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Prepared for Springfield R-XII School District
65
VALIC & CBIZ - Administrative fee of 0.32% (32 bps) annual:
(includes
VALIC Recordkeeping, Administration, Education, Compliance & Advisors
(.23% Valic) & CBIZ Consulting and Investment Advisory Services (.0875%
CBIZ)
Investment Management Fees
: (Range from 0.04% to 1.10% depending
on investments selected. The current weighted investment management
fee average based on participant investing behavior is 0.13% (13 bps)
which is netted from investment returns.
Total Fees:
Based on the weighted investment management fee above, an average
participant with a $10,000 account balance will pay $65/annum. When the Trust
launched in January 2010, a participant with a $10,000 balance paid $157/annum.
Current pricing is 59% less than it was in 2010.
2.
Additional Fees and Expenses Information
a. For each investment option, please identify any payments you may receive
from any unaffiliated third party in connection with the investment of any
assets from our plan. This information can be provided through rates or
estimates. In order to avoid double counting, please specify any “offset” to
expenses, and whether any of the third party payments are otherwise
accounted for or identified elsewhere in your response regarding fees and
expenses.
Please see the fee comparison worksheet in the CSD-RT section of this RFP
response. It is the Trust’s intention to offer investments without any revenue sharing.
If revenue sharing is produced… it is applied to reduce the required administrative
fee.
b. Specify any start-up/conversion costs.
There are no separate start-up fees.
c. Specify any termination costs.
The plan sponsor will incur no termination costs upon completion of the service term.
d. What are the factors you consider in determining future increases (or
decreases) and when they are to occur?
The CSD Retirement Trust conducts periodic benchmarking of all plan related
expenses though a formal RFI and RFP process. This originally occurred in 2010 to
select VALIC/CBIZ and reoccurred in 2014 (for VALIC) and 2015 (for CBIZ).
e. Describe what plan consulting services are included and the additional hourly
charges and out-of-pocket expenses for those not included.