When growing your savings or retirement account, no one likes to think of the associated fees, but it’s important to understand the fees you are paying, why and how often.

The next time you review your retirement account statement, take note of the administrative and investment fees INPRS is required to add. As fiduciaries, INPRS is committed to only assessing the fees that are necessary for taking care of your account.

Whether you’re new to INPRS or have been with us for a while, there’s never a wrong time to know more about your plan. Find out about the two types of fees INPRS members pay – administrative fees and investment fees (also referred to as expense ratios) and what impact they have on your accounts.

ADMINISTRATIVE FEES

• Plan members pay administrative fees to cover the costs associated with managing their defined contribution (DC) accounts.
  • Administrative fees of $3.75 are deducted directly from members’ DC accounts each month, for an annual charge of $45. This deduction is noted in your quarterly member statement. PERF-and-TRF Hybrid members will find the fee noted on their annual member statement.
  • A new annual administrative fee of $41, was approved on Oct. 25, 2024, by the Board of Trustees that will go into effect Jan. 1, 2025.
• Members of the PERF My Choice – the annual charge is currently subsidized by the plan’s forfeiture balance. Effective Jan. 1, 2025, the TRF My Choice plan’s annual charge will also be subsidized by the plan’s forfeiture balance. All other plans are charged the annual fee.
• INPRS’s DC member fee policy outlines the method used to determine administrative fees. View the fee policy here.

EXPENSE RATIOS / INVESTMENT FEES

• INPRS's DC Plan investment options each carry an “expense ratio.” An expense ratio measures how much you’ll pay throughout the year to own an investment option. The expense ratio is expressed as a percentage for each investment option.
• When you view your DC account, your online statement will show how much money you gained or lost, known as net of fees. All expenses are deducted from your investment option(s) before showing how much you gained or lost.
• For further details on Expense Ratios and to view the Fee table, click here.

You can use the below equation to calculate how many dollars you’re paying annually in fees:

Amount Invested (dollars) x Expense Ratio (%) = Fee

For example: if you have $6,000 in a fund with an expense ratio of 0.10%, you’ll pay $6.00 per year in fees.

View your investment options and their associated expense ratios by logging into your secure online account at www.myINPRSretirement.org.