June 12, 2019
We’ll notify RecordkeeperDirect sponsors if their recordkeeping fees change
RecordkeeperDirect® recordkeeping fees for every share class except R-6 shares are determined by the amount of plan assets (see table below) and, therefore, may change as plan assets change. For the purpose of calculating recordkeeping fees, plan assets are assessed at the end of each plan’s first billing period and annually thereafter.
As of March 31, 2019, if a plan’s recordkeeping fees change, we’ll mail the plan sponsor a pricing adjustment notification letter (view sample). The letter will encourage the sponsor to check whether their Participant Fee Disclosure document needs updating.
This letter will also be sent after each plan’s first billing period and if recordkeeping fees change because a plan changed its share class. A letter will not be mailed if plan assets are assessed and recordkeeping fees remain the same, or if a plan terminates or moves to another provider.
If you have any questions about this notification process, please call us at (800) 421-6019.