Costs to You

The Retirement System does incur small administrative costs in doing these transfers, specifically to answer questions from members, set up recurring payments, and complete the transfer. In order to avoid passing these costs on to members who do not elect the transfer or to the taxpayers, the Supplemental Retirement Board of Trustees has established a one-time fee of $100 for the transfer. Because the ongoing cost of a monthly direct deposit is minimal, there are no additional fees charged after the one-time fee. The one-time fee is only charged if you choose to complete the transfer.

The fee above is much lower than what many private providers would charge. We are able to keep the fee so low by building on existing economies of scale from running the Retirement System and avoiding marketing costs and sales commissions.

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