Alerus retirement

Kory Sondreal Senior Business Advisor, Retirement Specialist Email Kory Kory Sondreal joined Alerus in 1984 and has specialized in retirement services since 1987. As a senior business advisor, Kory delivers comprehensive financial advice to business clients, specializing in retirement solutions including 401(k) plans, employee stock ownership plans (ESOPs), health and wellness programs, payroll, wealth management, insurance, and other services. He works closely with experts across Alerus to ensure business clients have access to its full suite of diversified services to meet their financial objectives. Kory’s knowledge of the industry and commitment to maintaining the highest level of client service help participants make informed choices that enable greater financial security.Originally from Northwood, North Dakota, Kory holds a bachelor’s degree in business administration from the University of North Dakota in Grand Forks. In 1989, he became the first person in North Dakota to achieve Certified Employee Benefits Specialist (CEBS) professional designation. Kory is a past board member and chairman of Valley Memorial Homes and Thompson School Board. He currently serves as president of the East Central Regional Water District board of directors.Kory and his wife, Susie, have two sons and reside in Thompson, North Dakota.

We understand the unique challenges nonprofits face in managing finances while staying focused on their mission. Our specialized financial solutions are designed to help nonprofits of all sizes manage their funds efficiently, maximize their impact, and ensure long-term sustainability. From banking and lending to cash management and investment strategies, Alerus is here to support your organization’s financial health so you can focus on making a difference.Financial solutions for nonprofits.Alerus provides a range of financial solutions to support growth, cash flow, and long-term financial health. Financing Real estate construction and permanent financingTax-exempt bond financingBridge financingWorking capital lines of creditEquipment financingCRA qualified projectsLetters of credit Deposit and Treasury Management Premium ratesNonprofit specific deposit accountsNo account maintenance feesNo transaction limitsNonprofit specific assigned relationship managerSecured transfer capabilitiesEnhanced electronic servicesEfficient, customized service solutions for clients with FDIC sensitivity Retirement and Benefits Dedicated private banker for your benefitOpen architecture solutionsInvestment management specialistsRetirement planning expertiseWealth transfer planning guidance Nonprofit expertise across key sectors.From education to healthcare, we offer financial solutions for a variety of industries,helping organizations with unique challenges achieve long-term success.EducationHealthcareHousingCommunity DevelopmentEconomic DevelopmentFoundationsHuman ServicesAssociations Recent nonprofit transactions SENIOR HOUSINGMinnesota$25,000,000Construction and permanent financing (Bridge loan) CHARTER SCHOOLArizona$8,000,000Construction financingDeposit and treasury management HEALTHCARENorth Dakota$30,000,000Retirement and benefits record keeping SENIOR CARE FACILITYWisconsin$30,000,000Construction and permanent financing Financial insights

Plan ContactContact person: MAGDALENA MATAPhone: (786) 662-6074Plan General Information MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN Total Retirement Plan Assets At the end of 2007, the total retirement plan assets of MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN is $39,946,440.00.This plan was established in 1988. MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN Total Number of Retirement Plan Participants At the end of 2007, the total number of retirement plan participants in MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN is 710 MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN Average Participant Retirement Account Value In 2007, the average participant retirement account value for MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN is $56,262.00 MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN Estimated Average Employee Contribution Amount In 2007, the estimated average employee contribution amount per participant for MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN is $6,855.00. MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN Estimated Average Employer Match In 2007, the estimated average employer match for an employee in MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN is approximately $5,283.00Investing in this additonal $5,283.00 for 20 years would give you extra $338,175.00, assuming a 10% annual return. MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN Total Employer Contribution and Match Rate In 2007, MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN allocates $3,751,629.00 to match its employees' contributions, providing an employer match rate of 154.14% of their contributions MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN Total Retirement Plan Asset Growth Rate In 2007, the total retirement plan asset growth rate of MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN is 18.68%. MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN Estimated Aggregate Retirement Account Investment Gain/Loss In 2007, the estimated aggregate retirement account investment gain/loss for MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN is 7.20%. This measures the effectiveness of the plan participants' investments in the year. MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN Expense Ratio In 2007, the investment and administrative expense ratio of MERCANTIL COMMERCEBANK RETIREMENT BENEFIT PLAN is 0.10%.Enrollment Features Recent Articles Free newsletters High quality resources for 401k, 403b, 529 retirement plans on investment, contribution, fees, retirement planning and much more … We ask a few questions to decide your personal return and risk expectationsWe build a custom portfolio for your plan (401(k), 403(b), 529 …) or for a brokerage accountWe

Retirement calculators provide a rough estimate of how your invested savings will grow over time.Our retirement calculator tracks your retirement savings progress and shows if you might fall short.Compare the estimated retirement funds with the amount you will need by your desired retirement age.Taking advantage of the compound growth, tax advantages, and investment opportunities provided by the best retirement plans is the first step in building long-lasting wealth. But how do you know if you've contributed enough to support yourself during your golden years?Business Insider's free retirement calculator offers free estimates to help you plan accordingly based on personal details like your life expectancy, income, expected expenses, and estimated retirement age.Here is how you can use an online retirement calculator and the information you need to generate an accurate estimate. Retirement Calculator Use Insider’s calculator to see if you’re on your way to a comfortable retirement by answering a few questions about yourself, your savings, and how long you expect to keep working. How old are you? How much have you saved for retirement? What is your annual household income? How much will you save each month? At what age do you plan to retire? Expected annual average pay increase? Anticipated monthly retirement spending? 70% of pre-retirement income Life expectancy? You will have about $1,725,000 You will need about $2,940,000 *Need is based on covering 70% of your annual pre-retirement income and a life expectancy of 100 years. Understanding retirement calculatorsWhat is a retirement calculator?Retirement calculators are free online planning tools that estimate how your invested savings will grow based on personal and economic factors. "If you start investing in your retirement plans in your early 20s, the more likely you'll have a larger pool of money to support you in retirement than if you start saving and contributing to retirement accounts later in life," says Chloe Wolhforth, financial planner and senior managing director at Angeles Investments. Business Insider's retirement calculator, above, is designed to track your savings progress with detailed retirement projections. It's based on the idea that Americans generally spend less as they age and can sustain a 30- to 40-year retirement on 70% of their pre-retirement income. The calculator generates two important numbers:The amount you will have by your desired retirement age. By providing your current savings rate and retirement account balances, the retirement calculator can estimate how much money you'll have in savings or investments by retirement. The amount you will need by your desired retirement age. Using your current income and expected salary increases, the retirement calculator can estimate how much money you'll need in savings or investments by retirement. How much you'll need to retire may be more or less than the 70% rule of thumb, depending on your lifestyle. For a more accurate estimate of how much you can expect to spend in retirement, consult a financial advisor. Why you need a retirement calculatorThe best retirement calculators estimate how much you need to save for your future using personal and financial information. A