There will be administrative fees for members in the PERF Hybrid, TRF Hybrid and LEDC plans.
As of Jan. 1, 2018, INPRS’s annuity savings accounts (ASA) will be categorized as separate defined contribution (DC) accounts, according to Internal Revenue Service (IRS) definitions. When annuity savings accounts are separate DC accounts, administrative fees are paid by the account owner or member. Prior to this change, the cost to manage the DC accounts was incurred by the pension fund.
The administrative fee will be $3, charged to member accounts on a monthly basis, for an annual charge of $36. The monthly administrative fee for January will appear on your account in February and will also be seen on your quarterly member statements.
INPRS’s goal is to only charge administrative fees that are absolutely necessary to maintain your account – INPRS does not profit from these administrative fees.
For more details, please visit http://www.in.gov/inprs/3057.htm.