Each year as part of the Montana Public Employees’ Retirement Board’s fiduciary duty it must review all fees charged to participants relative to the cost of the 457 plans’ administrative expenses in order to determine if the fees are reasonable to cover plan expenses. On August 11, 2016, the Montana Public Employees’ Retirement Board approved a nominal increase in 457 participant fees by 11 basis points for each tier of the 457 fee schedule in order to cover plan expenses. The Board also voted to accept staff’s recommendation to increase the cap on fees from $200 to $310. This vote by the Board took place during its regularly scheduled public meeting and these changes became effective July 1, 2016.
Participants are charged a graduated asset based fee for administrative services as follows:
|$0 – 20,000
|$20,001 – 50,000
|$50,001 – 100,000
The graduated asset fee will never be more than $77.50 per quarter.
Administrative charges are REVIEWED regularly by the PERB and may change.
Investment Management Fees:
Investment options available in the plan may charge investment management fees. Management fees are shown as “expense ratios” in each investment options’ prospectus.