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Take a break

North Carolina supplemental plan throwing in holiday on fees

N.C. Treasurer Dale Folwell

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.