Retirement Savings Plan Summary Plan Description

 
  • Retirement Savings Plan SPD / Section 5 / Managing Your Account >>

5.2 Expenses

The Plan incurs administrative expenses for recordkeeping, insurance, legal, accounting and other services. These expenses are paid from the Plan's assets and allocated to all accounts. The expenses vary each quarter and certain expenses attributable only to a specific account may be assessed against that account and not spread among other accounts. The Plan at any given time may uniformly reduce or increase an account on any valuation date so that the aggregate amount of all accounts is equal to the value of the Plan's assets net of estimated accrued liabilities. The amount of fees charged to your account each quarter is listed on your account statement.
With several exceptions, fees paid by the Plan are allocated to Participant accounts on both a per capita and account balance basis. The exceptions are:

  • Each quarter, a flat amount plus a percentage of the account's assets is charged to each Participant's account to cover Plan administrative fees, up to a maximum of $100. As of January 1, 2023, the quarterly amount was $24 and the percentage was 0.02125% (i.e., 2⅛ basis points), but the amount and the percentage are subject to change.
  • Fees incurred to manage investment funds are charged by those funds themselves and result in a reduced fund net asset value (or "NAV"). The SFEW Lifecycle funds and the IBEW-NECA Stable Value Fund are not mutual funds, but charge investment management fees on a similar basis. These fund-level fees are noted in the Fidelity fund descriptions also mentioned in Section 5.1.
  • The Plan may charge your account with any fees paid by the Plan that relate principally to your account, such as attorney fees incurred for a QDRO review.
  • Your account may be charged a short-term trading fee if you transfer assets into, then out of, an investment fund within a short period of time. Those funds that impose a short-term trading fee are identified in the Fidelity fund descriptions. None of the funds impose any type of sales load or charge, redemption fee or similar fee.