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Fees and Expenses <br />Administrative Fee <br />Administrative fee(s) are established by the Board of Directors of Minnesota State <br />Retirement System (MSRS). <br />The Board of Directors, in their capacity as the Plan fund trustees, set the annual <br />administrative fee at 0.65 percent. Fees are subject to change. The fee is prorated and <br />deducted from Participants' accounts on a monthly basis. Fees shall not exceed $140 <br />per year. <br />Investment Expenses <br />Annual investment expenses are charged by the State Board of Investment and are <br />subject to change. <br />Statement Fee <br />Fees for paper participant statements may be assessed at the cost charged by the <br />Recordkeeper, assuming paperless options are provided by the Recordkeeper at no <br />additional cost. <br />Employer Fees <br />There are no fees charged to the employer; all fees, administrative and investment are <br />paid by the Participant. All fees are subject to change. <br />HCSP Plan Document <br />July 1, 2026 <br />15 <br />