Fidelity and TIAA charge fees for administering your accounts.
Participants with an account through Fidelity will be assessed a fixed quarterly fee of $14.00, which will be deducted directly from participant accounts and reflected on Fidelity participant account statements.
At distribution, certain funds available through Fidelity may charge a redemption fee. These fees are described in the fund prospectus. In addition, expenses related to mutual fund management are assessed before mutual fund earnings are credited to your account.
A member with an account at TIAA pays recordkeeping fees to TIAA through “plan services expense offsets.” These offsets are deducted directly from investment balances based upon the total assets in an account. The amount of offsets applied to TIAA’s recordkeeping fee are assessed on a quarterly basis, with each quarterly assessment capped at a fixed, per-participant amount of $44.50.
All plan services expense offsets generated by TIAA investments are credited back to accounts, less the recordkeeping fee assessed by TIAA. If the offsets generated by investments are equal to or less than TIAA’s quarterly recordkeeping fee, no offset amounts will be credited back to participants.
Loss of Benefits
There may be circumstances that result in a reduction of the value of your accounts, such as:
- The fees/redemption charges (described above) that relate directly to your investments will be deducted directly from your account.
- A payment from your account was required under the terms of a Qualified Domestic Relations Order.
- You failed to repay a participant loan on a timely basis and an offset of that amount occurred in your account.
- The value of the investments in your plan accounts could decrease in response to market conditions.