The City of Las Vegas Investment Committee is pleased to share that, effective April 1, 2022, the administrative fee on assets in the City’s 457(b) and 401(a) Defined Contribution Retirement Plans is being reduced from 5.0 to 3.5 basis points (bps). This means that going forward, you will be assessed an annualized fee of $3.50 for every $1,000 in your retirement account (a 30% reduction). An administrative fee of 3.5 bps is among the lowest available to employer retirement plans. Also, the City will be completing a pro-rata excess revenue disbursement to participants in second quarter 2022 to align with the new lower fee; as a result you may see a credit in your account(s). Want to learn more? Contact us at 877-677-3678.
Your Plan Has Lowered its Fees