Beneficial changes are coming to the Texa$aver 401(k) / 457 Program. Starting on May 1, participants will pay 15% less for the Texa$aver program’s monthly administrative fees. This means more of every dollar you contribute stays in your account to help you save for retirement. The Employees Retirement System of Texas (ERS) is always working with its program administrators to lower costs for participants. ERS and Texa$aver administrator Empower Retirement lowered account fees just last year, and we’re happy to lower them again this year.
These administrative fees:
- cover the cost of program recordkeeping and other services,
- are based on your account balance and
- are charged monthly per participant, per account.
You do not need to do anything—the lower fees will be applied to your Texa$aver account starting on May 1. You’ll have the same great Texa$aver program, with monthly administrative fees that are 15% lower! The lower fees are shown in the table below:
||NEW MONTHLY FEE
(PER PARTICIPANT, PER ACCOUNT)
|$1,000.00 or less
|$1,000.01 to $16,000.00
|$16,000.01 to $32,000.00
|$32,000.01 to $48,000.00
|$48,000.01 to $64,000.00
|$64,000.01 or more
Remember: If you have questions about fees or anything related to your Texa$aver account, please call the Texa$aver Service Center at (800) 634-5091.
New mid-cap investment option
Also on May 1, the Employees Retirement System of Texas (ERS) is adding a new investment option to the Texa$aver program’s core lineup, the WTC – CIF II Mid Cap Opportunities (Series 1) Collective Investment Trust.
What this means for you
You do not need to take any action as a result of this fund change. ERS is adding the new fund to the lineup as an additional option only. However, if you choose to transfer all or a portion of your investments to the new fund, you may do so on or after May 1, when the fund becomes available to Texa$aver accountholders. To transfer your investments to the new fund, do one of the following:
- Log in to your Texa$aver account online or
- Contact a Texa$aver representative at (800) 634-5091 (TTY: (877) 606-4790) between 7 a.m. and 9 p.m. CT any business day or Saturdays between 8 a.m. and 4:30 p.m. CT.
Remember to consider the investment objectives, risks, fees and expenses carefully before investing. You can get this and other important information, such as mutual fund prospectuses for registered investment options and/or disclosure documents, on the Texa$aver website under the Investing tab or call (800) 634-5091 to request it from Texa$aver representative. Read these materials carefully before investing.