Public Hearing: YES ☐ NO ☒ Department: Finance - Risk Management
SUBJECT:
Title
Commission District(s): All Commission Districts
Nationwide Fee Structure Change
Body
Information Contact: Larry Jacobs, Deputy Director of Finance/Risk Management
Phone Number: 404-371-2050
PURPOSE:
To change the fee structure for the Defined Contribution Plan.
NEED/IMPACT:
Fee level model is a means of ensuring that the Plan participants pay the same percentage charges or flat per account fee for all the Plan’s administration services, recordkeeping and program administration regardless of the investment they choose. The shift to fee leveling has been in response to fee litigations in the defined contribution industry. Fee leveling is an industry best practice.
FISCAL IMPACT:
No Financial impact on the County.
RECOMMENDATION:
Recommended Action
Adopt a level fee of 10 basis points as the new fee structure for the Nationwide Deferred Compensation plan.