Lower administrative fee for Fidelity retirement plan now in place

Human Resources, in partnership with the Purdue Defined Contribution Retirement Plan Committee, is pleased to announce a reduction in the Fidelity retirement plan administrative fee. The administrative fee covers services that Fidelity provides, including record-keeping and retirement plan guidance for all University employees. The annual fee of $76 will drop to $68 beginning with the third quarter of 2017, which began July 1.

Currently, faculty and staff enrolled in the Purdue Standard Retirement and Savings and the Purdue Matching Retirement and Savings programs pay an administrative fee of $19 per quarter as they participate in one or more of the defined contribution plans. Now that the plans have been in place for several years, there were some opportunities to streamline and reorganize some of the services delivered so that the administrative fee could be reduced to $17 per quarter.

With the recent implementation of new Department of Labor regulations related to fiduciary responsibilities, faculty and staff have contacted HR with questions regarding retirement plan fees. Information has been added to the Benefits website to provide additional details about the types of plan fees as they relate to Purdue’s workplace retirement savings program.