Section 2700.630  Administrative Costs

a)         It is the intent of the 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 the 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;

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

4)         administering the Plan Loan feature under Section 2700.770.

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

c)         To defray certain of the expenses incurred in administering the Plan, an asset charge at an annual rate not to exceed a cap of 1% shall be levied directly against the Account of each Participant in the Plan.  This charge shall be assessed to offset certain costs incurred by the State in administering the Plan.  Any asset charge shall be based on these costs, but in no case may the asset charge provided for in this subsection (c) exceed the cap of 1%.

d)         A Loan origination fee may be levied against the Account of each Participant who applies for and receives a Loan from his or her Account Balance as provided in Section 2700.770.

e)         In maintaining and administering the Plan, fees and expenses will also be charged in respect of the Plan's Investment Options and be reflected in the returns received from each Investment Option.

(Source:  Amended at 36 Ill. Reg. 17518, effective January 1, 2013)