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Tuesday, December 11, 2018

Administrative and Policy Change Log

Here you will see a list of Admin and Policy changes.

26

Posting Date: November 26, 2018

Action required: No

What: Effective January 1, 2019, MERS is reducing the operational cost on participant directed accounts by two basis points ($0.20 per $1,000 invested) and removing the $24/year administrative fee currently accessed to HCSP participant accounts.

Key Date(s): January 1, 2019

Impacted audiences: All participants with a participant directed account (Defined Contribution, including DC PLUS and the DC portion of Hybrid, Health Care Savings Program, 457 Program and MERS IRA)

Key information:

In an effort to provide our customers with superior value and plan transparency, MERS conducts an annual pricing review for all of the plans we offer. Through operational efficiencies and continued growth, MERS has been able to consistently reduce our costs. Since 2012 costs have been reduced seven times.

Effective January 1, 2019, MERS is once again reducing the operational cost on participant directed accounts by two basis points ($0.20 per $1,000 invested). Additionally, due to cost savings as a result of partnering with a new claims administrator, we are able to remove the $24/year administrative fee currently accessed to Health Care Savings Program participant accounts.

What does this mean for you? Reduced costs means more money in your employee's accounts – increasing the amount they're saving for retirement and harnessing the power of compounding.

For more information, contact: MERS Service Center – 800.767.MERS (6377)

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Disclaimer
The information contained in this Web site is being made available as a public service. The information is not intended to constitute legal or investment advice, or to replace official versions of that information. Benefit Estimates or Service Credit Purchase estimates requested through this Web site are not official descriptions of any benefits, and do not represent a promise by MERS to provide any benefit(s) to any person(s). No one can detrimentally rely upon the information provided in, or requested through this Web site. MERS reserves the right to correct any errors, and presents this information without warranties, express or implied, regarding the information?s accuracy, timeliness or completeness. If you believe the information is inaccurate, out-of-date, or incomplete, or if you have problems accessing or reading the information, please call MERS at 800.767.MERS (6377).