One who intends to leave others better off for his having existed.

3/4/15

Glendale City Council Retirement Plan Fee Reductions

"There is a significant reduction in the mutual fund expense that is a critical calculation in the net performance credited to participants. The average mutual fund expense for the city’s current mutual fund portfolios with ICMA-RC and Nationwide is 1.11%. The average expense for the new mutual fund portfolio with Great-West is 0.55% plus an administrative expense reimbursement allowance of $45,000 or approximately an additional 0.06% for the fiduciary operation of the plan. This means there is a total 0.61% aggregate expense to the mutual fund portfolio for Great-West compared to the 1.11% expense with the current providers, an almost 50% reduction. This will result in savings to a participant currently, or prospectively, investing in mutual funds.

This reduction in expense translates to an aggregate plan savings of $212,000 annually or a total of nearly $1.2 million compounded over the five years of the contract. This savings is experienced directly by the account balances of participants who have invested in mutual funds."

http://www.glendaleaz.com/Clerk/agendasandminutes/Meetings/Agendas/021213-09.pdf

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