DeKalb committee approves single 10‑basis‑point fee for Nationwide retirement accounts

The DeKalb County Internal/Intergovernmental & Public Safety Committee approved a proposal to standardize administrative fees for Nationwide supplemental retirement accounts at 10 basis points (0.10%), a change presenters said will reduce fees for the majority of participants while increasing fees for a small group that currently pays nothing.

A finance or risk-management staff member presented the change to the committee as item 20251202, explaining Nationwide accounts supplement the county pension and are voluntary. The presenter said fees currently vary by investment option and can reach as high as 85 basis points, and recommended a single administrative fee of 10 basis points to make fees visible and reduce litigation risk tied to undisclosed high fees.

The presenter said the county has about 5,200 employees participating in Nationwide accounts and that the average Nationwide balance is roughly $40,000. Under the proposed fee leveling, the presenter said 93% of participants would see fees decline; about 7% who invest in the fixed-income option (which currently carries no administrative fee) would see a new 10‑basis‑point charge. The presenter noted those members would receive advance written notice and could change investment options.

Commissioners asked clarifying questions about basis-point math and who would be affected. The presenter reiterated that 10 basis points is 0.10% and that the proposed flat fee would reduce fees for the vast majority of participants while making the fee structure uniform.

A motion to approve item 20251202 carried by voice vote.

Ending: The committee approved the fee-leveling proposal; staff will communicate changes to Nationwide account holders and implement the single administrative fee as described.