MSU Retirement Plan Fee Credit
Over the past several years, MSU has worked with its retirement vendors to reduce the expenses associated with MSU’s retirement plans. Accordingly, MSU has reduced the retirement plan administrative costs for contributions in the accounts that began January 2012, and have negotiated to reduce the total fund expenses that MSU faculty, staff and retirees are charged for their pre-2012 retirement accounts, which we call the legacy accounts.
As a result of the reduction in total fund expenses, a fee credit will be allocated this month to participants with legacy accounts, similar to the fee credits that were allocated to participant’s legacy accounts in prior years. This fee credit represents a return of fees paid in excess of the necessary administrative expenses charged by Fidelity or TIAA for the 2020 plan year. The fee credit is only for those with pre-2012 Fidelity or TIAA accounts with a balance. You will see this fee credit in your March quarter-end retirement account statement from Fidelity or TIAA.