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The Plan's administrative expenses are funded by participant fees and interest income earned on trust accounts of the Plan.  All revenues are used to pay the Plan's administrative expenses and are subject to change.

Administrative Fees
Administrative charges are $20.00 per quarter and the Plan's investment funds are assessed an annualized asset-based fee of 0.04%.  

Other Administrative Fees
Loans - Participants taking a loan are charged a loan origination fee of $50.00, which is deducted from the approved loan amount.  In addition, there is a quarterly maintenance fee of $8.75 which is deducted from the participant's account.

Distribution Requests (Amount Certain requests only) - Participants may request up to five (5) amount certain withdrawals in a calendar year.  Additional requests will be charged a $10.00 fee. 

Self-Directed Brokerage Option (SDBO) - Participants electing to invest in the SDBO are charged a quarterly fee of $12.50, which the Plan's recordkeeper deducts from the participant's account for the administration of the SDBO.

Excessive Trading Policy - Transfers out of any Plan investment option will be assessed a 2% redemption fee on the amounts transferred into that option within the previous thirty-two (32) calendar days.  Any amounts held longer than thirty-two days (32) consecutive calendar days will not be assessed the redemption fee. The minimum fee that will be assessed will be $20 based on a $1,000 trade. The fees collected will be re-invested back into the option in order to offset the decrease in fund value associated with the trades.

In 2013, the Plan charged participants $60 in administrative fees and an annualized asset-based fee of 0.04%.  These fees supported $14.6 Million in administrative expenses.
 
Expenses:  
 Salaries and Reimbursement for overhead  $1.8 Million
 Administrative Support (Utilities, Equipment, Facilities, Printing & Postage)  $2.8 Million
 
The Plan's contracted administrative services:
 Recordkeeping  $7.5Million
 Custodian Services  $0.9Million
 Education Services  $0.8Million
 Auditing Services  $0.1Million
 Investment Consulting Services  $0.7Million
 Legal Services  $0.02Million
 
 
 
 
 
 
 
 
 
 
 
 
 
   
                  
 
 
Fund Management Fees as of December 31, 2013


Investment Option



Expenses Ratio

Annual
Cost per
$1,000 Invested
 

 Core Options   

Stable Income Fund (blended)

Underlying managers:
ICMA
Fiduciary Capital Management
NISA Investment Advisors
BlackRock
Pacific Investment Management Company
JP Morgan Asset Management

 0.26% $2.60

Bond Fund (blended)

Underlying managers:
Pacific Investment Management Company BlackRock

 0.20% $2.00

Equity Index Fund

The Bank of New York Mellon (I)

 0.01% $0.10

Socially Responsible Fund

Aberdeen Asset Management, Inc.

 0.45% $4.50

Mid-Cap Index Fund

State Street Global Advisors (I)

 0.04% $0.40

International Equity Fund (Blended)

Underlying managers:
State Street Global Advisors (I)
Mondrian Investment Partners, Ltd. (V)
Baillie Gifford (G)
 
Copper Rock (SC)

 0.39% $3.90

Small-Cap Equity Fund (blended)

Underlying managers:
State Street Global Advisors (I)
Dimensional Fund Advisors, LP (V)
T. Rowe Price Associates, Inc. (G)
Wellington Management Company, LLP (C)

 0.30% $3.00
  
Pre-Arranged Portfolios  
 Static Allocation Fund 0.25% $2.50
 2000 Fund 0.25% $2.50
 2005 Fund 0.24% $2.40
 2010 Fund 0.24% $2.40
 2015 Fund 0.23% $2.30
 2020 Fund 0.21% $2.10
 2025 Fund 0.20% $2.00
 2030 Fund 0.20% $2.00
 2035 Fund 0.19% $1.90
 2040 Fund 0.19% $1.90
 2045 Fund 0.19% $1.90
 2050 Fund 0.19% $1.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
I =Index, G = Growth, V = Value,  C = Core and SC = Small Cap

See how the Plan's fees compare to institutional and retail funds (PDF) 
Summary of Past Performance of the Plan's Investment Funds (PDF)
Learn more about the Plan's Investment Funds