Retirement Account Fees
SchoolsFirst FCU school employee retirement plans have the following associated fees:
Administration
The annual administration fee of $15 is paid by SchoolsFirst FCU on behalf of our retirement plan participants,
so more of your money goes to your retirement.
Transfers
Our retirement plans have no transfer fees when moving between funds within the plan,
giving you more control over your money. Transfer fees may apply when moving providers.
Sales Charges
Our retirement plans have no front-or back-end fees. The same mutual funds purchased
elsewhere generally have an average of 5.75 percent sales charge on every contribution you make.
Loans
The fee to set up a new loan is $65, which includes an amortization schedule, ACH withdrawals of
quarterly payments, and the participant’s loan. The average new loan takes one week to process.
There is also an annual loan administration fee of $50, which includes a follow-up of the payment
schedule, quarterly Statement of Accounts showing beginning and ending balances, and delinquency notices, if necessary.
Distributions
Our retirement plans have no distribution fees. The calculation of benefit payments,
IRS forms 1099R and 945, and the periodic distribution option of monthly, quarterly,
semi-annual, or annual payments are included with no additional charge.
*Representatives are registered, securities are sold, and investment advisory services are offered through CUNA Brokerage Services, Inc. (CBSI), member
FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value, and are not obligations of or guaranteed by SchoolsFirst FCU. CBSI is under contract with SchoolsFirst FCU, through the financial services program, to make securities available to Members.
CUNA Brokerage Services, Inc. is a registered broker/dealer in all fifty states of the United States of America.
