State Treasurer Brad Briner and the North Carolina Supplemental Retirement Plans Board of Trustees (Board) unanimously approved a 12-month waiver extension of its administrative fee. This action was taken at the regularly scheduled quarterly Board meeting held on Feb. 20 and will save the NC 401(k) Plan and NC 457 Plan (Plans) participants approximately $1.7 million over the next year.
“Any time we can put money back in the pockets of our state and local employees, it means they can work towards being better prepared for their future in retirement,” said Treasurer Briner. “I commend the board and staff who work with a participant-first mentality to deliver the best value at the lowest cost.”
The accumulation of reserve funds comes from strong Board oversight and staff’s successful fee negotiations with partners and vendors. The fee holiday equates to 10 cents per $1,000 held in a participant account and begins on March 1. Other fees, including the recordkeeping fee charged by Empower, will continue to apply and appear on participant statements.
The NC 401(k) and NC 457 Plans are exclusively available to public servants in the state of North Carolina and are among the largest and lowest-cost public plans in the country. The Plans are administered by the North Carolina Department of State Treasurer (DST) and the Board, and offered by more than 1,100 public employers, including state agencies, local governments, school districts and community colleges. Over 550 of these employers offer a contribution to the Plans to help promote retirement readiness.
DST is also responsible for managing one of the largest public pensions in the United States, with assets of over $129 billion, as well as other funds.
For more information about the NC 401(k) and NC 457 Plans visit myNCPlans.com.