What are the cost associated with both the establishment of and on-going administration of a 403(b) retirement plan?
The invoice associated with the creation and implementation of your ministrys retirement plan is provided during the four-step implementation process. The one time implementation fee to churches is $100. Churches do not require the preparation of Plan Documents (See FAQ # 13 Are Plan Documents Required?). For non-churches, the one time implementation fee is $200 plus $12 per eligible participant. This implementation fee includes the cost associated with the creation of the Plan Documents. For all plans, there are annual administrative fees billed to the participants in the plan and deducted from account assets. For accounts with assets less than $2,000, the fee is $20; for accounts with assets between $2001 and $250,000, the fee is $35; and for accounts with assets greater than $250,001, there is no fee.
Related Questions
- Is the half percent only for the additional cost related to reporting and does not apply to the normal administration associated with administration of federal grants?
- How much does it cost to set up an HSA and are there any on-going administration fees once the account is set up?
- What is the closing cost associated with receiving the deed to my property?
