Your employer has chosen to work with us as your company’s retirement plan provider. We aim to be completely transparent about the fees that we charge and endeavor to present those fees in a clear way. This guide is designed to help you navigate those fees as a participant in the plan and answer frequently asked questions.
What are Our Fees?
We & our service providers charge recurring fees according to a fee schedule. The fee schedule covers specific services to your plan and typically includes a couple of different components, all of which are calculated and billed on a quarterly basis:
- Participant Fees: This fee is a monthly fixed subscription charge that is paid while you have a balance in the plan. Occasionally, your employer may opt to pay this charge on your behalf. Otherwise, the charge will be deducted from your account balance on a quarterly basis and recorded on your quarterly benefit statement.
- Assets Under Management (AUM) Fee: This fee is calculated based on your account balance at the end of each quarter. Similar to any participant fees, these fees may occasionally be covered by your employer. If not, they will be deducted from your account balance on a quarterly basis and recorded on your quarterly benefit statement.
In addition to the components above, we may charge fees for specific services you request as a participating employee in the plan. Our service team will strive to make you aware of any additional charges you may incur.
How Do I Find the Fees That My Plan Is Being Charged?
For a comprehensive list of all the fees that we may charge you, log in to your saver portal to find your plan’s fee disclosure (known as the form 404(a)(5) participant fee disclosure). You can find this by navigating to “My Plan” and then “Notices & Forms.” From there, you can download your fee disclosure document.
Your plan’s fee disclosure includes a detailed description of us and our service providers that are associated with your plan. The fee disclosure also includes our custom fee schedule for your specific plan, as well as any additional fees that may be charged for specific services.
If available, we will also update this fee disclosure with the estimated fee schedule from any other service provider to your plan (such as a financial advisor who may be assisting your employer in managing the plan). However, in certain cases, you may still need to contact your employer to determine any fees you may be charged by those service providers, as we may not be able to include an accurate estimate of fees.
How Do I Know If Your Fees Are Reasonable?
We are committed to leveraging technology to create a better, more cost-effective experience for your retirement plan. As part of that commitment, we regularly benchmark our fee schedules against the industry to ensure that our fees are competitive and that every participant is receiving strong value-for-money.
How Do I Pay My Portion of the Fees?
We automatically deduct fees owed by each participant from your retirement account within 15-30 days of the quarter’s end.
Are There Additional Expenses for the Investment Options Available to Me?
Yes, every mutual fund or other security has an expense that is established by the issuer of the mutual fund or security. We have no control over what those providers charge.
The expense for each investment option, along with a helpful guide to understanding mutual fund expenses, is provided in the Investment Comparison Chart, which can be found in your saver portal. All investment-related expenses deducted from your account balance will be noted in your quarterly benefit statement.