Fidelity charges an administrative fee for each plan you have through the University. These fees ($9.50 per quarter per plan) are competitive when compared to other workplace plan provider fees.
In 2026, the University is implementing an administrative fee holiday for Fidelity plans:
- Faculty Retirement Plan
- Optional Retirement Plan
- 457 Deferred Compensation Plan
If you have one University retirement plan with Fidelity, that means $38 will not be taken from your account to pay fees throughout the year. It will remain invested in the plan. If you have three plans, an extra $114 will remain invested in the plans ($9.50 per quarter per plan).
Frequently asked questions
Why is the University implementing this fee holiday?
The University negotiated an account credit to use with Fidelity and has accumulated interest dollars as well. The Office of Human Resources elected to use this surplus of funds to temporarily eliminate administrative fees for University employees.
Does this mean I’ll see more money in my paycheck?
No. This means more money will stay invested in each retirement plan you have through the University.
Does this affect other plans I may have through Fidelity?
No. This fee holiday only affects University plans with Fidelity.
Does this affect my pension plan through Minnesota State Retirement System (MSRS) or Public Employees Retirement Association (PERA)?
No. This fee holiday only affects University plans with Fidelity.
Why was I being charged a fee?
It’s common for workplace retirement plan recordkeepers to charge plan administrative fees. Fidelity’s fee is competitive and not tied to the value of your plan(s), meaning your administrative fees won’t go up as the value increases. You can learn about your plan fees by logging into NetBenefits, choosing “Plan Information and Documents,” and reviewing the disclosure information.
This disclosure information link is included on the enrollment page:
The University works with an independent third party to benchmark fees regularly, ensuring they remain competitive.
I’ve left the University. Does this apply to me?
No. This applies to current employees, not former employees or retirees.
I have more questions. Who do I contact?
You can call Fidelity at 800-343-0860 with any questions.