(The Center Square) – Savings on administrative fees valued at $1.6 million next year have been passed on to the participants in the North Carolina 401(k) Plan and North Carolina 457 Plan.
The waiver of a 12-month administrative fee by the Board of Trustees for the North Carolina Supplemental Retirement Plans and state Treasurer Dale Folwell is the third during the time Folwell has been in office. That’s netted a savings of nearly $6 million.
“We are always looking for opportunities to put money back into the pockets of those that teach, protect or otherwise serve. Thank you to the Board and staff for building efficiencies that lead to cost-savings measures,” Folwell said.
Reserve funds are generated through negotiations with partners and vendors by the board. The “holiday fee,” as a release calls it, is equal to 10 cents per $1,000 in a participant’s account.
Participants in the NC 401(k) and NC 457 plans are offered to more than 1,100 public employers. This includes state agencies, local governments, school districts and community colleges.
