What: See details below.
Action Required: No
Key Dates: 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) and employers with RHFV and/or ISP
For More Information: MERS Service Center – 800.767.MERS (6377)
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 and institutional funds by two basis points ($0.20 per $1,000 invested). Specific programs impacted include:
- MERS Defined Contribution Plan
- MERS Hybrid Plan (defined contribution portion only)
- MERS Heath Care Savings Program
- MERS 457 Program
- MERS IRA
- MERS Retiree Health Funding Vehicle
- Investment Services Program
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