Employee Retirement

Help your employees invest in their futures.

Your employees are your most valuable asset. Providing them with the ability to save through a qualified retirement plan can help them feel more confident and prepared for retirement.

Our clients appreciate having a single-source provider for retirement planning and fiduciary services. Alerus is consistently recognized on a national level for retirement service and asset management.

- Defined contribution plans
  Setting up your company or rolling your plan to Alerus is easy with our dedicated teams assigned to your onboarding and ongoing plan administration. We can accommodate your needs and provide a better plan experience for both you and your employees. Our plans utilize open architecture and provide the option to offer your employees a managed account program (MAP).
- Employee tools to support financial wellness
  With MY ALERUS, employees have a personalized financial wellness hub that allows them to integrate all of their financial accounts. Assist your employees in the pursuit of financial fitness by providing them with a holistic wellness program and customized guidance. Alerus supports plan sponsors with materials and ideas to promote financial health topics like will include debt management, budgeting, investment guidance, college savings, and retirement planning.

- Employee stock ownership plans
  An ESOP is a unique benefit designed to give your employees ownership – and a vested interest in the success – of your company. An ESOP can also offer tax advantages for the owners and a vehicle for transitioning ownership.While ESOPs offer significant advantages for companies and their employees, plan management can be complicated due to expanded fiduciary duties, administrative challenges, and government regulations. Alerus provides an experienced team of professionals to handle the complexities of your ESOP plan administration.

See how Alerus helped Happy Harry’s create an ESOP.

View transcript (X)

(music opens)

(Hal Gershman voice) My father was in the restaurant business, grocery business, and the bar business many years ago. And in 1944, he decided to close the restaurant downtown and convert that to a liquor store. It was called Central Package Store and that's where we started.

Well, my father became ill in 1976. I came home to help him, and I started to really emphasize a lot of wine and service and put that store through five expansions. That was our first, what you would call, a big store. We have five locations now. Two in Grand Forks, three in Fargo. It's a lifetime of work. That's what people have to understand is that it was a lifetime of work for my father. It's been a lifetime of work for me and I could not have done it without Alerus.

They didn't have a successor. My daughter has her own career. So if you don't have a successor, who better to succeed in your business but your employees. The family decided to do an employee stock ownership plan. So the employees are becoming owners of this business.

Alerus was a big part of how we put that all together. The financing of that, the management of the ESOP, the advice. I worked on that ESOP for eight months straight. That's how complicated it was. So they were there helping and understanding the whole way through. And it's been very, very good for us and wonderful for the employees. I've been very fortunate because of them.

Without Alerus, I don't know that it would have happened as well as it did, or happened at all, because they understood what I was doing. All the way back, my dad was a customer of this bank. If you take the whole family relationship, 90 years. Something like that. Pretty good.

(laughs) It's been pretty good.

(music fades)

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Employee Retirement

Help your employees invest in their futures.

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See how Alerus helped Happy Harry’s create an ESOP.

Advice on Employee Retirement

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