Updates to Concordia Retirement Savings Plan

Published on January 26th, 2018

Fidelity will be sending an email to any individual with a CRSP balance entitled “What you need to know about the new tax bill.”

The link in the email go to the Fidelity NetBenefits log in page where members can open an article that outlines the tax bill changes, including:

  • Adjusted tax brackets and lower rates
  • New higher standard deduction
  • Added flexibility for education savings plans
  • New cap on mortgage interest deduction

Some additional changes to the CRSP include the following.

The ProManage rate is changing effective January 31st. The new annualized ProManage rate will drop to 16.71 basis points, down .37 basis points from the previous rate. To determine the monthly assessment, members can multiply their Plan account balance by 0.0001392, up to a maximum of $10 per month. For example, an account balance of $10,000 would be assessed a fee of $1.39 per month, while an account balance of $100,000 would be limited to $10 per month. This fee can be adjusted every quarter but cannot exceed 25 basis points.

The CRSP Fund Lineup will be updated on March 1st. There will be two changes:

  • The Transamerica High Yield Bond R6 will be replaced with NIF (Dublin) I Loomis Sayles High Income Fund Class N.
  • The Vanguard Institutional Index Fund Institutional Shares will change to Vanguard Institutional Index Fund Institutional Plus Shares. This is a change in share classes.

Fidelity will be sending out this fund change announcement either by email or letter, depending on the communication preferences the member chose on the Fidelity website. Also included in these notices is information on the upcoming ProManage rebalance, which will occur March 30.