge Fitness, LLC 401(k) Plan | Edge Fitness, LLC | CT | 942 | $5.0M | $28K |
| Hugo's 401(k) Profit Sharing Plan and Trust | Valley Markets, Inc. | ND | 939 | $17.9M | $72K |
| K & M Tire, Inc. 401(k) Plan | K & M Tire, Inc. | OH | 924 | $16.9M | $64K |
| Torgerson Properties Retirement Savings Plan | Torgerson Properties, Inc. DBA Tpi Hospitality | MN | 880 | $16.5M | $42K |
| United Cerebral Palsy of Southern Arizona Inc. 401(k) Profit Sharing Plan and Trust | United Cerebral Palsy of Southern Arizona Inc. | AZ | 869 | $1.9M | $3,103 |
Questions and answers
How many plans does Alerus Financial, N.A. serve?
378 plans with 100 or more participants named it on Schedule C for plan year 2024. Plans that paid it under $5,000, small plans that file Form 5500-SF, and plans whose filings spell its name without an EIN under a different form are not counted.
What do plans pay Alerus Financial, N.A.?
The median plan reported $99.18 per participant in direct and indirect compensation (376 plans reporting an amount), or 0.24% of plan net assets. Eligible indirect compensation disclosed to the plan by formula is not reported as a dollar amount, so many filings understate what a provider receives.
What services are reported?
The service codes most often attached to it are Recordkeeping and information management (357 plans), Trustee (bank, trust company, or similar financial institution) (261 plans), Trustee (directed) (247 plans) and Participant loan processing (160 plans).
Where does this come from?
Schedule C of Form 5500, Part I line 2, from the EBSA research files with filings received through 24 Aug 2026. Individuals named on Schedule C are excluded from this site.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files, Schedule C Part I line 2, public domain, with filings received through 24 Aug 2026. Rows are grouped by the provider's EIN as entered by each plan; rows without an EIN join the EIN most often filed under the same name. Providers named on fewer than 25 plans have no page. See the methodology and corrections.