Skip to main content

Google Translate Fix

  • Home
  • About
    About
    • Meet Treasurer Folwell
    • Press Releases
  • Links
    Links
    • Office of the State Treasurer
      Office of the State Treasurer
      • Media
      • Press Releases
      • About the Treasurer
    • Financial Operations
      Financial Operations
      • About Financial Operations
      • Collateralization of Public Deposits
      • Core Banking
      • Statewide Banking Relationships
      • Banking Forms
    • Investment Management
      Investment Management
      • About Investment Management
      • Ancillary Governmental Participant Investment Program (AGPIP)
      • Cash Management Overview
      • Governance
        Governance
        • Charter
        • Code of Ethics
        • IAC Meeting Calendar
        • Investment Advisory Committee Meetings Archives
      • Governance
      • Innovation Fund
      • Pension Fund Overview
      • Reports
        Reports
        • Audited Financial Statements Archives
        • Investment Performance and Fee Reports
        • Other Reports
        • Quarterly Investment Reports
        • Quarterly Investment Reports Archives
    • NC ABLE
    • Retirement Systems
    • State and Local Government Finance
      State and Local Government Finance
      • LGC
        LGC
        • Financial Analysis Tools and Reports
        • Information for Finance Officers
          Information for Finance Officers
          • COVID-19 Impact Report
          • LGC Reporting Requirements and Due Dates
          • Register of Deeds: Fees to be Remitted to State Treasurer
        • Information for the Public
          Information for the Public
          • Cliffside Sanitary District
          • The Town of Eureka
          • Town of Kingstown
          • Town of Robersonville
        • LGC Agenda Archives
        • Local Debt Management
          Local Debt Management
          • Applying for Debt
          • Continuing Disclosure
          • Debt Reports and Notices
        • Local Fiscal Management
          Local Fiscal Management
          • AFIR
          • Annual Audit
            Annual Audit
            • Annual Audit Reports Submitted to the Local Government Commission
            • Audit Opinion Resources
            • Audit Resources
            • Compliance Supplements and Resources
              Compliance Supplements and Resources
              • 2019 Compliance Supplement Section B - Federal Programs
              • 2019 Compliance Supplement Section C - State Programs
              • 2019 Compliance Supplement Section D - Crosscutting Programs
              • 2019 Section E - Short-Form Supplements
              • 2020 Compliance Supplement Section A - OMB
              • 2020 Compliance Supplement Section B - Federal Programs
              • 2020 Compliance Supplement Section C - State Programs
              • 2020 Compliance Supplement Section D - Crosscutting Programs
              • 2020 Compliance Supplements
              • 2020 Section E - Short-Form Supplements
              • Compliance Supplement Preparation Resources
              • NCDEQ, NCDHHS, and NCDOT Reports
              • Single Audit Reporting
            • Financial Statement Resources
              Financial Statement Resources
              • Boards of Education
              • Charter Schools
              • Counties
              • Municipalities
              • Other Post Employment Benefits Resources
              • Other Units
            • Pension & OPEB
            • Submitting Your Audit
              Submitting Your Audit
              • 2019 Audit Report Resources
          • LGC-203 Semi-Annual Report of Cash and Investments - Resources
          • State Compliance Supplements
        • The Balance Sheet
        • The Local Government Commission
          The Local Government Commission
          • About the Local Government Commission
      • State Debt & DAAC
      • NCCFFA
        NCCFFA
        • NCCFFA Agenda Archives
    • State Health Plan
    • Unclaimed Property
  • Events
  • Facebook
  • Twitter
Home »
2020 "Fee Holiday" Extension Saves Members More Than $2 Million

2020 "Fee Holiday" Extension Saves Members More Than $2 Million

Dec 12, 2019
Raleigh

State Treasurer Dale R. Folwell, CPA, announced today the extension of a fee holiday that increases two-year savings to more than $4 million for members of North Carolina Supplemental Retirement Plans.

Treasurer Folwell and the North Carolina Supplemental Retirement Plans Board of Trustees unanimously approved the extension of the 2019 Administrative Fee Holiday through 2020 at their board meeting today. This fee holiday amounts to a total savings of more than $2 million for participants in the NC 401(k) and NC 457 Plans. That follows a $2 million fee reduction in 2019.

“Everything we do in this department is for the customer — those that teach, protect and serve,” Treasurer Folwell said. “We are committed to driving down costs, reducing complexity and increasing the value of these plans for our hard-working teachers, troopers and other public employees.”

The fee holiday will eliminate NC 401(k) and NC 457 participants’ annual administrative fees charged by the department and the board. Each participant is charged 25 cents for each $1,000 held in an account. Other fees, including the fee charged by Prudential, will continue to apply.

Those fees will be covered by rising reserve funds that accumulated under the strong oversight and efficient practices by the board and Department of State Treasurer staff, including strong portfolio oversight and successful fee negotiations with partners and vendors.

“We have a loyalty and duty of care to protect and preserve the state retirement plans for our members and make sure we have opportunities available for additional retirement savings to support the retirement lifestyle they desire,” Treasurer Folwell said. “I am proud of our staff for understanding the importance of managing these plans efficiently, to the benefit of our members, and appreciate the dedication of the Board in finding opportunities to enhance value and our members’ savings.”

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 the Supplemental Retirement Board of Trustees, offered by more than 1,000 public employers, including state agencies, local governments, school districts and community colleges. For more information click here.

Contact Information

Frank Lester
press@nctreasurer.com
(919) 814-3811
How can we make this page better for you?
Back to top

Divisions

Dale R. Folwell

News

Office of State Treasurer

State and Local Government Finance Division

Investment Management Division

Financial Operations Division

State Health Plan

Retirement Services Division

Unclaimed Property Division

Contact Us

North Carolina Department of State Treasurer
3200 Atlantic Avenue, Raleigh, NC 27604

(919) 814-4000

Follow Us

  • Facebook
  • Twitter
  • YouTube

Recent Tweets

-Scroll for more tweets-

Tweets by @nctreasurer

  • NC.gov Home
  • Accessibility
  • Terms of Use
  • Privacy Policy
  • Open Budget