Fees paid by the North Carolina Supplemental Retirement Plans (SRP) are lower than other public defined contribution plans of similar size, the Board of Trustees (BOT) was told today.
Representatives from Callan, a national institutional investment and research consulting firm, provided the board with results of its review of SRP administrative service and investment management fees. The comprehensive studies are conducted periodically to determine how those fees compare with peer group plans, and concluded that the SRP fees “are competitive and lower than the median fees” paid by comparable plans.
SRP manages the NC 401(k) and NC 457 Plans, which are available to state and local public servants who wish to boost their retirement income beyond their pension.
“We strive to provide high-quality retirement services at the lowest cost to our members, and these studies are further evidence that we are meeting that goal through our management and hard work,” State Treasurer Brad Briner said. “Lower fees translate into more money being kept in the Plans to strengthen and grow members’ accounts.”
During a presentation to the board, consultants from Empower, the second-largest retirement services company in the U.S., said the Plans have combined assets over $21.5 billion in market value, and nearly 328,00 combined participants.
The trustees swore in new BOT members Matt Leatherman, Dayatra Matthews and David Daggett. Outgoing board members Steve Beam, Lorraine Johnson and Robert Hillman were recognized for their years of service to SRP.
Among other items on the agenda, the trustees voted to renew the final year of a contract with UHY, a global network of accounting, tax and business consulting entities, for 2027 audit services for the NC 401(k) and NC 457 plans.
Trustees also reviewed year-end financial statement audit results, the Plans' annual proxy-voting report and second-quarter compliance information.