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NY 457

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Hi Everyone,

I'm in NY and am having a difficult time with not dropping the 403b altogether and moving to the 457 which has an administrative fee which is a combination of a $20 annual fee, paid in two $10 semi-annual installments and an asset-based fee calculated as a percentage of a participant's account balance. The annual asset-based fee is estimated to be 3.0 basis points, paid in two 1.50 basis point semi-annual installments. The asset-based fee will be charged only on accounts with balances in excess of $20,000. Account assets subject to the asset-based fee are capped at $200,000.

So for the NY 457 $200,000 would be $20 + ($200,000*0.0003) = $80 annual fee MAX since the asset-based fee is capped at $200,000. That $80 turns out to be an admin fee of .04%


Am I wrong or isn't that a really inexpensive plan?



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