Retirement Plan Fees
Maryland Supplemental Retirement Plans (MSRP) is required by Maryland law to pay all costs associated with the plans. The Board of Trustees (the Board) collects these fees by charging participants, based on account balance.
Annual account fees
The annual fee per participant is currently 0.14 percent of your account balance. This fee:
- Is charged monthly and reported on your quarterly account statement
- Covers services provided by the Board of Trustees – 0.05 percent, and Nationwide® Retirement Solutions (Nationwide) – 0.09 percent
- Can’t exceed a maximum of $2,000 per account, per calendar year
Additional administrative fees
In addition to the 0.14 percent annual account fee, a monthly charge of 50 cents is charged to all 401(k), 457(b), and 403(b) plans. This fee:
- Is not charged against 401(a) match plans
- Is not charged against accounts of less than $500
- May be adjusted periodically at the Board’s discretion to sufficiently cover service provided by MSRP and Nationwide
Mutual fund fees
There are costs associated with the mutual funds that are available for investment. These costs are detailed in the fund prospectuses, and are deducted from the return on your investment. For instructions on how to view the fund profiles and prospectuses, visit What are my Investment Options.
Some mutual funds permanently refund a portion of the costs back to MSRP, depending on the negotiated agreement with the Mutual Fund Savings Plan. At the Board’s direction, the refunded costs are reinvested in the applicable funds, and then potentially distributed to participants’ accounts.
Some mutual funds may impose a short-term trade fee. Please refer to the mutual fund’s prospectus for comprehensive fee information.
In return for your fees
MSRP and Nationwide provide the following services:
- Online services – enrollment, fund exchanges, allocation changes and deferral changes.
- Automated voice response unit – 24 hour telephone account access for fund exchanges, and allocation changes.
- Individual customer service – customer service representatives and Retirement Specialists are available to help, Monday – Friday, 8 a.m. – 11 p.m.
- Seminars – MSRP financial, orientation, life planning, pre-retirement and investment options sessions are available. Contact us for details.
- News and education – you’ll receive quarterly account statements, and (upon request) Investment Performance Reports, and the Spectrum of Investment Options.
- One-on-one advising – contact us to set up an appointment with a Team MSRP Retirement Specialist. Information received from Retirement Specialists is for educational use only, and should not be considered investment advice.
Before investing in a fund, carefully consider its investment objectives, risks, and charges and expenses. The fact sheets and prospectuses contain this and other important information. Read them carefully before investing. You can obtain a fact sheet or prospectus and, if applicable, a fund profile for the funds listed above.