Do I pay any fees on my CCOERA account(s)?
Yes, CCOERA participants pay an annual account Administration Fee equal to the greater of $28 or .25% of a participant's combined account balances, which is eliminated on the combined balance amounts that exceeds $175,000.
This is the only fee that CCOERA needs to charge to cover our annual budget, partly because CCOERA is a Non-profit Retirement Association that pays no dividends, no profit sharing, nor employee bonuses/commissions.
Do I pay any front-end loads or sales commissions when I purchase mutual fund shares through CCOERA?
No. One of the many benefits of participating in a retirement association, like CCOERA, is our ability to use group purchasing power for investment expense reduction.
Can I leave the money in my CCOERA account when I terminate employment or retire?
Yes. You may leave your CCOERA Retirement Plan and/or CCOERA Deferred Compensation accounts intact when you terminate employment or retire. You will continue to have the ability to manage the money in your account, and you will continue to receive quarterly statements.
How often can I make changes to the investments in my account(s)?
Daily, as often as the New York Stock Exchange is open. CCOERA maintains a daily valuation record keeping system that provides for daily investment transactions.
How often does CCOERA mail account statements?
Participant account statements are mailed quarterly.
What’s the difference between the CCOERA Retirement Plan and the CCOERA Deferred Compensation Plan?
These plans differ in terms of participation, contributions, distributions and taxation. For complete information about both plans please see CCOERA Retirement Plan or Deferred Compensation Plan. The CCOERA Retirement Plan is a 401(a) Money Purchase Pension Plan that requires mandatory participation by all eligible employees. Employee contribution amounts, which are set by the employer, are matched dollar-for-dollar by the employer (subject to the employer’s vesting schedule). The CCOERA 457 Deferred Compensation Plan is a retirement savings plan designed specifically for employees of state and local governments. The plan is generally used by employees to save money for retirement in addition to their mandatory retirement plan. Deferred compensation plans may have matching contributions from employers, however, most deferred compensation plans are established as employee-funded, voluntary participation plans.
What’s the difference between “Future Contribution Allocation” and “Current Investment Allocation” on my statement?
“Future Contribution Allocation” refers to the investment of contributions not yet received. This section shows what percentage of each future (new) contribution will be invested in each option. “Current Investment Allocation” refers to the allocation of the money already invested in your account. The figures show how much of your total account value was invested in each option on the last day of the statement report period.
What’s the difference between a 401(a) plan and a 401(k) plan?
Generally, you will only find 401(k) plans in the private sector because governmental entities are no longer eligible for 401(k) plans. The 401(k) plan usually offers discretionary participation, rather than mandatory participation, and there are other differences regarding contributions, distributions, etc.