On fees for ICMA-RC's VantageTrust PLUS Fund charged to the City of Greensboro

"From Art Flattich To Larry Cooper and Rick Lusk
Date: Thursday, May 23, 2013 1:31:45 PM

Larry and Rick,

The 0.81% expense ratio of the VantageTrust PLUS Fund pays for the following services
provided by ICMA-RC, its affiliates and third parties:

0.55% management fee, which includes costs for managing the fund and for plan and
participant services. The latter includes a wide range of services, including (these are
listed in the fee section of the Plan Service Report:

0.25% for services provided by third parties, specifically fees for:
o Wrapping the bond portfolio held by the fund (to provide the “stable value” feature
of the Fund)
o Custody of the bonds held in the portfolio
o Subadviser management of the bond portfolio of the Fund
o Costs of the money market fund held as the cash buffer of the PLUS Fund
· 0.01% Trust Operating Expense for expenses for operating VantageTrust"

And then ICMA raised the "negotiable" fee;

From: Flattich, Art
Sent: Thursday, September 12, 2013 12:17 PM
To: Cooper, Larry
Cc: Lusk, Rick; Druga, Marlene

Please note one of the topics for the committee meeting in two weeks was to discuss a change in the plus fund fee. Fund expense ratios vary slightly from year to year and there was a recent change in the VT PLUS Fund expense ratio from 0.81% to 0.82%. This change is applicable to all investors in the fund regardless of which Employer they work for...

Thank you.
ICMA Retirement Corporation
Art Flattich, Vice President, Southeast Region

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