If you participate in the State Deferred Compensation (457) Plan, you should be aware of changes that will take effect on March 30 and April 1, 2017. No action is required, but you are encouraged to attend an Information Session or webinar to learn more.
Information Mailed to Your Home
You should have received information from T. Rowe Price via postal mail at your home address regarding these changes. Read the brochure carefully or visit the T. Rowe Price website about how these changes will affect you.
Overview of Changes to Investment Lineup and Plan Fees
Please be sure to see the brochure you received from T. Rowe Price for full details.
- Certain funds will be transferred to replacement funds that offer lower investment expense ratios. If you have funds being replaced, your investments will automatically be moved to the replacement fund. No action is required on your part, unless you want to move those assets to a different fund.
- Service fee updates. Plan administrative fees will be changed so that beginning March 30, 2017, all participants will incur a fee at the end of each quarter.
- If your account balance is over $6,700 you will be charged $16.75 each quarter ($67 annually).
- If your account balance is below $6,700 you will be charged 0.25% of your account balance each quarter (capped at 1% annually).
- Additional service fees are listed in the brochure.
In Person: T. Rowe Price will host seminars at various locations from March 8 through March 16, and will be at or near University of Illinois locations on the dates listed below – see page 11 of the T. Rowe Price brochure for times and locations. Online registration is required.
- Urbana-Champaign: March 8
- Chicago: March 8 and 14
- Springfield: March 14 and 15
Via Webinar: The same Information Session content will also be presented via webinar on March 21, 22, and 23. Online registration is required.
For Deferred Compensation plan participants, attending one Information Session (with reasonable travel time if applicable) or webinar is an approved event under Civil Service Policy and Rules, Rule 11.12. Plan participants may be released from work to attend a session, University operations permitting, and subject to prior supervisor approval.
For questions about these changes, please see the brochure, contact T. Rowe Price at 888-457-5770, 6 a.m. to 9 p.m. CT or access your account online. You may also contact University Payroll and Benefits.