Understanding Individual Service Fees

Just what are individual service fees?

In general, these are fees you pay for specific services, such as a participant loan or a hardship distribution. These fees are based on the execution of a particular service or event.

If you use one of these services, the fees are deducted from your plan account and appear on your account statement.

The UC Retirement Savings Plans includes individual service fees for loans and hardship distributions. 

LOAN FEES

If you take a loan from the UC 403(b) Plan, you pay a nonrefundable loan initiation fee of $35. The fee is deducted from your plan account at the end of the quarter in which the loan is taken.

In addition, you pay a $15 annual maintenance fee for the life of the loan. The fee is deducted from your plan account in quarterly installments of $3.75.

HARDSHIP DISTRIBUTION FEES

If you take a hardship distribution from the UC 403(b) or 457(b) Plan, you pay a nonrefundable fee of $25 per distribution. The fee is deducted from your plan account at the end of the quarter in which the hardship distribution is taken.

 

 

ERNA