Each participant shares in the costs of the services the Plan offers.
The annual MNDCP administrative fee is 0.10% (or one-tenth of 1%), which equates to $1 for every $1,000 balance. The fee is capped at $125 a year - you do not pay administrative fees on account assets over $125,000.
The fee is deducted pro rata from your investment options the middle of each month and is calculated on the average daily account balance for the prior 30-day period.
Example: If you have an average monthly balance of $50,000, your administrative fee for that month would be $4.16 ($50,000 x .00010 ÷ 12 months).
Each MNDCP investment option charges a management fee. This fee is deducted by each investment option's management company (not by MNDCP) before the calculation of the daily price per share or the fund's performance return. Operating expenses are disclosed on the monthly Investment Option Performance Report, shown as "Gross Fund Expenses."
The following fees apply if you elect any of these optional services.
Overnight mail fee – a $25 fee will be deducted, per occurrence, from the proceeds of a distribution.
Self-Directed Brokerage Account (SDBA) provided through TD Ameritrade offers thousands of mutual funds from which to choose, in addition to the core investment options offered by the Plan. Participants who use a SDBA pay a $2.50 monthly fee (deducted from an account balance) or $30 annually for the use of this service. This fee is in addition to any transaction fees TD Ameritrade charges and any expenses of the investments chosen within a SDBA. Contact TD Ameritrade at 1-866-766-4015 for more detailed SDBA fee information.1
My Total Retirement Advisory Services offered by Advised Assets Group, LLC (AAG), a federally registered investment adviser and wholly owned subsidiary of Great-West Life & Annuity Insurance Company. Interested participants delegate their account investment management to investment adviser professionals. The service uses a participant's Plan account balance, pension benefit (if applicable), social security and other savings information to develop and manage an investment strategy. The annual fee for this service is no more than 0.45%. Discounts apply for account balances over $100,000. The fee is deducted quarterly, directly from an account balance.2 More information can be found here.
1Brokerage services provided by TD Ameritrade , Inc., member FINRA/SIPC/NFA.. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and the Toronto-Dominion Bank. Used with permission. Additional information can be obtained by calling TD Ameritrade at 1-866-766-4015. TD Ameritrade and GWFS Equities, Inc. are separate and unaffiliated.
2 Managed Account services are offered by Advised Assets Group, LLC (AAG), a federally registered investment adviser rand wholly owned subsidiary of Great-West Life & annuity Insurance Company. More information can be found at www.adviserinfo.sec.gov.