Department of Labor filing

ALERUS FINANCIAL

ALERUS FINANCIAL CORPORATION SAFE HARBOR 401K PLAN · For the plan year ended Dec 31, 2024

Public filing 2024 · received Jul 29, 2025Verified current terms Not available

Plan at a glance

How good does the filing look?

68filing comparison
out of 100

The filing looks somewhat better than typical peers on the measures we can compare. This is a filing comparison, not a complete benefits score.

$Employer support

$3,749

Reported employer contributions per active participant.

Higher than about 58% of comparable plans

#People in the filing

864

Active participants reported for 2024.

The filing does not say how many employees are currently contributing.

¢Visible plan-paid fees

$22 / participant

Reported administrative expense—not every fee an employee may pay.

Lower cost than about 90% of comparable plans

↗Investment performance

Not available

Plan assets changed 12.9%, but that includes contributions, withdrawals, and market movement.

Asset change is not investment performance.

What we still need to judge the benefit

Current match formula, vesting, eligibility, investment choices, fund expense ratios, and employee-level fees.

See missing terms ↓

Filing comparison · 202468out of 100 among similar-size plans in the same industry when enough peers exist

How this filing compares

Reported employer contributions58th percentileTypical peer $3,392 · based on 369 comparable plans

Lower reported administrative expense90th percentileTypical peer $115 · based on 372 comparable plans

This comparison uses historical filing figures. It does not compare current match formulas, vesting, investments, or employee fees.

The short version

What the latest filing tells us

For the plan year ended Dec 31, 2024, ALERUS FINANCIAL reported $3,239,200 in employer contributions across the plan and 864 active participants. That works out to $3,749 per active participant. It is useful context, but it is not the current match formula and it does not show what any one employee received.

Participation proxy70%

Active participants divided by all end-of-year plan participants. This is not the company participation rate because the filing does not report every eligible employee.

Employer money trendDown 7.7%

Change in reported employer contribution per active participant across the filing history shown.

Expense trendDown 3.5%

Change in reported administrative expense per participant. Investment expenses may not be included.

Peer context68/100

A filing comparison among similar-size plans in the same industry when enough peers exist.

Where the public filing stops

Current match, vesting, eligibility, employee fees, and investment choices require a dated plan document. Until we have one, those details stay blank.

Latest financial record

Contributions, assets, and expenses

These figures are reported totals for the plan—not individual account balances or promises to any employee.

Employer contributions: $3,239,200
Participant contributions: $6,627,966
Other contributions: $2,388,750
Employer share of reported contributions: 32.8%
Beginning assets: $170,141,037
Ending assets: $192,063,597
Ending net assets: $190,994,028
Ending liabilities: $1,069,569
Total income: $37,479,490
Total expenses: $16,124,211
Administrative expenses: $24,181
Participant loans: $1,270,324

Three-year filing history

How the reported figures changed

Each chart uses its own scale and starts at zero. When the filing has no value, the chart says so rather than turning it into a zero.

Employer contributions reported per active participant

2022

$4,062

2023

$4,148

2024

$3,749

Plan-paid administrative expenses per participant

2022

$23

2023

$23

2024

$22

Active participants

2022

775

2023

704

2024

864

Detailed filing history
Plan year	Per active participant	Active participants	Plan assets	Filing ID
2024	$3,749	864	192.1M	20250729161443NAL0003628961001
2023	$4,148	704	170.1M	20240722104220NAL0017311792005
2022	$4,062	775	152.3M	20230731144700NAL0009142083004

Changes in plan assets are not the same as investment performance. Each row uses the selected public filing for that year.

Plan operations

Details worth knowing

Participant loans as a share of plan assets: 0.7%
Independent accountant’s opinion: Unqualified opinion Code 1
Late participant contributions reported: Not stated in the filing
Public plan identifier: 450375407-003

Reported plan details

Identity and filing status

Plan type: Retirement plan
Employer arrangement: Single-employer plan
Plan effective date: Jan 1, 1989
Industry: Finance and insurance
Amended filing: No
Final filing for this plan: No
Short plan year: No
401(k) feature reported: Yes
Show DOL characteristic codes
2G2J2R3D

Reported service providers

Organizations named in the latest filing

The public dataset does not always identify a provider’s exact role. Compensation stays blank when it was not separately reported.

Provider	Plan year	Direct compensation	Indirect compensation
ALERUS FINANCIAL	2024	Not reported	unknown

Current plan terms

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Filing ACK_ID20250729161443NAL0003628961001

Data sourceDOL Form 5500 bulk data ↗

Filing searchEFAST2 ↗