Question :
What is the current fee structure for the State of Michigan 401(k) and 457 Plans?

Answer :
The fees you are charged are comprised of a separate Investment fee and Plan Administration fee.

Investment Fee
The investment fee is assessed by the manager of each investment option offered by the plans. For example, State Street, as the fund manager, charges an investment fee for managing the Target Date Retirement Funds.

The annual fees each participant is charged for each investment offering are based on the amount of assets in each investment because fees are calculated as a percentage of your balance. For example, a particular fund manager charges an investment fee of 0.07% and you invested $70,000 in that fund, the investment fee you would pay is $49.

Plan Administration Fee
The plan administration fee is charged by Voya Financial® for the recordkeeping services they provide and for the administrative expenses of the state. It is a flat fee of $9.25 charged quarterly to your account, rather than an additional amount added as a percentage to the investment fee. If you have balances in the 401(k) and 457 Plans, your $9.25 fee will be prorated across all of your accounts, even if you have separate balances from state and public school employment.

The example below shows the savings realized on an average account size of $70,000 invested in a Target Date Fund. This example is for illustrative purposes. Your actual fees may be more or less.

Tier I Fund	Value of Account	Investment Fee	Investment Fee Amount	Administration Fee	Total Annual Fees
Target Date Retirement Fund	$70,000	0.0007	$49	$37 ($9.25 quarterly)	$86