It's my understanding the City of Durham is currently renegotiating fees with ICMA.
from: George Hartzman
date: Tue, Jul 8, 2014 at 10:53 AM
subject: Information request for the City of Durham
Dear City of Durham;
Please provide a confirmation of receipt of this information request via a reply to this email.
Please provide the following information for the City of Durham's 457(b) plans per North Carolina Public Records Law...
...I used to be a normal stockbroker/financial advisor until I started teaching financial ethics to CPAs and attorneys.
In the past, I have personally profited from excessive fees within ERISA qualified retirement plans.
This is redemption
I intend to tell the truth, and make employees in North Carolina better off for my having existed.
When I ran for mayor in Greensboro last year, I estimated the City's 457 plan had fees somewhere between 0.96% and 0.98%, or about $788,920 per year.
I proposed reducing administrative and investment costs by about 0.7%, or about $572,328 per year, which would increase the value of employee accounts by the same amount each year, which would be the same as a pay raise.
If a significant delay in responding to and fulfilling this request occurs, please provide a time frame for when the information should be available.
If the request is denied, please explain why and provide legal appeal procedures.
Thank you for considering this request.
I look forward to following up with you.
from: George Hartzman
date: Thu, Jul 24, 2014 at 12:00 PM
subject: Re: Information request for the City of Durham
This is where I am so far;
Some ICMA-RC 457 Plan Fee Disclosure from some different local Municipalities
Cash, Michele to: Hartzman, George
date: Sat, Aug 30, 2014 at 11:28 AM
subject: Information Request
I’m hopeful the attached information provides you the information you are looking for. If not, please do not hesitate to call me.
Michele C. Cash
Human Resources Manager, City of Durham
Human Resources Department
101 City Hall Plaza, First Floor/1605
Durham, NC 27701
Jacksonville, North Carolina employee fees for the same 457 plan fund compared to Orlando, Florida's
Some Wells Fargo Employee 401(k) plan Fund Expense Ratios as of 3/21/2013
Wells Fargo Stable Value Fund Expense Ratio = 0.20%
On North Carolina State's 401(k) and 457 "GoalMaker" Target Date Funds
North Carolina State 401(k) replaced index funds with higher cost actively managed accounts in 2013
"Investors pay exorbitant [401k] investment fees"
North Carolina State 401(k) plan; Galliard is owned by Wells Fargo
"NC Pension Accused of Pay-to-Play Violations"
A Few Observations on Share Classes and Wells Fargo Stable Return Fund