Franciscan Alliance, Inc. completed a review of its defined contribution retirement plans, focusing on the services, pricing and performance currently provided by VALIC Retirement Services Company. We are pleased to announce that we have re-engaged VALIC under a new service agreement that will maintain their high service level to our employees.
Effective July 1, 2018, the Franciscan Alliance Pension and Benefits Committee, as part of this new VALIC service agreement, is pleased to announce a reduction in plan administration expenses from an annual flat rate of $27.00 ($6.75 per quarter) to $19.00 ($4.75 per quarter). You will see this change on the fourth quarter statement.
Your retirement plans provide many advantages you may not get with other types of savings plans and is an important part of a secure financial future. This notice includes important information about your plan and its investments, including fees and expenses that may be charged against your account and is intended to help you make choices about your retirement savings.
We understand how important financial security during retirement is to you. We encourage you to take advantage of the tax-deferred saving investment options available through the Retirement Security Program. If you have any questions, contact the Plan Administrator or your VALIC financial advisor.