North Carolina public employees are getting an even better deal in 2019 when it comes to their supplemental retirement plans — no administrative fees!
State Treasurer Dale Folwell and the North Carolina Supplemental Retirement Board of Trustees decided to offer a "fee holiday" this year that will save participants in the NC 401(k) and NC 457 Plans an estimated $2 million or more, according to Mr. Folwell, who said his staff is committed to reducing complexity and increasing the value of the plans.
Participants had already been enjoying a low administrative fee of 25 cents for each $1,000 in their accounts. Efficient management of the accounts enabled North Carolina officials to build up a reserve that will pay for the fee holiday this year, Mr. Folwell said.
The plans offer 11 investment options: seven equity funds, two fixed-income funds, an inflation responsive fund, and the NC Stable Value Fund.
As of Sept. 30, the 401(k) plan had $10.4 billion in assets, while the 457(b) plan had $1.5 billion, according to data submitted for Pensions & Investments' annual survey of the largest U.S. retirement funds.
