Announcing Reductions in Plan Fees!
The Board of Deferred Compensation Administration and Personnel Department are pleased to announce a broad reduction in fees for participant accounts! Effective April 1, 2018, two types of fee reductions were implemented. First, the annual administrative fee assessed on all participant account balances was reduced from .10% to .09% (or less than one-tenth of one percent). Second, the maximum fee amount that may be appliedto any individual account has been reducedfrom $125 to $115. This means no participant pays more than $115 in administrative fees, regardless of one’s account balance.
These fee reductions are a direct result of cost savings achieved from the City’s transition to Voya as the new Plan service provider, even as new services have been added such as online enrollment, electronic distributions, and electronic loan payments. Our commitment is to continuously look for both improvements and efficiencies to deliver the highest value to our participants.