Section 2700.630  Administrative Costs

a)         It is the intent of this Plan that it shall not be implemented or administered so as to be an expense to the State of Illinois, except for the State's obligation to pay the Deferred Compensation Accounts as provided in this Plan.  Therefore, any expenses of maintaining and administering the Plan shall be borne by the Participants.  Cost shall include, but not be limited to, the costs of:

1)         making investments, exchanges, or distributions if any;

2)         collecting the Deferred Compensation; and

3)         providing information to Participants, Employees and other agencies of the State.

b)         The method of allocating, calculating and deducting any expenses shall be determined by the Board.

c)         An asset charge at an annual rate not to exceed a cap of 1 percent (.01) shall be levied against the Account of each Participant in the Plan.  This charge shall be assessed solely to offset the cost incurred by the State in administering the Plan.  Any asset charge shall be based on this cost, but in no case may the actual charge exceed the established cap.

(Source:  Amended at 33 Ill. Reg. 13451, effective September 14, 2009)