Important Fee Changes to Your Wyoming Retirement System 457 Deferred Compensation Plan
The Wyoming Retirement System (WRS) regularly monitors and reviews the services, investments, and fees in the WRS 457 Deferred Compensation Plan ("Plan"). WRS made the decision to change the asset-based administrative fees that are charged as part of their ongoing commitment to provide you with the best possible opportunity to save for your retirement.
Effective January 1, 2023, the following changes have been made:
- The annual administrative fee has been lowered to 0.19% of your account balance (19 basis points). This fee is charged the month following the end of the calendar quarter and is based on the previous quarter's ending balance. Fees for the first quarter of 2023 are charged in April, so you will see the new, lower fee reflected in your second quarter statement, which is sent in July. Your first quarter statement will not reflect any administrative fees due to the holiday that took place throughout 2022.
- The administrative fee cap has been lowered to $100,000 for all accounts. This means that the administrative fee will only be charged on the first $100,000 of your account balance. Any balances above that amount will be exempt from administrative fees, and the maximum amount you would pay in administrative fees for the year would be $190 (or $47.50 per quarter).
You do not need to do anything as a result of these changes. The WRS administrative fees will be automatically adjusted as of January 1, 2023, and will appear after the first quarter's fees are charged in April.
If you have any questions or want more information about your Plan, visit wrsdcp.com or call Empower at 800-701-8255