This information is for fees accumulated from January 1, 2022 to December 31, 2022 and charged to Plan Participants September 21, 2023.
For calendar year 2022, the fee for reasonable and necessary plan expenses is $372,996.
As our Retirement Plan Committee previously decided, the methodology used to calculate our assessment was changed to better reflect our values. First, all participants with balances below $30,000 on December 31, 2022 are exempt from the annual fee. For those with balances of $30,000 or more, the following fees should be deducted:
- Exempt participants whose balance as of 12-31-2022 was under $30,000.00: No fee
- For participants with balances from $30K to $99,999: 7 Basis Points
- For participants with balances from $100K to $249,999: 8 Basis Points
- For participants with balances from $250K to $499,999: 9 Basis Points
- For participants with balances from $500K to $749,999: 10 Basis Points
- For participants with balances from $750K to $999,999: 11 Basis Points
- For participants with balances from $1,000,000 to $1,499,999: 12 Basis Points (Capped at $1800)
- For participants with balances from $1.5 million and above: Capped at $1,800
Notes:
A basis point is 1/100th of 1% (0.01% or 0.0001).
The annual administrative fee is listed as 'fixed fee' in your Empower account transactions online. On the quarterly statement, it is listed as 'Plan administration participant account fee.'
The annual administrative fee differs from monthly fees you will see in your account, which are the fees charged by the mutual funds you are invested in. These are listed as 'fund expense' on the list of transactions in the Empower online account and are called 'Plan administration asset based fee' on the quarterly statements.