Three-month fee holiday

Effective April 1, 2024, the Board is implementing a three-month fee holiday from April through June 2024. The fee for administrative and record keeping expenses charged to participant Retirement Savings Plan accounts from April through June 2024 will be credited back on your June 2024 statement under General Administrative Charges.

Reduction in administrative charges starting July 1

The monthly fee for plan-related costs will decrease from approximately $13.83 per month to approximately $12.83 per month effective July 1, 2024.

The decrease in the fee that will be charged to your account is a result of a decrease in the non-recordkeeping fee from about $9.75 per month to about $8.75 per month. The record keeping fee will remain at about $4.08 per month.

Why a fee holiday and reduction in administrative fees?

The Alaska Electrical Retirement Savings Plan’s operational expenses are funded by a fee charged to all participant accounts.

The fee is used to pay recordkeeping expenses from John Hancock and the cost for the Administrative Office, plan advisors, and accountants, as well as other operational expenses such as printing, mailing costs and technology.

These charges accrue daily and are deducted from accounts quarterly. These plan-related costs show up on your account statement as “General Administrative Charges.”

Plan expense levels are monitored regularly by the Board of Trustees. Due to plan administration efficiencies and an increase in the number of participants during 2023 along with a favorable outlook for 2024, the Trustees decided that participant fees should be reduced.

The Board of Trustees determined that an adjustment of participant fees — namely a fee holiday (April, May, June) and monthly fee decrease starting July 1, 2024 — is appropriate based on budgeted operational expenses for 2024.

Questions?

Contact the Administrative Office at (907) 276-1246 or (800) 478-1246 (toll free), or by email at: AETF-PENSION@aetf.com. Or contact John Hancock at (833) 388-6466.

To log in to your Retirement Savings Plan account and view your statements, visit myplan.johnhancock.com.

*If you would like to receive these types of notices by email in the future, please send your contact information to the Administrative Office at AETF-PENSION@aetf.com.