(Raleigh, N.C.) – State Treasurer Dale R. Folwell, CPA, and the North Carolina Supplemental Retirement Plans Board of Trustees have reaffirmed their recent decision to provide members with a “fee holiday" in 2019. The holiday amounts to a total savings of more than $2 million for participants in the NC 401(k) and NC 457 Plans.
Each year, participants in the NC 401(k) and NC 457 Plans are charged an administrative fee of just 25 cents for each $1,000 held in an account. Over the years, because of the efficient practices of the board and department staff, the plans have accumulated a reserve, which now enables them to take a “holiday" from collecting this fee and instead operate out of this reserve during 2019.
“We understand that each dollar counts to our members, and we are committed to reducing complexity and increasing the value of these plans for the hard-working men and women who serve our state and local governments," said Treasurer Folwell. “I'm proud of our staff for finding these efficiencies and thankful to the Board of Trustees for agreeing to pass those savings on to our members."
North Carolina's supplemental retirement plans are among the largest and lowest-cost public plans in the country. The plans are administered by the N.C. Department of State Treasurer and offered by more than 1,000 public employers, including state agencies, local governments, school districts and community colleges.